Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | NTP |
Entity Registrant Name | NAM TAI PROPERTY INC. |
Entity Central Index Key | 0000829365 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 38,186,991 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Operation income | $ 493 | $ 1,851 | $ 2,508 |
Operation expenses | (73) | (740) | |
Net operation income | 420 | 1,851 | 1,768 |
Costs and expenses | |||
General and administrative expenses | (20,402) | (9,450) | (8,359) |
Selling and marketing expenses | (813) | ||
Total costs and expenses | (21,215) | (9,450) | (8,359) |
Operating loss | (20,795) | (7,599) | (6,591) |
Other (expenses) income, net | (714) | 8,495 | (8,497) |
Interest income | 5,601 | 7,621 | 5,554 |
Loss on demolished building facilities | (4,074) | ||
Gain on disposal of property | 6,763 | ||
Write off of demolished building | (35) | (4,573) | |
(Loss) income before income tax | (13,254) | 3,944 | (9,534) |
Income tax | 0 | 0 | 0 |
Consolidated net (loss) income | (13,254) | 3,944 | (9,534) |
Foreign currency translation adjustment | (10,437) | 6,311 | (7,736) |
Other comprehensive (loss) income | (10,437) | 6,311 | (7,736) |
Consolidated comprehensive (loss) income | $ (23,691) | $ 10,255 | $ (17,270) |
Basic (loss) income per share | $ (0.35) | $ 0.11 | $ (0.26) |
Diluted (loss) income per share | $ (0.35) | $ 0.11 | $ (0.26) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 62,919 | $ 165,173 |
Short term investments | 46,952 | |
Accounts receivable | 226 | |
Prepaid expenses and other receivables | 6,663 | 5,100 |
Total current assets | 116,760 | 170,273 |
Long term investments | 2,204 | 2,319 |
Real estate properties under development, net | 171,610 | 52,460 |
Property, plant and equipment, net | 27,442 | 36,976 |
Other assets | 91 | 49 |
Total assets | 318,107 | 262,077 |
Current liabilities: | ||
Accounts payable | 87,214 | 5,705 |
Accrued expenses and other payables | 2,993 | 1,500 |
Dividend payable | 10,514 | |
Total current liabilities | 90,207 | 17,719 |
Financial lease payable | 9 | |
Total liabilities | 90,216 | 17,719 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 37,551,191 and 38,186,991 shares as at December 31, 2017 and 2018, respectively) | 382 | 376 |
Additional paid-in capital | 257,125 | 249,856 |
Accumulated deficit | (13,329) | (24) |
Accumulated other comprehensive loss | (16,287) | (5,850) |
Total shareholders’ equity | 227,891 | 244,358 |
Total liabilities and equity | $ 318,107 | $ 262,077 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 200,000,000 | 200,000,000 |
Common shares, issued | 38,186,991 | 37,551,191 |
Common shares, outstanding | 38,186,991 | 37,551,191 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2015 | $ 265,565 | $ 367 | $ 243,280 | $ 26,343 | $ (4,425) |
Balance (in shares) at Dec. 31, 2015 | 36,699,572 | ||||
Shares issued on exercise of options | $ 3,288 | $ 4 | 3,284 | ||
Shares issued on exercise of options (in shares) | 471,869 | 471,869 | |||
Cancellation of shares | $ (6,258) | $ (7) | (6,251) | ||
Cancellation of shares (in shares) | (724,750) | ||||
Stock-based compensation expenses | 1,223 | 1,223 | |||
Net income (loss) | (9,534) | (9,534) | |||
Cash dividends declared ($0.28 per share in 2016, $0.28 per share in 2017) | (10,205) | (10,205) | |||
Cash dividends reversal | 3 | 3 | |||
Foreign currency translation adjustment | (7,736) | (7,736) | |||
Balance at Dec. 31, 2016 | 236,346 | $ 364 | 241,536 | 6,607 | (12,161) |
Balance (in shares) at Dec. 31, 2016 | 36,446,691 | ||||
Shares issued on exercise of options | $ 6,908 | $ 12 | 6,896 | ||
Shares issued on exercise of options (in shares) | 1,104,500 | 1,104,500 | |||
Stock-based compensation expenses | $ 1,424 | 1,424 | |||
Net income (loss) | 3,944 | 3,944 | |||
Cash dividends declared ($0.28 per share in 2016, $0.28 per share in 2017) | (10,514) | (10,514) | |||
Cash dividends paid | (61) | (61) | |||
Foreign currency translation adjustment | 6,311 | 6,311 | |||
Balance at Dec. 31, 2017 | $ 244,358 | $ 376 | 249,856 | (24) | (5,850) |
Balance (in shares) at Dec. 31, 2017 | 37,551,191 | 37,551,191 | |||
Shares issued on exercise of options | $ 3,955 | $ 6 | 3,949 | ||
Shares issued on exercise of options (in shares) | 635,800 | 635,800 | |||
Stock-based compensation expenses | $ 3,320 | 3,320 | |||
Net income (loss) | (13,254) | (13,254) | |||
Cash dividends paid | (51) | (51) | |||
Foreign currency translation adjustment | (10,437) | (10,437) | |||
Balance at Dec. 31, 2018 | $ 227,891 | $ 382 | $ 257,125 | $ (13,329) | $ (16,287) |
Balance (in shares) at Dec. 31, 2018 | 38,186,991 | 38,186,991 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends declared, per share | $ 0.28 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (13,254) | $ 3,944 | $ (9,534) |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 3,801 | 328 | 1,784 |
Gain on disposal of property, plant and equipment | (2,867) | (25) | (14) |
Gain on disposal of idle property, plant and equipment | (8) | ||
Unrealized gain of marketable securities | (13) | ||
Write off of demolished building | 35 | 4,573 | |
Impairment on other assets | 57 | ||
Share-based compensation expenses | 2,925 | 1,126 | 1,035 |
Unrealized exchange loss (gain) | 1,670 | (6,712) | 3,370 |
Changes in current assets and liabilities: | |||
Decrease (increase) in prepaid expenses and other receivables | (1,901) | (1,035) | (618) |
(Decrease) increase in accrued expenses and other payables | 871 | 3 | (1,225) |
Total adjustments | 4,521 | (1,685) | 4,324 |
Net cash (used in) provided by operating activities | (8,733) | 2,259 | (5,210) |
Cash flows from investing activities: | |||
Payment of real estate properties under development | (39,575) | (11,935) | (5,577) |
Purchase of property, plant and equipment | (2,107) | (13,377) | (525) |
Purchase of marketable securities | (7,580) | ||
Decrease (increase) in deposits for real estate properties under development | 37 | (74) | 304 |
Decrease (increase) in deposits for purchase of property, plant and equipment | (82) | 4 | |
Proceeds from disposal of property, plant and equipment and other assets | 9,791 | 67 | 14 |
Proceeds from disposal of idle property, plant and equipment | 8 | ||
Proceeds from disposal of demolished building | 180 | 550 | |
Proceeds from disposal of other noncurrent asset | 46 | ||
Increase in refundable bank deposit | (91) | ||
Cash received from finance lease receivable | 1,371 | ||
(Increase) decrease in short term investments | (39,359) | 89,703 | (39,719) |
Increase in long term investments | (2,319) | ||
Net cash (used in) provided by investing activities | (78,740) | 62,615 | (44,120) |
Cash flows from financing activities: | |||
Cash dividends paid | (10,565) | (10,266) | (2,936) |
Proceeds from shares issued on exercise of options | 3,954 | 6,908 | 3,288 |
Share repurchase program | (6,258) | ||
Net cash used in financing activities | (6,611) | (3,358) | (5,906) |
Net (decrease) increase in cash and cash equivalents | (94,084) | 61,516 | (55,236) |
Cash and cash equivalents at beginning of year | 165,173 | 94,558 | 157,371 |
Effect of exchange rate changes on cash and cash equivalents | (8,170) | 9,099 | (7,577) |
Cash and cash equivalents at end of year | $ 62,919 | $ 165,173 | 94,558 |
Non-cash investing activities: | |||
Decrease in construction in progress funded through accrued expenses and other payables | $ (611) |
Company Information
Company Information | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Company Information | 1. The Company was, until April 2014, an electronics manufacturing and design services provider of telecommunications and consumer electronic products. The Company was founded in 1975 and moved its manufacturing facilities to the People’s Republic of China (“PRC”) in 1980 to take advantage of lower overhead costs, lower material costs and competitive labor rates available and subsequently relocated to Shenzhen, PRC in order to capitalize on opportunities offered in Southern PRC. The Company was reincorporated as a limited liability International Business Company under the laws of the British Virgin Islands (“BVI”) in August 1987 (which was amended in 2004 as The British Virgin Islands Business Companies Act, 2004). The Company’s principal manufacturing and design operations were based in Shenzhen, approximately 30 miles from Hong Kong. Its PRC headquarters were located in Shenzhen. Some of the subsidiaries’ offices were located in Hong Kong, which provide them access to Hong Kong’s infrastructure of communication and banking facilities. The Company’s principal manufacturing operations were conducted in the PRC. The PRC resumed sovereignty over Hong Kong effective July 1, 1997, and, politically, Hong Kong was an integral part of the PRC. However, for simplicity and as a matter of definition only, references to PRC in these consolidated financial statements mean the PRC and all of its territories excluding Hong Kong. In April 2014, the Company ceased its liquid crystal display modules (“LCM”) manufacturing business and turned its focus to re-developing two parcels of land in Gushu and Guangming, Shenzhen, China, by converting these two parcels of land that formally housed its manufacturing facilities into high-end commercial complexes. The Company intends to earn its principal income in the future from sales and rental services derived from its commercial complexes. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. (a) The consolidated financial statements include the financial statements of the Company and all of its subsidiaries. The Company consolidates companies in which it has controlling interest over 50%. All significant intercompany accounts, transactions and cash flows have been eliminated on consolidation. (b) Cash and cash equivalents include all cash balances and certificates of deposit having a maturity date of three months or less upon acquisition. As of December 31, 2018 and 2017, the Company had the cash and cash equivalents of $62,919 and $165,173, respectively. (c) All highly liquid investments with original maturities of greater than three months and less than 12 months are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments. As 2018, the balance of (d) Long term investments Long term investments include certificates of deposit having a maturity date upon acquisition. A the Company had of $2,204 (2017: $2,319). ( e ) Real estate properties under development, net are stated at the lower of carrying amounts or fair value less selling costs. In accordance with ASC 360, “Property, Plant and Equipment” All land in PRC is owned by the PRC government. The government in the PRC, according to PRC law, may sell the right to use the land for a specified period of time. Thus, all of the Company’s land purchased in the PRC is considered to be leasehold land and is classified as real estate properties under development, net in the consolidated balance sheet. The buildings and land use rights included in real estate properties under development have not been depreciated since June 1, 2016. ( f ) Property, plant and equipment, net Property, plant and equipment are recorded at cost and include interest on funds borrowed to finance construction, if applicable. The cost of major improvements and betterments is capitalized whereas the cost of maintenance and repairs is expensed in the year incurred. Gains and losses from the disposal of property, plant and equipment and land use rights are included in the consolidated statement of comprehensive income. The majority of the land in Hong Kong is owned by the government of Hong Kong, which leases the land at public auction to non-governmental entities. All of the Company’s leasehold lands in Hong Kong have leases of not more than 50 years from the respective balance sheet dates. The cost of such leasehold land is amortized on a straight-line basis over the respective terms of the leases. All land in other regions of the PRC is owned by the PRC government. The government in the PRC, according to PRC law, may sell the right to use the land for a specified period of time. Thus, all of the Company’s land purchases in the PRC are considered to be leasehold land and are classified as land use rights in the consolidated balance sheet. They are amortized on a straight-line basis over the respective term of the right to use the land. The Company computed depreciation expenses using the straight-line method over the following estimated useful lives: Classification Years Land use right 50 years Buildings 20 years – 50 years Machinery and equipment 4 years Leasehold improvements shorter of lease term or 4 years Furniture and fixtures 4 years Motor vehicle 4 years (g ) Long-lived assets other than goodwill are included in impairment evaluations when events and circumstances exist that indicate the carrying value of these assets may not be recoverable. In accordance with FASB ASC 360 “ Property, Plant and Equipment Long-lived assets to be disposed of are stated at the lower of fair value and carrying value. Expected future operating losses from discontinued operations are recorded in the periods in which the losses are incurred. In 2016, the Company assessed the impairment of its long-lived assets used in Shenzhen and Wuxi, by comparing external appraisals obtained from independent valuation firms with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets at December 31, 2016 were less than external appraisals obtained from independent valuation firms and no impairment loss was recognized to write down the long-lived assets in Shenzhen. In 2016, no impairment loss was recognized to write down the long-lived assets to their fair values upon reclassification to assets held for sale. However, in 2017, our management decided not to sell the long-lived assets in Wuxi that previously were classified as assets held for sale, thus the assets should be reclassified as property, plant, and equipment. According to FASB ASC 360-10-35-44 “a long-lived asset that is reclassified shall be measured individually at the lower of the following: a. Its carrying amount before the asset (disposal group) was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset (disposal group) been continuously classified as held and used, b. Its fair value at the date of the subsequent decision not to sell.” Therefore, the assets in Wuxi were reclassified to the account of property, plant, and equipment and recorded at the amount of $20,164. In 2017, the Company assessed the impairment of its long-lived assets used in Shenzhen and Wuxi by comparing external appraisals obtained from independent valuation firms with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets at December 31, 2017 were less than external appraisals obtained from independent valuation firms. In 2018, the Company assessed the impairment of its long-lived assets used in Wuxi by comparing the undiscounted cash flows with the carrying amounts of the assets. The results indicated the undiscounted cash flows exceeded the carrying amounts of the Company’s long-lived assets at December 31, 2018. In 2018, the Company assessed the impairment of its long-lived assets used in Shenzhen by comparing external appraisals obtained from independent valuation firms with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets at December 31, 2018 were less than external appraisals obtained from independent valuation firms. In 2017 and 2018, no additional impairment loss was recognized to write down the long-lived assets. (h ) The Company makes provisions for all material loss contingencies when information available prior to the issuance of the consolidated financial statements indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the consolidated financial statements and the amount of loss can be reasonably estimated. For provisions or accruals related to litigation, the Company makes provisions based on information from legal counsel and the best estimation of management. The Company assesses the potential liability for the significant legal proceedings in accordance with FASB ASC 450 “ Contingencies” (i ) The Company generates revenue from real-estate derived from its buildings held through its subsidiaries in Shenzhen. For lease income Operation income includes minimum rents which are recognized on an accrual basis over the terms of the related leases on a straight-line basis. Lease revenue recognition commences when the lessee is given possession of the leased space and there are no contingencies offsetting the lessee’s obligation to pay rent. (j ) The Company’s costs related to the staff retirement plans (see Note 11) are charged to the consolidated statement of comprehensive income as incurred. (k) Advertising and promotion costs Advertising and promotion costs are expensed as incurred, or the first time the activity takes place, in accordance with ASC 720-35, Advertising Costs. For the year ended December 31, 2018, the Company recorded advertising and promotion expenses of $331 (2017: nil). ( l ) Deferred income taxes are provided using the asset and liability method in accordance with FASB ASC 740 “ Income Taxes FASB ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements, and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides accounting guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Interest and penalties from tax assessments, if any, are included in income taxes in the consolidated statement of comprehensive income. ( m ) All transactions in currencies other than functional currencies during the year are translated at the exchange rates prevailing on the respective transaction dates. Monetary assets and liabilities existing at the balance sheet date denominated in currencies other than functional currencies are remeasured at the exchange rates existing on that date. Exchange differences are recorded in the consolidated statement of comprehensive income. The functional currencies of the Company and its subsidiaries include the Renminbi, U.S. dollar and the Hong Kong dollar. Effective from April 1, 2015, the Company’s subsidiaries in China changed their functional currency from the U.S. dollar to Renminbi. This change was made upon the progress of the property development projects in China causing the Company’s subsidiaries primary operating activities to be in Renminbi and making the Renminbi the currency of the economic environment in which the entities primarily generate and expend cash. The financial statements of all subsidiaries are translated in accordance with FASB ASC 830 “ Foreign Currency Matters The financial statements and other financial data of the Company included in this annual report are presented in U.S. dollars. The business and operations of the Company are primarily conducted in China through its PRC subsidiaries. The functional currency of its PRC subsidiaries is Renminbi. The financial statements of its PRC subsidiaries are translated into U.S. dollars, using published exchange rates from banks in China, based on (i) year-end exchange rates or the rates of exchange ruling at the balance sheet date for assets and liabilities and (ii) average yearly exchange rates for income and expense items. Capital accounts are translated at historical exchange rates when the transactions occurred. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income (loss) in shareholders’ equity. The Company makes no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollar or Renminbi, as the case may be, at any particular rate or at all. ( n ) Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the year. The weighted average number of common shares outstanding is adjusted to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. ( o ) The Company has three stock-based employee compensation plans, as more fully described in Note 9(b). The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service, the requisite service period (usually the vesting period), in exchange for the award. The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models. If the award is modified after the grant date, incremental compensation cost is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. ( p ) The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include provision for bad debts, valuation allowance for deferred income tax assets, share-based compensation, useful lives of property, plant and equipment and intangible assets, and recovery of the carrying amounts of long-lived assets and intangible assets. In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain building at Wuxi factory were longer than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, effective from February 1, 2019, the Company changed its estimates of the useful lives of its building to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the building that previously averaged 20 years were increased to an average of 47 years. The effect of this change in estimate is to reduce 2019 depreciation expense by $677. ( q ) Accumulated other comprehensive (loss) income represents principally foreign currency translation adjustments and is included in the consolidated statement of changes in shareholders’ equity. ( r ) The Company follows FASB ASC 820 “ Fair Value Measurements and Disclosures Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts of cash and cash equivalents, short term investment, prepaid expenses and other receivables, accrued expenses and other payables, accounts payable, and dividend payable approximate their fair values due to the short term nature of these instruments. As of December 31, 2016, 2017 and 2018, the Company did not have any non-financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements, at least annually, on a recurring basis. ( s ) Leases have been classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. When the Company is the lessor, minimum contractual rental from leases is recognized on a straight-line basis over the noncancelable term of the lease. With respect to a particular lease, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer assumes control of the leased premises. Accrued straight-line rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. If later, the billing amount exceeds the straight-line rental revenue, the variance will be credited to accrued straight-line rents receivable. Contingent rental revenue is accrued when the contingency is removed. ( t ) The Company’s potential significant concentration of credit risk primarily consists of cash and cash equivalents, short term investments and long term investments which are held by financial institutions in the PRC and international financial institutions outside of the PRC. As of December 31, 2018, the Company has $62,919 in cash and cash equivalents which are held by financial institutions in the PRC and international financial institutions outside of the PRC. PRC state-owned banks are subject to a series of risk control regulatory standards, and PRC bank regulatory authorities are empowered to take over the operation and management when any of those faces a material credit crisis. The Company does not foresee substantial credit risk with respect to cash and cash equivalents and short term investments held at the PRC state-owned banks. Based on the order of the State Council of the PRC (No.660): Deposit Insurance Regulation effective on May 1, 2015, the maximum amount of coverage is $76 (RMB 0.5 million) for deposits and foreign currency deposits in the same financial institutions. In the event of bankruptcy of one of the financial institutions in which the Company has deposits, deposits in excess of $76 (RMB 0.5 million) shall be compensated from liquidation of the financial institution. As of December 31, 2018, total of $503 was covered by the Deposit Insurance Regulation. The great majority of the Company’s cash is held as structured deposit or time deposits in financial institutions in the PRC and international financial institutions outside of the PRC. Overall, the real estate market in China has shown signs of a continuous slow-down. The Company’s results of operations Accordingly, the Company’s business, financial condition and results of operations are primarily influenced by the political, economic, legal environments and foreign currency exchange in the PRC and by the general state of the PRC economy and may be adversely affected by changes in social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation. As a result, the Company may experience significant fluctuations in future operating results due to the factors mentioned above. These fluctuations may result in volatility in the share price of the Company. All the Company’s land development related applications are subject to government policies and regulations in the real estate market. However, the Company cannot provide assurance that it will obtain all the necessary approvals in accordance with its timetable. Furthermore, as this is the Company’s first venture into land development projects after the cessation of the LCM business, the Company may encounter industry-specific difficulties that result in losses as it progresses with its development projects in Shenzhen. The Company currently derives a majority of its income from rental and interest income. Any future reductions in the official cash deposit interest rates in China and Hong Kong could adversely impact its income and the total cash on hand will gradually decrease as more funds are being used for land development related expenditures for the land in Gushu and Guangming, Shenzhen. Certain transactions of the Company are denominated in Renminbi, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the Peoples Bank of China (“PBOC”) or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. ( u ) In February 2018, the FASB issued ASU No.2018-02, Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This Update allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act and eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. The underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. For all entities, this Update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. This Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The adoption of ASU 2018-02 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. As a result of the Update, the accounting for share-based compensation for employees and non-employees is substantially aligned. For public business entities, this Update is for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU 2018-07 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases: To clarify how to apply certain aspects of the new leases standard. The clarification address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. the amendments have the same effective date as the new leases standard. For entities that have early adopted ASC 842, the amendments are effective immediately. The adoption of ASU 2018-10 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In February 2016, the FASB issued ASU 2016-02, Lease (Subtopic 842): This Update comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For public business entities, this Update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 and In August 2018, the FASB issued ASU No.2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirement for Fair Value Measurement. This Update modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. This Update removes the following disclosure requirements: 1. The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; 2. The policy for timing of transfers between levels; 3. The valuation processes for Level 3 fair value measurements. It also adds In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. This Update modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This Update added the following disclosure requirements to Subtopic 715-20: 1. The weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates. 2. An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. And it clarifies the disclosure requirements in paragraph 715-20-50-3 for defined benefit pension plans should be disclosed: The projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets 2. The accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. This Update applies to all employers that sponsor defined benefit pension or other postretirement plans. For public business entities, this Update is effective for fiscal years ending after December 15, 2020. Early adoption is permitted for all entities. An entity should apply the amendments in this Update on a retrospective basis to all periods presented. The adoption of ASU 2018-14 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This Update states a private company (reporting entity) may elect not to apply VIE guidance to legal entities under common control (including common control leasing arrangements) if both the parent and the legal entity being evaluated for consolidation are not public business entities. This Update also states indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For public business entities, this Update is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. The adoption of ASU 2018-17 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326: Financial Instruments—Credit Losses. Under this Update, for Operating Lease Receivables, clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 (Financial Instruments—Credit Losses—Measured at Amortized Cost, includes financial assets measured at amortized cost basis, including net investments in leases arising from sales-type and direct financing leases.). Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The effective date and transition requirements for the amendments in this Update are the same as the effective dates and transition requirements in Update 2016-13, as amended by this Update. |
Real Estate Properties under De
Real Estate Properties under Development, Net | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate Properties under Development, Net | 3. The following summarizes the components of real estate properties under development as at December 31, 2017 and 2018: At December 31, 2017 2018 Building at cost $ 34,498 $ 28,213 Less: accumulated depreciation (20,859 ) (15,413 ) 13,639 12,800 Construction in progress 27,420 76,760 Land use right 11,401 82,050 Net book value $ 52,460 $ 171,610 The Company previously entered into an operating lease contract with a third party with respect to certain buildings with the carrying amount as shown below: At December 31, 2017 2018 Buildings at cost $ — $ 28,213 Less: accumulated depreciation — (15,413 ) Buildings, net $ — $ 12,800 At December 31, 2018, scheduled minimum rental payments to be received for buildings leased to others were $3,082 and the lease term expires on December 31, 2020. At December 31, Minimum rental payments 2019 $ 1,534 2020 1,548 Total $ 3,082 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 4 . Property, plant and equipment, net consist of the following: At December 31, 2017 2018 At cost: Land $ 363 $ 345 Buildings 22,115 25,415 Machinery and equipment 211 292 Leasehold improvements 4,313 5,785 Furniture and fixtures 32 220 Motor vehicles 304 288 Total 27,338 32,345 Less: accumulated depreciation (3,590 ) (4,971 ) Construction in process 13,228 68 Net book value $ 36,976 $ 27,442 Depreciation expenses were $365, $328 and $3,801 for the years ended December 31, 2016, 2017 and 2018, respectively. The Company was an electronics manufacturing and design services provider of telecommunications and consumer electronic products and fully discontinued its production in Wuxi by the end of June 2013. The Company was seeking a potential buyer for all its long-lived assets related to FPC production since June 2013; hence these assets were classified as assets held for sale in 2013. However, in December of 2017, management decided not to sell the assets in Wuxi, instead, the assets held for sale were reclassified as property, plant, and equipment. In October 2018, the Company signed a rental agreement to lease the former site of Wuxi factories to a third party. The term of the lease is 12 years, with a 10 months of rent-free incentive from the date of the property is handed over At December 31, 2018, scheduled minimum rental payments to be received for buildings leased to others were $12,207 and the lease term expires in 2030. At December 31, Minimum rental payments 2019 $ — 2020 974 2021 1,006 2022 1,071 2023 and thereafter 9,156 Total $ 12,207 |
Investments in Subsidiaries
Investments in Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Subsidiaries | 5 . Place of Principal Percentage of Ownership as at December 31, Subsidiaries Incorporation activity 2017 2018 Consolidated principal subsidiaries: Nam Tai Electronic & Electrical Products Limited (“NTEEP”) Cayman Islands Investment holding 100 % 100 % Nam Tai Holdings Limited (“NTHL”) BVI Investment holding 100 % 100 % Nam Tai Group Management Limited (“NTGM”) Hong Kong Inactive 100 % 100 % Nam Tai Telecom (Hong Kong) Company Limited (“NTT”) Hong Kong Inactive 100 % 100 % Nam Tai Trading Company Limited (“NTTC”) (1) Hong Kong In liquidation — — Inno Consultant Company Limited (“ICCL”) ( 2 ) Hong Kong Management consultant 100 % 100 % Namtai Investment (Shenzhen) Co., Ltd. (“NTISZ”) PRC Investment holding and development 100 % 100 % Zastron Electronic (Shenzhen) Co., Ltd. (“Zastron Shenzhen”) PRC Technology Park development and management 100 % 100 % Wuxi Zastron Precision-Flex Co., Ltd. (“Wuxi Zastron-Flex”) PRC Property lease 100 % 100 % Nam Tai (Shenzhen) Technology Park Operations Management Co., Ltd (“NTTP”) ( 3 ) PRC Operations management — 100 % Notes: (1) NTTC is in liquidation and the Joint and Several Liquidators confirmed that all assets of NTTC have been taken over by the Joint and Several Receivers in January 2013. (2) ICCL was incorporated by NTISZ in 2017. (3) NTTP was incorporated by NTISZ in 2018. |
Retained Earnings and Reserves
Retained Earnings and Reserves | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Retained Earnings and Reserves | 6 . The Company’s retained earnings are not restricted as to the payment of dividends except to the extent dictated by prudent business practices. The Company believes that there are no material restrictions, including foreign exchange controls, on the ability of its non-PRC subsidiaries to transfer surplus funds to the Company in the form of cash dividends, loans, advances or purchases. With respect to the Company’s PRC subsidiaries, there are restrictions on the payment of dividends and the distribution of dividends from the PRC. On March 16, 2007, the PRC promulgated the Law of the PRC on Enterprise Income Tax (the “New Law”) by Order No. 63 of the President of the PRC. The New Law was effective on January 1, 2008. Please refer to Note 13 for further details of the New Law. Prior to the enactment of the New Law, when dividends were paid by the Company’s PRC subsidiaries, such dividends would reduce the amount of reinvested profits and accordingly, the refund of taxes paid might be reduced to the extent of tax applicable to profits not reinvested. Subsequent to the enactment of the New Law, due to the removal of the tax benefit related to reinvestment of capital in PRC subsidiaries, the Company may not reinvest the profits made by its PRC subsidiaries. In addition, pursuant to the relevant PRC regulations, a certain portion of the profits made by these subsidiaries must be set aside for future capital investment and are not distributable, and the registered capital of the Company’s PRC subsidiaries is also restricted. These reserves and registered capital of the PRC subsidiaries amounted to $346,357 and $376,641 as of December 31, 2017 and 2018, respectively. However, the Company believes that such restrictions will not have a material effect on the Company’s liquidity or cash flows. |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Accrued Expenses and Other Payables | 7 . Accrued expenses and other payables consisted of the following: At December 31, 2017 2018 Accrued salaries and benefits $ 690 $ 1,159 Accrued professional fees 171 136 Accrued renovation costs - 705 Advance received from customers 173 708 Others 466 285 $ 1,500 $ 2,993 |
Bank Loans and Banking Faciliti
Bank Loans and Banking Facilities | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Bank Loans and Banking Facilities | 8 . In 2017, the Company’s management began negotiating with China Construction Bank regarding a bank facility for project development in Shenzhen, PRC. On April 10, 2018, the Company entered into a 10 year, RMB1,200,000 ($175,000) financing package for the construction of Nam Tai Inno Park with China Construction Bank (“CCB”). Pursuant to the CCB credit facility, at each drawdown, an interest rate will be offered to the Company that is adjusted from the benchmark interest rate published by the People’s Bank of China (PBOC) for the same class of loan during the drawdown period, which adjusted interest rate must be within the range not to exceed 10% below and 60% above the PBOC benchmark interest rate. Repayment obligations for this credit facility shall commence on the earlier of (i) the second anniversary following the initial drawdown, or (ii) upon the initial receipt of rental income from the Nam Tai Inno Park project. As of December 31, 2018, the Company had not drawn on this credit facility. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | 9 . (a) The Company has only one class of common shares authorized, issued and outstanding. (b) In February 2006, the Board of Directors approved a stock option plan that was subsequently approved by the shareholders at the 2006 annual general meeting of shareholders. The plan allows for the grant of (i) 15,000 options to each non-employee director of the Company elected at each annual general meeting of shareholders, and (ii) Options can also be granted to key employees, consultants or advisors of the Company or any of its subsidiaries based on past performance and/or expected contributions to the Company. The maximum number of shares to be issued pursuant to the exercise of options granted was 2,000,000 shares. The options granted under this plan generally had a term of two to three years, subject to the discretion of the Board of Directors, but could not exceed ten years. In April 2016, the Board of Directors approved a stock option plan that was subsequently approved by the shareholders at the 2016 annual general meeting of shareholders, with the same terms and conditions as 2006 plan. The maximum number of shares to be issued pursuant to exercise of options granted was 3,500,000 shares. In April 2017, the Board of Directors approved a stock option plan that was subsequently approved by the shareholders at the 2017 annual general meeting of shareholders, with the same terms and conditions as 2006 plan. The maximum number of shares to be issued pursuant to exercise of options granted was 1,500,000 shares. In April 2016, 130,000 share options were granted to employees of the Company under 2006 stock option plan and were immediately vested upon granting. The share based compensation costs of $185 was recorded in the December 31, 2016 statement of comprehensive income accordingly. In July 2016, 2,940,000 share options were granted to directors, employees and external consultants of the Company under 2016 stock option plan and were vested in five equal portions at July 2016, January 2017, January 2018, January 2019 and January 2020, respectively. The share based compensation costs of $1,038 was recorded in the December 31, 2016 statement of comprehensive income accordingly. In March 2017, 75,000 share options were granted to employees of the Company under 2016 stock option plan and were vested in five equal portions at March 2017, January 2018, January 2019, January 2020, and January 2021, respectively. The share based compensation costs of $60 was recorded in the December 31, 2017 statement of comprehensive income accordingly. In May 2017, 800,000 share options were granted to directors of the Company under 2016 stock option plan and were vested in four equal portions at May 2017, January 2018, January 2019 and January 2020, respectively. The share based compensation costs of $378 was recorded in the December 31, 2017 statement of comprehensive income accordingly. In January 2018, 1,320,000 share options were granted to directors and employees of the Company under 2017 stock option plan and were vested in two equal portions at January 2018 and January 2019, respectively. The share based compensation costs of $2,213 was recorded in the December 31, 2018 statement of comprehensive income accordingly. In June 2018, 180,000 share options were granted to two new directors of the Company under 2017 stock option plan and were vested in three equal portions at June 2018, January 2019 and January 2020 respectively. The share based compensation costs of $218 was recorded in the December 31, 2018 statement of comprehensive income accordingly. In August 2018, 90,000 share options were granted to a new director of the Company under 2017 stock option plan and were vested in three equal portions at August 2018, January 2019 and January 2020, respectively. The share based compensation costs of $78 was recorded in the December 31, 2018 statement of comprehensive income accordingly. A summary of stock option activity during the three years in the period ended December 31, 2018 is as follows: Number of options Weighted average exercise price Weighted average fair value per option Outstanding and exercisable at January 1, 2016 1,130,869 $ 7.29 $ 1.68 Granted 3,070,000 $ 5.87 $ 1.18 Exercised (471,869 ) $ 6.97 $ 1.31 Expired (535,000 ) $ 6.62 $ 1.49 Outstanding and exercisable at December 31, 2016 3,194,000 $ 6.08 $ 1.28 Granted 875,000 $ 11.10 $ 0.95 Exercised (1,104,500 ) $ 6.25 $ 0.91 Expired (732,100 ) $ 7.42 $ 1.11 Outstanding and exercisable at December 31, 2017 2,232,400 $ 7.52 $ 1.40 Granted 1,590,000 $ 13.02 $ 2.01 Exercised (635,800 ) $ 6.22 $ 1.11 Expired (1,079,600 ) $ 13.25 $ 1.64 Outstanding and exercisable at December 31, 2018 2,107,000 $ 9.13 $ 1.82 Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. Details of the options outstanding and exercisable at December 31, 2018 are as follows: Number of options granted Vesting period Exercise price Exercisable period Weighted remaining contractual life in months In 2015 110,000 100% vested at date of grant $ 8.00 October 30, 2015 to October 29, 2020 22.0 In 2016 280,000 vested in January 2019 $ 6.22 January 1, 2019 to December 31, 2019 12.0 280,000 vested in January 2020 $ 6.22 January 1, 2020 to December 31, 2020 24.0 186,000 vested in January 2019 $ 5.41 January 1, 2019 to December 31, 2019 12.0 186,000 vested in January 2020 $ 5.41 January 1, 2020 to December 31, 2020 24.0 In 2017 15,000 vested in January 2019 $ 7.10 January 1, 2019 to December 31, 2019 12.0 15,000 vested in January 2020 $ 7.10 January 1, 2020 to December 31, 2020 24.0 15,000 vested in January 2021 $ 7.10 January 1, 2021 to December 31, 2021 36.0 100,000 vested in January 2019 $ 7.95 January 1, 2019 to December 31, 2019 12.0 100,000 vested in January 2020 $ 7.95 January 1, 2020 to December 31, 2020 24.0 100,000 vested in January 2019 $ 15.00 January 1, 2019 to December 31, 2019 12.0 100,000 vested in January 2020 $ 15.00 January 1, 2020 to December 31, 2020 24.0 In 2018 440,000 vested in January 2019 $ 13.30 January 1, 2019 to December 31, 2019 12.0 60,000 vested in January 2019 $ 12.20 January 1, 2019 to December 31, 2019 12.0 60,000 vested in January 2020 $ 12.20 January 1, 2020 to December 31, 2020 24.0 30,000 vested in January 2019 $ 10.55 January 1, 2019 to December 31, 2019 12.0 30,000 vested in January 2020 $ 10.55 January 1, 2020 to December 31, 2020 24.0 There was approximately $ 1,728, $1,093 and $524 respectively, of unrecognized compensation expense related to non-vested stock options granted under the Company’s option plans at December 31, 2016, 2017 and 2018. The total amount of recognized compensation costs in 2016, 2017 and 2018 was $1,223, $1,424 and $3,320, respectively. A total of 110,000 stock options are exercisable as of December 31, 2018. The total fair value of shares vested during fiscal years ended December 31, 2016, 2017 and 2018 was $469, $91 and $1,821, respectively. The weighted average remaining contractual life of the stock options outstanding at December 31, 2016, 2017 and 2018 was approximately 27, 33 and 17 months, respectively. The weighted average fair value of options granted during 2016, 2017 and 2018 was $1.18, $0.95 and $2.01, respectively, using the Black-Scholes option-pricing model based on the following assumptions: Year ended December 31, 2016 2017 2018 Risk-free interest rate 0.50% to 1.24% 0.98% to 2.02% 1 .80% to 2.78% Expected life 1 years to 5 years 0.67 years to 4.83 years 0.42 years to 2.58 years Expected volatility 34.64% to 50.61% 31.37% to 49.63% 20.53% to 35.40% Expected dividend yield 1.31% to 1.48% 2.26% to 2.54% 2.11% to 2.65% (c) As of December 31, 2016, 724,750 common shares had been bought back in the open market at the average purchase price of $8.64 under the Company’s share buyback program announced on August 22, 2016, which expired on September 30, 2016. As of December 31, 2017 and 2018, there are no additional common shares repurchased by the Company under this program. The share repurchase program was conducted in accordance with Rule 10b-18 of the Securities and Exchange Act of 1934. |
(Loss) Income per Share
(Loss) Income per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
(Loss) Income per Share | 10 . ( The calculations of basic (loss) income per share and diluted (loss) income per share are as follows: Income (loss) Weighted average number of shares Per share amount Year ended December 31, 2016 Basic loss per share $ (9,534 ) 36,672,957 $ (0.26 ) Effect of dilutive securities — Stock options — Diluted loss per share $ (9,534 ) 36,672,957 $ (0.26 ) Income (loss) Weighted average number of shares Per share amount Year ended December 31, 2017 Basic income per share $ 3,944 36,807,275 $ 0.11 Effect of dilutive securities — Stock options 685,163 Diluted income per share $ 3,944 37,492,438 $ 0.11 Income (loss) Weighted average number of shares Per share amount Year ended December 31, 2018 Basic loss per share $ (13,254 ) 37,826,398 $ (0.35 ) Effect of dilutive securities — Stock options — Diluted loss per share $ (13,254 ) 37,826,398 $ (0.35 ) |
Staff Retirement Plans
Staff Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Staff Retirement Plans | 11 . The Company operates a Mandatory Provident Fund (“MPF”) scheme for all qualifying employees in Hong Kong. The MPF is a defined contribution scheme and the assets of the scheme are managed by trustees independent of the Company. The MPF is available to all employees aged 18 to 64 and with at least 60 days of service under the employment of the Company in Hong Kong. Contributions are made by the Company at 5% based on the staff’s relevant income received from the Company. The maximum relevant income for contribution purposes is $3.8 per month per employee. Eligible staff members are entitled to 100% of the Company’s contributions together with accrued returns irrespective of their length of service with the Company, but the benefits are required by law to be preserved until the retirement age of 65 for employees in Hong Kong. According to the applicable laws and regulations in the PRC, the Company is required to contribute 13%-14% and 19% of the stipulated salary set by the local governments of Shenzhen and Wuxi, respectively. The principal obligation of the Company with respect to these retirement benefit schemes is to make the required contributions under the scheme. No forfeited contributions may be used by the employer to reduce the existing level of contributions. The cost of the Company’s contribution to the staff retirement plans in Hong Kong and the PRC amounted to $167, $152 and $314 for the years ended December 31, 2016, 2017 and 2018, respectively. |
Other (Expenses) Income, Net
Other (Expenses) Income, Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |
Other (Expenses) Income, Net | 12 . Year ended December 31, 2016 2017 2018 Foreign exchange (loss) gain, net $ (8,294 ) $ 8,582 $ (1,297 ) Interest income from finance lease receivable 16 — — Gain on disposal of idle property, plant and equipment 8 — — Income from selling residual scraps from demolished buildings — 529 — Loss from discontinued operations (634 ) (693 ) — Others 407 77 583 $ (8,497 ) $ 8,495 $ (714 ) For the property in Wuxi, when the management changed its intention with respect to the use of the property from assets held for sale to a potential rental property, it was reclassified from “assets held for sale” to “property, plant and equipment” as of December 31, 2017. Therefore, no discontinued operations incurred in 2018. Summarized financial information for the discontinued operations of the Company is as follows: 2016 2017 2018 Net sales — — — Loss before income tax (634 ) (693 ) — Income tax expense — — — Loss from discontinued operations, net of income tax (634 ) (693 ) — Prepaid expenses and other receivables 74 79 — Total assets 74 79 — Accrued expenses and other payables 121 128 — Total liabilities 121 128 — Net liabilities of discontinued operations (47 ) (49 ) — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13 . The components of income (loss) before income tax are as follows: Year ended December 31, 2016 2017 2018 PRC, excluding Hong Kong $ (2,106 ) $ (6,759 ) $ (10,590 ) Hong Kong and other jurisdictions (7,428 ) 10,703 (2,664 ) $ (9,534 ) $ 3,944 $ (13,254 ) The Company’s income is not subject to taxation in BVI under the current BVI law. Subsidiaries operating in Hong Kong and the PRC are subject to income taxes as described below. Under the current BVI law, NTHL is not subject to profits tax in the BVI. However, it may be subject to Hong Kong income taxes as described below if it has income earned in or derived from Hong Kong. The provision for current income taxes of the subsidiaries operating in Hong Kong has been calculated by applying the rate of taxation of 16.5% for the years ended December 31, 2016, 2017 and 2018 to the estimated income earned in or derived from Hong Kong during the respective years, if applicable. The provision for current income taxes of the subsidiaries operating in PRC has been calculated by applying the rate of taxation of 25% for the years ended December 31, 2016, 2017 and 2018. The Company, which has subsidiaries that are tax resident in the PRC, is subject to the PRC dividend withholding tax of 5%, when and if undistributed earnings are declared to be paid as dividends to the extent those dividends are paid out of profits that arose on or after January 1, 2008. For the years ended December 31, 2016, 2017 and 2018, there was no income tax expense for the 5% dividend withholding tax on the balance of distributable earnings that arose on or after January 1, 2008 within its PRC subsidiaries. In line with management’s decision to change the core business, management decided to retain the undistributed earnings in the PRC. Uncertainties exist with respect to how the PRC’s current income tax law applies to the Company’s overall operations, and more specifically, with regard to tax residency status. The New Law includes a provision specifying that legal entities organized outside of the PRC will be considered as resident enterprises for PRC enterprises income tax purpose if their active management is located in the PRC. The Implementation Rules to the New Law provide that non-resident legal entities will be considered PRC residents enterprises if substantial and overall management control over the manufacture, operations, personnel, accounting, properties, etc. occurs within the PRC. The Company has made its assessment of each tax position (including the potential application of interest and penalties) based on the available tax laws, and has measured the unrecognized tax benefits associated with the tax positions. Based on the evaluation by the Company, it is concluded that there are no significant uncertain tax positions requiring recognition in the consolidated financial statements. The Company classifies interest and/or penalties related to unrecognized tax benefits as a component of income tax provisions. However, during the years ended December 31, 2016, 2017 and 2018, there were no interest and penalties related to uncertain tax positions and the Company had no material unrecognized tax benefit which would favorably affect the effective income tax rate in future periods. The Company does not anticipate any significant increases or decreases to its liability for unrecognized tax benefit within the next twelve months. Other than the audit by the Hong Kong tax authorities as described below, the tax positions for the years 2016 to 2018 may be subject to examination by the PRC and Hong Kong tax authorities. Tax Disputes with Hong Kong Inland Revenue Department Since the fourth quarter of 2007, several of the Company’s ”) and ”). NTTC (a) Starting from assessments and for matters related to intra-group service fees. (b) The total tax claims against NTTC are $6 (c) NTTC is in liquidation . NTT (a) The HKIRD also issued assessments and writs against NTT for matters related to intra-group service fees in taxable years 2002/2003. During the years 2009 and 2011, two judgments were entered against NTT. The total tax claims against NTT are $400 plus interest. (b) NTT had a net deficit position as of December 31, 2018 and the Company has no funding obligation towards NTT. As a result, the liability from the HKIRD demand letter has no impact on the Company . Therefore, the amount claimed by HKIRD was not recorded as a liability in the Company’s consolidated financial statements. NTGM (a) The HKIRD also issued assessments and writs against NTGM for matters related to the intra-group service fees. During 2009 to 2011, two judgments were entered against NTGM, a subsidiary that had been inactive since 2005. Since then, NTGM has received a number of demand letters from the HKIRD, demanding total payments of judgment debts for an aggregate amount of $1,100 plus interest. (b) On April 27, 2018, HKIRD issued a writ for issued assessments and writs against NTGM claiming taxes of $3 and interest on unpaid taxes for the taxable years 2001/2002. On August 15, 2018, judgment by consent was entered against NTGM for the amount claimed with costs and interest. On November 1, 2018, NTGM received a demand for payment from HKIRD and a notice to initiate wind-up procedures if payment was not received by HKIRD within 14 days. NTGM replied to HKIRD asking for an extension and no response has been received from HKIRD yet. (c) NTGM had a net deficit position as of December 31, 2018 and the Company has no funding obligations with respect to NTGM. As a result, claims from the HKIRD demand letters have no impact on the Company. Therefore, the amount claimed by HKIRD was not recorded as a liability in the Company’s consolidated financial statements. Notices of Alleged Personal Liability for Additional Taxes against Former Directors and Officers for Signing NTTC’s Tax Returns (a) The HKIRD separately against two former directors and officers of NTTC for taxable years 1996/1997 and 1999/2000 in the total amount of approximately $2 additional taxes by way of penalty in indemnity policy. (b) The Hong Kong Court of First Instance held a two-day hearing on April 18-19, 2018. On November 23, 2018, the Hong Kong Court of two former directors (c) The HKIRD filed an appeal on December 21, 2018. The Company filed a cross-appeal on January 10, 2019. The Company now await the court of Appeal to give directions as to the further conduct of the appeal, including fixing a date for the appeal. The Company’s deferred tax assets and liabilities as of December 31, 2017 and 2018 are attributable to the following: December 31, 2017 2018 Net operating losses $ 5,779 $ 9,165 Property, plant and equipment 1,279 142 Total deferred tax assets 7,058 9,307 Less: valuation allowance (7,058 ) (9,307 ) Deferred tax assets — — Net deferred tax assets $ — $ — Movement of valuation allowance: December 31, 2016 2017 2018 At beginning of the year $ 6,732 $ 5,315 $ 7,058 Current year (deduction) addition (1,417 ) 1,743 2,249 At end of the year $ 5,315 $ 7,058 $ 9,307 The valuation allowance as of each of December 31, 2017 and 2018 was related to deferred tax assets generated by net operating losses carried forward and property, plant and equipment that, in the judgment of management, more likely than not will not be realized. In assessing the reliability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income in which those temporary differences and carryforwards become deductible. During the years ended December 31, 2016, 2017 and 2018, the movement of the valuation allowance was ($1,417), $1,743 and $2,249, respectively, derived from the taxable profit of continuing operations. As of December 31, 2016, 2017 and 2018 the Company had net operating losses of $19,842, $24,475 and $10,682, respectively, which may be carried forward indefinitely. As of December 31, 2018, the Company had net operating losses from operations of $11,584, $564, $304, $6,357, and $10,799, which will expire in the years ending December 31, 2019, 2020, 2021, 2022 and 2023, respectively. A reconciliation of the income tax expense to the amount computed by applying the current statutory tax rate to the (loss) income before income taxes in the consolidated statements of comprehensive (loss) income is as follows: Year ended December 31, 2016 2017 2018 (Loss) income before income taxes $ (9,534 ) $ 3,944 $ (13,254 ) PRC tax rate 25 % 25 % 25 % Tax benefit (tax expense) at PRC tax rate on income before income tax $ 2,383 $ (986 ) $ 3,314 Effect of difference between Hong Kong and PRC tax rates applied to Hong Kong income (130 ) (208 ) (530 ) Change in valuation allowance 1,417 (1,743 ) (2,249 ) Reversal of tax loss cannot be recoverable in future (1,664 ) (950 ) — Tax benefit (tax expense) arising from items which are not assessable (deductible) for tax purposes: Non-deductible and non-taxable items (2,893 ) 3,118 94 Loss from discontinued operations and others 887 769 (629 ) Income tax (expense) benefit $ — $ — $ — No income tax arose in the United States of America in any of the periods presented. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14 . (a) The contractual obligations of the Company, including purchase commitments under non-cancelable arrangements as of December 31, 2018, are summarized below. The Company does not participate in, or secure financing for, any unconsolidated limited purpose entities. Total 2019 2020 and after Contractual Obligations Capital commitments 85,110 44,795 40,315 Total $ 85,110 $ 44,795 $ 40,315 (b) Other than as disclosed in Note 13, there is one more significant legal proceeding as of December 31, 2018. Matter Concerning a Former Director The Company has entered into an arbitration agreement with a former director, Charles Chu, in connection with Board’s inquiry on his historical beneficial shareholding in the Company. However, the arbitration is still in progress and the Company considered that result is remote at this beginning stage. (c) Contingencies According to the land use right grant contract signed in July 2015 for the site underlying Nam Tai Inno Park project, the Company may be required to pay penalty for the delay of construction if the Company fails to complete the construction within the required period. In March 2016, the Company entered Amendment 4 to the land use right grant contract, which postponed the commencement date of the construction but without mentioning specific deadline for completion of the construction. Based on past experience and previous amendments, the Company believes that the construction is still within the required construction period as at December 31, 2018, so no provision for penalty on the delay of construction is recorded as at December 31, 2018. The Company will ongoing review the penalty regarding the possibility of penalty to be imposed on the delay of construction and make provision when necessary. |
Operating Leases as Lessor
Operating Leases as Lessor | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Operating Leases as Lessor | 15 . On March 25, 2014, NTISZ entered into an operating lease agreement to lease out certain of its buildings located in Shenzhen. The lease term originally was 3 years from May 1, 2014 to April 30, 2017. On March 21, 2016, the lease term was extended for six months to October 31, 2017. The lease contract expired on October 31, 2017. Beginning in July 2018, NTISZ entered into operating leases with other tenants. In October 2018, Wuxi Zastron-Flex signed a rental agreement to lease out the former site of the Wuxi factories to a third party. The term of the lease is 12 years, with a 10 months of rent-free incentive from the date the property is handed over. The property was handed over to the tenant in February 2019. The minimum lease payments to be received are detailed in Note 3 and Note 4. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 16 . There was no segment information to be disclosed for the years ended December 31, 2016, 2017 and 2018, respectively. A summary of operation income (loss), net and long-lived assets by geographical areas is as follows: Year ended December 31, 2016 2017 2018 Operation income from property within: - PRC, excluding Hong Kong: $ 2,508 $ 1,851 $ 493 Net (loss) income within: - PRC, excluding Hong Kong $ (2,106 ) $ (6,759 ) $ (10,590 ) - Hong Kong (7,428 ) 10,703 (2,664 ) Total net (loss) income $ (9,534 ) $ 3,944 $ (13,254 ) As of December 31, 2017 2018 Long-lived assets by geographical area: - Real estate properties under development in PRC, excluding Hong Kong $ 52,460 $ 171,610 - Property, plant and equipment in PRC, excluding Hong Kong 33,894 27,186 - Hong Kong 3,082 256 Total long-lived assets $ 89,436 $ 199,052 |
Employee Severance Benefits
Employee Severance Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Employee Severance Benefits | 17 . No employee severance benefit was recorded in 2016. In 2017 and 2018, employee severance benefits that were recorded as employee compensation under general and administrative expenses in the statements of comprehensive income was $170 and $295, respectively. |
SCHEDULE 1
SCHEDULE 1 | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
SCHEDULE 1 | SCHEDULE 1 NAM TAI PROPERTY INC. STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (In thousands of U.S. dollars) Year ended December 31, 2016 2017 2018 General and administrative expenses* $ (2,064 ) $ (2,714 ) $ (4,817 ) Other (expenses) income, net (25,794 ) 7,296 5,470 Interest income 4,179 6,998 2,552 (Loss) income before income tax (23,679 ) 11,580 3,205 Income tax expenses — — — (Loss) income before share of net profits of subsidiaries, net of income tax (23,679 ) 11,580 3,205 Share of net (losses) profit subsidiaries, net of income tax 14,145 (7,636 ) (16,459 ) Net (loss) income $ (9,534 ) $ 3,944 $ (13,254) Foreign currency translation adjustment (7,736 ) 6,311 (10,437) Other comprehensive (loss) income (7,736 ) 6,311 (10,437) Comprehensive (loss) income $ (17,270 ) $ 10,255 $ (23,691) * Amount of share-based compensation expense included in general and administrative expenses $ 1,223 $ 1,424 $ 3,320 SCHEDULE 1 NAM TAI PROPERTY INC. BALANCE SHEETS (In thousands of U.S. dollars) December 31, 2017 2018 ASSETS Current assets: Cash and cash equivalents $ 114,249 $ 35,512 Prepaid expenses and other receivables 2,845 2,313 Total current assets 117,094 37,825 Property, plant and equipment, net 3,000 — Investments in subsidiaries 233,342 206,446 Total assets $ 353,436 $ 244,271 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued expenses and other payables $ 159 $ 230 Dividend payable 10,514 — Amounts due to subsidiaries 23,431 16,150 Total current liabilities 34,104 16,380 Long term loan 74,974 — Total liabilities $ 109,078 $ 16,380 Shareholders’ equity: Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 37,551,191 and 38,186,991 and 2018, respectively) 376 382 Additional paid-in capital 249,856 257,125 Accumulated deficit (24 ) (13,329 ) Accumulated other comprehensive loss (5,850 ) (16,287 ) Total shareholders’ equity 244,358 227,891 Total liabilities and shareholders’ equity $ 353,436 $ 244,271 SCHEDULE 1 NAM TAI PROPERTY INC. STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (In thousands of U.S. dollars, except share and per share data) Common Shares Outstanding Common Shares Amount Additional Paid-in Capital Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Loss Total Shareholders’ Equity Balance at January 1, 2016 36,699,572 $ 367 $ 243,280 $ 26,343 $ (4,425 ) $ 265,565 Shares issued on exercise of options 471,869 4 3,284 — — 3,288 Cancellation of shares (724,750 ) (7 ) (6,251 ) — — (6,258 ) Stock-based compensation expenses 1,223 1,223 Net loss — — — (9,534 ) — (9,534 ) Cash dividends declared ($0.28 per share) — — — (10,205 ) — (10,205 ) Cash dividends reversal — — — 3 — 3 Accumulated other comprehensive loss — — — — (7,736 ) (7,736 ) Balance at December 31, 2016 36,446,691 $ 364 $ 241,536 $ 6,607 $ (12,161 ) $ 236,346 Shares issued on exercise of options 1,104,500 12 6,896 — — 6,908 Stock-based compensation expenses — 1,424 — — 1,424 Net income — — — 3,944 — 3,944 Cash dividends declared ($0.28 per share) — — — (10,514 ) — (10,514 ) Cash dividends reversal — — — (61 ) — (61 ) Accumulated other comprehensive loss — — — — 6,311 6,311 Balance at December 31, 2017 37,551,191 $ 376 $ 249,856 $ (24 ) $ (5,850 ) $ 244,358 Shares issued on exercise of options 635,800 6 3,949 — — 3,955 Stock-based compensation expenses — — 3,320 — — 3,320 Net loss — — — (13,254 ) — (13,254 ) Cash dividends paid — — — (51 ) — (51 ) Accumulated other comprehensive loss — — — — (10,437 ) (10,437 ) Balance at December 31, 2018 38,186,991 $ 382 $ 257,125 $ (13,329 ) $ (16,287 ) $ 227,891 SCHEDULE 1 NAM TAI PROPERTY INC. STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) Year ended December 31, 2016 2017 2018 Cash flows from operating activities: Net (loss) income $ (9,534 ) $ 3,944 $ (13,254 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Share of net (profits) losses (14,145 ) 7,636 16,459 Depreciation 229 228 57 Unrealized exchange loss (gain) 3,370 (6,713 ) 1,666 Share-based compensation expenses 1,223 1,424 3,320 Loss on waiving amount due from a subsidiary 17,800 1,324 — Gain on disposal of property, plant and equipment — — (6,763 ) Changes in current assets and liabilities: (Increase) decrease in prepaid expenses and other receivables (944 ) 668 532 (Decrease) increase in accrued expenses and other payables (1,319 ) 69 71 Net cash (used in) provided by operating activities $ (3,320 ) $ 8,580 $ 2,088 Cash flows from investing activities: Proceeds of property, plant and equipment — — 9,706 (Increase) decrease in short term investment (39,647 ) 88,399 — (Increase) decrease in amounts due from subsidiaries (1,032 ) 1,455 (7,281 ) Net cash (used in) $ (40,679 ) $ 89,854 $ 2,425 Cash flows from financing activities: Proceeds from a long term loan of a subsidiary 73,683 — — Repayment a long term loan to a subsidiary — (39,334 ) (74,974 ) Share repurchase program (6,258 ) — — Dividend paid (2,936 ) (10,266 ) (10,565 ) Proceeds from options exercise 3,288 6,908 3,955 Net cash provided by (used in) $ 67,777 $ (42,692 ) $ (81,584 ) Net increase 23,778 55,742 (77,071 ) Cash and cash equivalents at beginning of year 31,387 51,795 114,249 Effect of exchange rate changes on cash and cash equivalents (3,370 ) 6,712 (1,666 ) Cash and cash equivalents at end of year $ 51,795 $ 114,249 $ 35,512 SCHEDULE 1 NAM TAI PROPERTY INC. NOTE TO SCHEDULE 1 (in thousands of U.S. dollars) Schedule 1 has been provided pursuant to the requirements of Rule 12-04(a) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to financial position, changes in financial position and results and operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. As of December 31, 2018, $376,641 of the restricted capital and reserves are not available for distribution, and as such, the condensed financial information of the Company has been presented for the years ended December 31, 2016, 2017 and 2018. During the years ended December 31, 2016, 2017 and 2018, no cash dividend was declared and paid by subsidiaries to the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation | (a) The consolidated financial statements include the financial statements of the Company and all of its subsidiaries. The Company consolidates companies in which it has controlling interest over 50%. All significant intercompany accounts, transactions and cash flows have been eliminated on consolidation. |
Cash and cash equivalents | (b) Cash and cash equivalents include all cash balances and certificates of deposit having a maturity date of three months or less upon acquisition. As of December 31, 2018 and 2017, the Company had the cash and cash equivalents of $62,919 and $165,173, respectively. |
Short-term investments | (c) All highly liquid investments with original maturities of greater than three months and less than 12 months are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments. As 2018, the balance of |
Long term investments | (d) Long term investments Long term investments include certificates of deposit having a maturity date upon acquisition. A the Company had of $2,204 (2017: $2,319). |
Real estate properties under development, net | ( e ) Real estate properties under development, net are stated at the lower of carrying amounts or fair value less selling costs. In accordance with ASC 360, “Property, Plant and Equipment” All land in PRC is owned by the PRC government. The government in the PRC, according to PRC law, may sell the right to use the land for a specified period of time. Thus, all of the Company’s land purchased in the PRC is considered to be leasehold land and is classified as real estate properties under development, net in the consolidated balance sheet. The buildings and land use rights included in real estate properties under development have not been depreciated since June 1, 2016. |
Property, plant and equipment, net | ( f ) Property, plant and equipment, net Property, plant and equipment are recorded at cost and include interest on funds borrowed to finance construction, if applicable. The cost of major improvements and betterments is capitalized whereas the cost of maintenance and repairs is expensed in the year incurred. Gains and losses from the disposal of property, plant and equipment and land use rights are included in the consolidated statement of comprehensive income. The majority of the land in Hong Kong is owned by the government of Hong Kong, which leases the land at public auction to non-governmental entities. All of the Company’s leasehold lands in Hong Kong have leases of not more than 50 years from the respective balance sheet dates. The cost of such leasehold land is amortized on a straight-line basis over the respective terms of the leases. All land in other regions of the PRC is owned by the PRC government. The government in the PRC, according to PRC law, may sell the right to use the land for a specified period of time. Thus, all of the Company’s land purchases in the PRC are considered to be leasehold land and are classified as land use rights in the consolidated balance sheet. They are amortized on a straight-line basis over the respective term of the right to use the land. The Company computed depreciation expenses using the straight-line method over the following estimated useful lives: Classification Years Land use right 50 years Buildings 20 years – 50 years Machinery and equipment 4 years Leasehold improvements shorter of lease term or 4 years Furniture and fixtures 4 years Motor vehicle 4 years |
Impairment or disposal of long-lived assets | (g ) Long-lived assets other than goodwill are included in impairment evaluations when events and circumstances exist that indicate the carrying value of these assets may not be recoverable. In accordance with FASB ASC 360 “ Property, Plant and Equipment Long-lived assets to be disposed of are stated at the lower of fair value and carrying value. Expected future operating losses from discontinued operations are recorded in the periods in which the losses are incurred. In 2016, the Company assessed the impairment of its long-lived assets used in Shenzhen and Wuxi, by comparing external appraisals obtained from independent valuation firms with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets at December 31, 2016 were less than external appraisals obtained from independent valuation firms and no impairment loss was recognized to write down the long-lived assets in Shenzhen. In 2016, no impairment loss was recognized to write down the long-lived assets to their fair values upon reclassification to assets held for sale. However, in 2017, our management decided not to sell the long-lived assets in Wuxi that previously were classified as assets held for sale, thus the assets should be reclassified as property, plant, and equipment. According to FASB ASC 360-10-35-44 “a long-lived asset that is reclassified shall be measured individually at the lower of the following: a. Its carrying amount before the asset (disposal group) was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset (disposal group) been continuously classified as held and used, b. Its fair value at the date of the subsequent decision not to sell.” Therefore, the assets in Wuxi were reclassified to the account of property, plant, and equipment and recorded at the amount of $20,164. In 2017, the Company assessed the impairment of its long-lived assets used in Shenzhen and Wuxi by comparing external appraisals obtained from independent valuation firms with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets at December 31, 2017 were less than external appraisals obtained from independent valuation firms. In 2018, the Company assessed the impairment of its long-lived assets used in Wuxi by comparing the undiscounted cash flows with the carrying amounts of the assets. The results indicated the undiscounted cash flows exceeded the carrying amounts of the Company’s long-lived assets at December 31, 2018. In 2018, the Company assessed the impairment of its long-lived assets used in Shenzhen by comparing external appraisals obtained from independent valuation firms with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets at December 31, 2018 were less than external appraisals obtained from independent valuation firms. In 2017 and 2018, no additional impairment loss was recognized to write down the long-lived assets. |
Accruals and provisions for loss contingencies | (h ) The Company makes provisions for all material loss contingencies when information available prior to the issuance of the consolidated financial statements indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the consolidated financial statements and the amount of loss can be reasonably estimated. For provisions or accruals related to litigation, the Company makes provisions based on information from legal counsel and the best estimation of management. The Company assesses the potential liability for the significant legal proceedings in accordance with FASB ASC 450 “ Contingencies” |
Revenue recognition | (i ) The Company generates revenue from real-estate derived from its buildings held through its subsidiaries in Shenzhen. For lease income Operation income includes minimum rents which are recognized on an accrual basis over the terms of the related leases on a straight-line basis. Lease revenue recognition commences when the lessee is given possession of the leased space and there are no contingencies offsetting the lessee’s obligation to pay rent. |
Staff retirement plan costs | (j ) The Company’s costs related to the staff retirement plans (see Note 11) are charged to the consolidated statement of comprehensive income as incurred. |
Advertising and promotion costs | (k) Advertising and promotion costs Advertising and promotion costs are expensed as incurred, or the first time the activity takes place, in accordance with ASC 720-35, Advertising Costs. For the year ended December 31, 2018, the Company recorded advertising and promotion expenses of $331 (2017: nil). |
Income taxes | ( l ) Deferred income taxes are provided using the asset and liability method in accordance with FASB ASC 740 “ Income Taxes FASB ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements, and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides accounting guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Interest and penalties from tax assessments, if any, are included in income taxes in the consolidated statement of comprehensive income. |
Foreign currency transactions and translations | ( m ) All transactions in currencies other than functional currencies during the year are translated at the exchange rates prevailing on the respective transaction dates. Monetary assets and liabilities existing at the balance sheet date denominated in currencies other than functional currencies are remeasured at the exchange rates existing on that date. Exchange differences are recorded in the consolidated statement of comprehensive income. The functional currencies of the Company and its subsidiaries include the Renminbi, U.S. dollar and the Hong Kong dollar. Effective from April 1, 2015, the Company’s subsidiaries in China changed their functional currency from the U.S. dollar to Renminbi. This change was made upon the progress of the property development projects in China causing the Company’s subsidiaries primary operating activities to be in Renminbi and making the Renminbi the currency of the economic environment in which the entities primarily generate and expend cash. The financial statements of all subsidiaries are translated in accordance with FASB ASC 830 “ Foreign Currency Matters The financial statements and other financial data of the Company included in this annual report are presented in U.S. dollars. The business and operations of the Company are primarily conducted in China through its PRC subsidiaries. The functional currency of its PRC subsidiaries is Renminbi. The financial statements of its PRC subsidiaries are translated into U.S. dollars, using published exchange rates from banks in China, based on (i) year-end exchange rates or the rates of exchange ruling at the balance sheet date for assets and liabilities and (ii) average yearly exchange rates for income and expense items. Capital accounts are translated at historical exchange rates when the transactions occurred. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income (loss) in shareholders’ equity. The Company makes no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollar or Renminbi, as the case may be, at any particular rate or at all. |
Earnings per share | ( n ) Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the year. The weighted average number of common shares outstanding is adjusted to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. |
Stock options | ( o ) The Company has three stock-based employee compensation plans, as more fully described in Note 9(b). The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service, the requisite service period (usually the vesting period), in exchange for the award. The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models. If the award is modified after the grant date, incremental compensation cost is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. |
Use of estimates | ( p ) The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include provision for bad debts, valuation allowance for deferred income tax assets, share-based compensation, useful lives of property, plant and equipment and intangible assets, and recovery of the carrying amounts of long-lived assets and intangible assets. In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain building at Wuxi factory were longer than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, effective from February 1, 2019, the Company changed its estimates of the useful lives of its building to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the building that previously averaged 20 years were increased to an average of 47 years. The effect of this change in estimate is to reduce 2019 depreciation expense by $677. |
Comprehensive (loss) income | ( q ) Accumulated other comprehensive (loss) income represents principally foreign currency translation adjustments and is included in the consolidated statement of changes in shareholders’ equity. |
Fair value measurements | ( r ) The Company follows FASB ASC 820 “ Fair Value Measurements and Disclosures Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts of cash and cash equivalents, short term investment, prepaid expenses and other receivables, accrued expenses and other payables, accounts payable, and dividend payable approximate their fair values due to the short term nature of these instruments. As of December 31, 2016, 2017 and 2018, the Company did not have any non-financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements, at least annually, on a recurring basis. |
Leases | ( s ) Leases have been classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. When the Company is the lessor, minimum contractual rental from leases is recognized on a straight-line basis over the noncancelable term of the lease. With respect to a particular lease, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer assumes control of the leased premises. Accrued straight-line rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. If later, the billing amount exceeds the straight-line rental revenue, the variance will be credited to accrued straight-line rents receivable. Contingent rental revenue is accrued when the contingency is removed. |
Concentration of risk | ( t ) The Company’s potential significant concentration of credit risk primarily consists of cash and cash equivalents, short term investments and long term investments which are held by financial institutions in the PRC and international financial institutions outside of the PRC. As of December 31, 2018, the Company has $62,919 in cash and cash equivalents which are held by financial institutions in the PRC and international financial institutions outside of the PRC. PRC state-owned banks are subject to a series of risk control regulatory standards, and PRC bank regulatory authorities are empowered to take over the operation and management when any of those faces a material credit crisis. The Company does not foresee substantial credit risk with respect to cash and cash equivalents and short term investments held at the PRC state-owned banks. Based on the order of the State Council of the PRC (No.660): Deposit Insurance Regulation effective on May 1, 2015, the maximum amount of coverage is $76 (RMB 0.5 million) for deposits and foreign currency deposits in the same financial institutions. In the event of bankruptcy of one of the financial institutions in which the Company has deposits, deposits in excess of $76 (RMB 0.5 million) shall be compensated from liquidation of the financial institution. As of December 31, 2018, total of $503 was covered by the Deposit Insurance Regulation. The great majority of the Company’s cash is held as structured deposit or time deposits in financial institutions in the PRC and international financial institutions outside of the PRC. Overall, the real estate market in China has shown signs of a continuous slow-down. The Company’s results of operations Accordingly, the Company’s business, financial condition and results of operations are primarily influenced by the political, economic, legal environments and foreign currency exchange in the PRC and by the general state of the PRC economy and may be adversely affected by changes in social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation. As a result, the Company may experience significant fluctuations in future operating results due to the factors mentioned above. These fluctuations may result in volatility in the share price of the Company. All the Company’s land development related applications are subject to government policies and regulations in the real estate market. However, the Company cannot provide assurance that it will obtain all the necessary approvals in accordance with its timetable. Furthermore, as this is the Company’s first venture into land development projects after the cessation of the LCM business, the Company may encounter industry-specific difficulties that result in losses as it progresses with its development projects in Shenzhen. The Company currently derives a majority of its income from rental and interest income. Any future reductions in the official cash deposit interest rates in China and Hong Kong could adversely impact its income and the total cash on hand will gradually decrease as more funds are being used for land development related expenditures for the land in Gushu and Guangming, Shenzhen. Certain transactions of the Company are denominated in Renminbi, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the Peoples Bank of China (“PBOC”) or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. |
Recent changes in accounting standards | ( u ) In February 2018, the FASB issued ASU No.2018-02, Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This Update allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act and eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. The underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. For all entities, this Update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. This Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The adoption of ASU 2018-02 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. As a result of the Update, the accounting for share-based compensation for employees and non-employees is substantially aligned. For public business entities, this Update is for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU 2018-07 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases: To clarify how to apply certain aspects of the new leases standard. The clarification address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. the amendments have the same effective date as the new leases standard. For entities that have early adopted ASC 842, the amendments are effective immediately. The adoption of ASU 2018-10 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In February 2016, the FASB issued ASU 2016-02, Lease (Subtopic 842): This Update comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For public business entities, this Update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 and In August 2018, the FASB issued ASU No.2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirement for Fair Value Measurement. This Update modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. This Update removes the following disclosure requirements: 1. The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; 2. The policy for timing of transfers between levels; 3. The valuation processes for Level 3 fair value measurements. It also adds In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. This Update modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This Update added the following disclosure requirements to Subtopic 715-20: 1. The weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates. 2. An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. And it clarifies the disclosure requirements in paragraph 715-20-50-3 for defined benefit pension plans should be disclosed: The projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets 2. The accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. This Update applies to all employers that sponsor defined benefit pension or other postretirement plans. For public business entities, this Update is effective for fiscal years ending after December 15, 2020. Early adoption is permitted for all entities. An entity should apply the amendments in this Update on a retrospective basis to all periods presented. The adoption of ASU 2018-14 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This Update states a private company (reporting entity) may elect not to apply VIE guidance to legal entities under common control (including common control leasing arrangements) if both the parent and the legal entity being evaluated for consolidation are not public business entities. This Update also states indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For public business entities, this Update is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. The adoption of ASU 2018-17 is not expected to have a material impact on the Company’s consolidated financial statements in 2019. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326: Financial Instruments—Credit Losses. Under this Update, for Operating Lease Receivables, clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 (Financial Instruments—Credit Losses—Measured at Amortized Cost, includes financial assets measured at amortized cost basis, including net investments in leases arising from sales-type and direct financing leases.). Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The effective date and transition requirements for the amendments in this Update are the same as the effective dates and transition requirements in Update 2016-13, as amended by this Update. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Depreciation Expenses Using Straight-Line Method | The Company computed depreciation expenses using the straight-line method over the following estimated useful lives: Classification Years Land use right 50 years Buildings 20 years – 50 years Machinery and equipment 4 years Leasehold improvements shorter of lease term or 4 years Furniture and fixtures 4 years Motor vehicle 4 years |
Real Estate Properties under _2
Real Estate Properties under Development, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The following summarizes the components of real estate properties under development as at December 31, 2017 and 2018: At December 31, 2017 2018 Building at cost $ 34,498 $ 28,213 Less: accumulated depreciation (20,859 ) (15,413 ) 13,639 12,800 Construction in progress 27,420 76,760 Land use right 11,401 82,050 Net book value $ 52,460 $ 171,610 |
Schedule of Operating Lease Contract with Respect to Buildings | The Company previously entered into an operating lease contract with a third party with respect to certain buildings with the carrying amount as shown below: At December 31, 2017 2018 Buildings at cost $ — $ 28,213 Less: accumulated depreciation — (15,413 ) Buildings, net $ — $ 12,800 |
Schedule of Minimum Rental Payments To Be Received | At December 31, 2018, scheduled minimum rental payments to be received for buildings leased to others were $3,082 and the lease term expires on December 31, 2020. At December 31, Minimum rental payments 2019 $ 1,534 2020 1,548 Total $ 3,082 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consist of the following: At December 31, 2017 2018 At cost: Land $ 363 $ 345 Buildings 22,115 25,415 Machinery and equipment 211 292 Leasehold improvements 4,313 5,785 Furniture and fixtures 32 220 Motor vehicles 304 288 Total 27,338 32,345 Less: accumulated depreciation (3,590 ) (4,971 ) Construction in process 13,228 68 Net book value $ 36,976 $ 27,442 |
Schedule of Minimum Rental Payments To Be Received | At December 31, 2018, scheduled minimum rental payments to be received for buildings leased to others were $3,082 and the lease term expires on December 31, 2020. At December 31, Minimum rental payments 2019 $ 1,534 2020 1,548 Total $ 3,082 |
Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | |
Schedule of Minimum Rental Payments To Be Received | At December 31, 2018, scheduled minimum rental payments to be received for buildings leased to others were $12,207 and the lease term expires in 2030. At December 31, Minimum rental payments 2019 $ — 2020 974 2021 1,006 2022 1,071 2023 and thereafter 9,156 Total $ 12,207 |
Investments in Subsidiaries (Ta
Investments in Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Subsidiaries | Place of Principal Percentage of Ownership as at December 31, Subsidiaries Incorporation activity 2017 2018 Consolidated principal subsidiaries: Nam Tai Electronic & Electrical Products Limited (“NTEEP”) Cayman Islands Investment holding 100 % 100 % Nam Tai Holdings Limited (“NTHL”) BVI Investment holding 100 % 100 % Nam Tai Group Management Limited (“NTGM”) Hong Kong Inactive 100 % 100 % Nam Tai Telecom (Hong Kong) Company Limited (“NTT”) Hong Kong Inactive 100 % 100 % Nam Tai Trading Company Limited (“NTTC”) (1) Hong Kong In liquidation — — Inno Consultant Company Limited (“ICCL”) ( 2 ) Hong Kong Management consultant 100 % 100 % Namtai Investment (Shenzhen) Co., Ltd. (“NTISZ”) PRC Investment holding and development 100 % 100 % Zastron Electronic (Shenzhen) Co., Ltd. (“Zastron Shenzhen”) PRC Technology Park development and management 100 % 100 % Wuxi Zastron Precision-Flex Co., Ltd. (“Wuxi Zastron-Flex”) PRC Property lease 100 % 100 % Nam Tai (Shenzhen) Technology Park Operations Management Co., Ltd (“NTTP”) ( 3 ) PRC Operations management — 100 % Notes: (1) NTTC is in liquidation and the Joint and Several Liquidators confirmed that all assets of NTTC have been taken over by the Joint and Several Receivers in January 2013. (2) ICCL was incorporated by NTISZ in 2017. (3) NTTP was incorporated by NTISZ in 2018. |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Accrued Expenses and Other Payables | Accrued expenses and other payables consisted of the following: At December 31, 2017 2018 Accrued salaries and benefits $ 690 $ 1,159 Accrued professional fees 171 136 Accrued renovation costs - 705 Advance received from customers 173 708 Others 466 285 $ 1,500 $ 2,993 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity during the three years in the period ended December 31, 2018 is as follows: Number of options Weighted average exercise price Weighted average fair value per option Outstanding and exercisable at January 1, 2016 1,130,869 $ 7.29 $ 1.68 Granted 3,070,000 $ 5.87 $ 1.18 Exercised (471,869 ) $ 6.97 $ 1.31 Expired (535,000 ) $ 6.62 $ 1.49 Outstanding and exercisable at December 31, 2016 3,194,000 $ 6.08 $ 1.28 Granted 875,000 $ 11.10 $ 0.95 Exercised (1,104,500 ) $ 6.25 $ 0.91 Expired (732,100 ) $ 7.42 $ 1.11 Outstanding and exercisable at December 31, 2017 2,232,400 $ 7.52 $ 1.40 Granted 1,590,000 $ 13.02 $ 2.01 Exercised (635,800 ) $ 6.22 $ 1.11 Expired (1,079,600 ) $ 13.25 $ 1.64 Outstanding and exercisable at December 31, 2018 2,107,000 $ 9.13 $ 1.82 |
Option Outstanding and Exercisable by Company | Details of the options outstanding and exercisable at December 31, 2018 are as follows: Number of options granted Vesting period Exercise price Exercisable period Weighted remaining contractual life in months In 2015 110,000 100% vested at date of grant $ 8.00 October 30, 2015 to October 29, 2020 22.0 In 2016 280,000 vested in January 2019 $ 6.22 January 1, 2019 to December 31, 2019 12.0 280,000 vested in January 2020 $ 6.22 January 1, 2020 to December 31, 2020 24.0 186,000 vested in January 2019 $ 5.41 January 1, 2019 to December 31, 2019 12.0 186,000 vested in January 2020 $ 5.41 January 1, 2020 to December 31, 2020 24.0 In 2017 15,000 vested in January 2019 $ 7.10 January 1, 2019 to December 31, 2019 12.0 15,000 vested in January 2020 $ 7.10 January 1, 2020 to December 31, 2020 24.0 15,000 vested in January 2021 $ 7.10 January 1, 2021 to December 31, 2021 36.0 100,000 vested in January 2019 $ 7.95 January 1, 2019 to December 31, 2019 12.0 100,000 vested in January 2020 $ 7.95 January 1, 2020 to December 31, 2020 24.0 100,000 vested in January 2019 $ 15.00 January 1, 2019 to December 31, 2019 12.0 100,000 vested in January 2020 $ 15.00 January 1, 2020 to December 31, 2020 24.0 In 2018 440,000 vested in January 2019 $ 13.30 January 1, 2019 to December 31, 2019 12.0 60,000 vested in January 2019 $ 12.20 January 1, 2019 to December 31, 2019 12.0 60,000 vested in January 2020 $ 12.20 January 1, 2020 to December 31, 2020 24.0 30,000 vested in January 2019 $ 10.55 January 1, 2019 to December 31, 2019 12.0 30,000 vested in January 2020 $ 10.55 January 1, 2020 to December 31, 2020 24.0 |
Weighted Average Fair Value Options Granted, Assumptions | The weighted average fair value of options granted during 2016, 2017 and 2018 was $1.18, $0.95 and $2.01, respectively, using the Black-Scholes option-pricing model based on the following assumptions: Year ended December 31, 2016 2017 2018 Risk-free interest rate 0.50% to 1.24% 0.98% to 2.02% 1 .80% to 2.78% Expected life 1 years to 5 years 0.67 years to 4.83 years 0.42 years to 2.58 years Expected volatility 34.64% to 50.61% 31.37% to 49.63% 20.53% to 35.40% Expected dividend yield 1.31% to 1.48% 2.26% to 2.54% 2.11% to 2.65% |
(Loss) Income per Share (Tables
(Loss) Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted (Loss) Income Per Share | The calculations of basic (loss) income per share and diluted (loss) income per share are as follows: Income (loss) Weighted average number of shares Per share amount Year ended December 31, 2016 Basic loss per share $ (9,534 ) 36,672,957 $ (0.26 ) Effect of dilutive securities — Stock options — Diluted loss per share $ (9,534 ) 36,672,957 $ (0.26 ) Income (loss) Weighted average number of shares Per share amount Year ended December 31, 2017 Basic income per share $ 3,944 36,807,275 $ 0.11 Effect of dilutive securities — Stock options 685,163 Diluted income per share $ 3,944 37,492,438 $ 0.11 Income (loss) Weighted average number of shares Per share amount Year ended December 31, 2018 Basic loss per share $ (13,254 ) 37,826,398 $ (0.35 ) Effect of dilutive securities — Stock options — Diluted loss per share $ (13,254 ) 37,826,398 $ (0.35 ) |
Other (Expenses) Income, Net (T
Other (Expenses) Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |
Components of Other (Expense) Income, Net | Year ended December 31, 2016 2017 2018 Foreign exchange (loss) gain, net $ (8,294 ) $ 8,582 $ (1,297 ) Interest income from finance lease receivable 16 — — Gain on disposal of idle property, plant and equipment 8 — — Income from selling residual scraps from demolished buildings — 529 — Loss from discontinued operations (634 ) (693 ) — Others 407 77 583 $ (8,497 ) $ 8,495 $ (714 ) |
Summary of Financial Information for Discontinued Operations | Summarized financial information for the discontinued operations of the Company is as follows: 2016 2017 2018 Net sales — — — Loss before income tax (634 ) (693 ) — Income tax expense — — — Loss from discontinued operations, net of income tax (634 ) (693 ) — Prepaid expenses and other receivables 74 79 — Total assets 74 79 — Accrued expenses and other payables 121 128 — Total liabilities 121 128 — Net liabilities of discontinued operations (47 ) (49 ) — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Tax | The components of income (loss) before income tax are as follows: Year ended December 31, 2016 2017 2018 PRC, excluding Hong Kong $ (2,106 ) $ (6,759 ) $ (10,590 ) Hong Kong and other jurisdictions (7,428 ) 10,703 (2,664 ) $ (9,534 ) $ 3,944 $ (13,254 ) |
Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities as of December 31, 2017 and 2018 are attributable to the following: December 31, 2017 2018 Net operating losses $ 5,779 $ 9,165 Property, plant and equipment 1,279 142 Total deferred tax assets 7,058 9,307 Less: valuation allowance (7,058 ) (9,307 ) Deferred tax assets — — Net deferred tax assets $ — $ — |
Movement of Deferred Tax Assets Valuation Allowance | Movement of valuation allowance: December 31, 2016 2017 2018 At beginning of the year $ 6,732 $ 5,315 $ 7,058 Current year (deduction) addition (1,417 ) 1,743 2,249 At end of the year $ 5,315 $ 7,058 $ 9,307 |
Reconciliation of Income Tax Expense to Amount Computed by Applying Current Statutory Tax Rate to Loss Before Income Taxes | A reconciliation of the income tax expense to the amount computed by applying the current statutory tax rate to the (loss) income before income taxes in the consolidated statements of comprehensive (loss) income is as follows: Year ended December 31, 2016 2017 2018 (Loss) income before income taxes $ (9,534 ) $ 3,944 $ (13,254 ) PRC tax rate 25 % 25 % 25 % Tax benefit (tax expense) at PRC tax rate on income before income tax $ 2,383 $ (986 ) $ 3,314 Effect of difference between Hong Kong and PRC tax rates applied to Hong Kong income (130 ) (208 ) (530 ) Change in valuation allowance 1,417 (1,743 ) (2,249 ) Reversal of tax loss cannot be recoverable in future (1,664 ) (950 ) — Tax benefit (tax expense) arising from items which are not assessable (deductible) for tax purposes: Non-deductible and non-taxable items (2,893 ) 3,118 94 Loss from discontinued operations and others 887 769 (629 ) Income tax (expense) benefit $ — $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contractual Obligations, Including Capital Expenditures and Future Minimum Lease Payments Under Non-Cancelable Operating Lease Arrangements and Purchase Commitments | The contractual obligations of the Company, including purchase commitments under non-cancelable arrangements as of December 31, 2018, are summarized below. The Company does not participate in, or secure financing for, any unconsolidated limited purpose entities. Total 2019 2020 and after Contractual Obligations Capital commitments 85,110 44,795 40,315 Total $ 85,110 $ 44,795 $ 40,315 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary of Operation Income (Loss), Net by Geographical Areas | A summary of operation income (loss), net and long-lived assets by geographical areas is as follows: Year ended December 31, 2016 2017 2018 Operation income from property within: - PRC, excluding Hong Kong: $ 2,508 $ 1,851 $ 493 Net (loss) income within: - PRC, excluding Hong Kong $ (2,106 ) $ (6,759 ) $ (10,590 ) - Hong Kong (7,428 ) 10,703 (2,664 ) Total net (loss) income $ (9,534 ) $ 3,944 $ (13,254 ) |
Summary of Long-Lived Assets by Geographical Areas | As of December 31, 2017 2018 Long-lived assets by geographical area: - Real estate properties under development in PRC, excluding Hong Kong $ 52,460 $ 171,610 - Property, plant and equipment in PRC, excluding Hong Kong 33,894 27,186 - Hong Kong 3,082 256 Total long-lived assets $ 89,436 $ 199,052 |
Company Information - Additiona
Company Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018mi | |
Accounting Policies [Abstract] | |
Distance of principal manufacturing and design operations Shenzhen | 30 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Feb. 01, 2019USD ($) | Dec. 31, 2018USD ($)CompensationPlan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018CNY (¥)CompensationPlan | Dec. 31, 2015USD ($) |
Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | $ 62,919,000 | $ 165,173,000 | $ 94,558,000 | $ 157,371,000 | ||
Investments in time deposits held in commercial banks | 39,359,000 | |||||
Investments in money market funds | 7,593,000 | |||||
Long term investments | $ 2,204,000 | 2,319,000 | ||||
Lease of lands, maximum term | 50 years | |||||
Impairment loss on long-lived asses in Shenzhen | 0 | |||||
Impairment loss on assets held for sales | $ 0 | 0 | 0 | |||
Advertising and promotion expenses | $ 331,000 | |||||
Number of stock-based employee compensation plans | CompensationPlan | 3 | 3 | ||||
Non-financial assets at fair value | $ 0 | 0 | 0 | |||
Non-financial liabilities at fair value | 0 | 0 | $ 0 | |||
Maximum insurance coverage for deposits and foreign currency deposits | 76,000 | ¥ 500,000 | ||||
Amount covered by deposit insurance regulation | $ 503,000 | |||||
Buildings | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives | 20 years | |||||
Subsequent Event | ||||||
Significant Accounting Policies [Line Items] | ||||||
Reduction in depreciation expense | $ 677,000 | |||||
Subsequent Event | Buildings | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives | 47 years | |||||
Wuxi | ||||||
Significant Accounting Policies [Line Items] | ||||||
Reclassification of assets held for sale to property, plant and equipment | $ 20,164,000 |
Depreciation Expenses Using Str
Depreciation Expenses Using Straight-Line Method (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Land use right | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 50 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 50 years |
Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 4 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, description | shorter of lease term or 4 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 4 years |
Motor vehicle | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 4 years |
Real Estate Properties Under _3
Real Estate Properties Under Development, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Building at cost | $ 32,345 | $ 27,338 |
Less: accumulated depreciation | (4,971) | (3,590) |
Construction in progress | 68 | 13,228 |
Long lived assets | 199,052 | 89,436 |
Real Estate Properties under Development | ||
Property, Plant and Equipment [Line Items] | ||
Building at cost | 28,213 | 34,498 |
Less: accumulated depreciation | (15,413) | (20,859) |
Property plant and equipment excluding construction in progress, Total | 12,800 | 13,639 |
Construction in progress | 76,760 | 27,420 |
Land use right | 82,050 | 11,401 |
Long lived assets | $ 171,610 | $ 52,460 |
Operating Lease Contract with R
Operating Lease Contract with Respect to Buildings (Detail) - Buildings $ in Thousands | Dec. 31, 2018USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Buildings at cost | $ 28,213 |
Less: accumulated depreciation | (15,413) |
Buildings, net | $ 12,800 |
Real Estate Properties under _4
Real Estate Properties under Development, Net - Additional Information (Detail) - Buildings $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Real Estate [Line Items] | |
Scheduled minimum rental payments to be received | $ 3,082 |
Lease expiration date | Dec. 31, 2020 |
Schedule of Minimum Rental Paym
Schedule of Minimum Rental Payments To Be Received (Detail) - Buildings $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |
2019 | $ 1,534 |
2020 | 1,548 |
Total | 3,082 |
Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | |
Property, Plant and Equipment [Line Items] | |
2020 | 974 |
Total | 12,207 |
2021 | 1,006 |
2022 | 1,071 |
2023 and thereafter | $ 9,156 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 32,345 | $ 27,338 |
Less: accumulated depreciation | (4,971) | (3,590) |
Construction in progress | 68 | 13,228 |
Net book value | 27,442 | 36,976 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 345 | 363 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | 25,415 | 22,115 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 292 | 211 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 5,785 | 4,313 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total | 220 | 32 |
Motor vehicle | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 288 | $ 304 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2019 | Oct. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expenses | $ 3,801 | $ 328 | $ 365 | ||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Scheduled minimum rental payments to be received | $ 3,082 | ||||
Lease expiration date | Dec. 31, 2020 | ||||
Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Lease expiration term | 12 years | ||||
Operating lease rent free incentive period | 10 months | ||||
Beginning date of lease term | Feb. 28, 2019 | ||||
Scheduled minimum rental payments to be received | $ 12,207 | ||||
Lease expiration date | Dec. 31, 2030 | ||||
Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | Subsequent Event | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life of property | 20 years | ||||
Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | Subsequent Event | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life of property | 47 years |
Investments in Subsidiaries (De
Investments in Subsidiaries (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Nam Tai Electronic and Electrical Products Limited (NTEEP) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | Cayman Islands | ||
Principal activity | Investment holding | ||
Percentage of Ownership | 100.00% | 100.00% | |
Nam Tai Holdings Limited (NTHL) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | BVI | ||
Principal activity | Investment holding | ||
Percentage of Ownership | 100.00% | 100.00% | |
Nam Tai Group Management Limited (NTGM) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | Hong Kong | ||
Principal activity | Inactive | ||
Percentage of Ownership | 100.00% | 100.00% | |
Nam Tai Telecom (Hong Kong) Company Limited (NTT) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | Hong Kong | ||
Principal activity | Inactive | ||
Percentage of Ownership | 100.00% | 100.00% | |
Nam Tai Trading Company Limited (NTTC) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [1] | Hong Kong | |
Principal activity | [1] | In liquidation | |
Inno Consultant Company Limited (“ICCL”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [2] | Hong Kong | |
Principal activity | [2] | Management consultant | |
Percentage of Ownership | [2] | 100.00% | 100.00% |
Namtai Investment (Shenzhen) Co., Ltd. (NTISZ) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | PRC | ||
Principal activity | Investment holding and development | ||
Percentage of Ownership | 100.00% | 100.00% | |
Zastron Electronic (Shenzhen) Co., Ltd. (Zastron Shenzhen) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | PRC | ||
Principal activity | Technology Park development and management | ||
Percentage of Ownership | 100.00% | 100.00% | |
Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | PRC | ||
Principal activity | Property lease | ||
Percentage of Ownership | 100.00% | 100.00% | |
Nam Tai (Shenzhen) Technology Park Operations Management Co., Ltd (“NTTP”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [3] | PRC | |
Principal activity | [3] | Operations management | |
Percentage of Ownership | [3] | 100.00% | |
[1] | NTTC is in liquidation and the Joint and Several Liquidators confirmed that all assets of NTTC have been taken over by the Joint and Several Receivers in January 2013. | ||
[2] | ICCL was incorporated by NTISZ in 2017. | ||
[3] | NTTP was incorporated by NTISZ in 2018. |
Retained Earnings and Reserves
Retained Earnings and Reserves - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Reserves and registered capital of PRC subsidiaries | $ 376,641 | $ 346,357 |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Accrued salaries and benefits | $ 1,159 | $ 690 |
Accrued professional fees | 136 | 171 |
Accrued renovation costs | 705 | |
Advance received from customers | 708 | 173 |
Others | 285 | 466 |
Accrued expenses and other payables | $ 2,993 | $ 1,500 |
Bank Loans and Banking Facili_2
Bank Loans and Banking Facilities - Additional Information (Detail) - Nam Tai Inno Park - China Construction Bank ("CCB") | Apr. 10, 2018USD ($) | Dec. 31, 2018USD ($) | Apr. 10, 2018CNY (¥) |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 175,000,000 | ¥ 1,200,000 | |
Debt Instrument, Term | 10 years | ||
Line of credit, current | $ 0 | ||
PBOC Benchmark Interest Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Adjusted interest rate | 10.00% | ||
PBOC Benchmark Interest Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Adjusted interest rate | 60.00% |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Aug. 31, 2018USD ($)Trancheshares | Jun. 30, 2018USD ($)TrancheDirectorshares | Jan. 31, 2018USD ($)Trancheshares | May 31, 2017USD ($)Trancheshares | Apr. 30, 2017OptionPlanshares | Mar. 31, 2017USD ($)Trancheshares | Jul. 31, 2016USD ($)Trancheshares | Apr. 30, 2016USD ($)OptionPlanshares | Feb. 28, 2006shares | Dec. 31, 2018USD ($)Item$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of classes of common shares authorized, issued and outstanding | Item | 1 | |||||||||||
Stock option authorized for each non-employee director | 15,000 | |||||||||||
Shares authorized under stock option plan | 2,000,000 | |||||||||||
Stock option granted period in years, minimum | 2 years | |||||||||||
Stock option granted period in years, maximum | 3 years | |||||||||||
Number of stock options granted | 1,590,000 | 875,000 | 3,070,000 | |||||||||
Allocated Share-based Compensation Expense | $ | $ 3,320 | $ 1,424 | $ 1,223 | |||||||||
Unrecognized compensation expense related to non-vested stock options granted | $ | $ 524 | 1,093 | 1,728 | |||||||||
Options exercisable at period end | 110,000 | |||||||||||
Fair value of stock options vested | $ | $ 1,821 | $ 91 | $ 469 | |||||||||
Options Outstanding - Weighted Average Remaining Contractual Life | 17 months | 33 months | 27 months | |||||||||
Weighted average fair value of option granted | $ / shares | $ 2.01 | $ 0.95 | $ 1.18 | |||||||||
August Twenty Two Twenty Sixteen | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of share repurchased of common shares | 0 | 0 | 724,750 | |||||||||
Stock repurchase program cancelled, date | Sep. 30, 2016 | |||||||||||
Average repurchase price for repurchase program | $ / shares | $ 8.64 | |||||||||||
2006 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares authorized under stock option plan | 1,500,000 | 3,500,000 | ||||||||||
Approved number of stock option plans | OptionPlan | 1 | 1 | ||||||||||
2006 Plan | Employee Stock Option | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of stock options granted | 130,000 | |||||||||||
Allocated Share-based Compensation Expense | $ | $ 185 | |||||||||||
2016 Stock Option Plan | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of stock options granted | 800,000 | |||||||||||
Allocated Share-based Compensation Expense | $ | $ 378 | |||||||||||
Number of vesting portions | Tranche | 4 | |||||||||||
2016 Stock Option Plan | Director | Share-based Compensation Award, Tranche One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2017-05 | |||||||||||
2016 Stock Option Plan | Director | Share-based Compensation Award, Tranche Two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2018-01 | |||||||||||
2016 Stock Option Plan | Director | Share-based Compensation Award, Tranche Three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2019-01 | |||||||||||
2016 Stock Option Plan | Director | Share Based Compensation Award Tranche Four | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2020-01 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of stock options granted | 75,000 | |||||||||||
Allocated Share-based Compensation Expense | $ | $ 60 | |||||||||||
Number of vesting portions | Tranche | 5 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Share-based Compensation Award, Tranche One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2017-03 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Share-based Compensation Award, Tranche Two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2018-01 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Share-based Compensation Award, Tranche Three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2019-01 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Share Based Compensation Award Tranche Four | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2020-01 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Share Based Compensation Award Tranche Five | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2021-01 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Directors, Employees and External Consultants | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of stock options granted | 2,940,000 | |||||||||||
Allocated Share-based Compensation Expense | $ | $ 1,038 | |||||||||||
Number of vesting portions | Tranche | 5 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Directors, Employees and External Consultants | Share-based Compensation Award, Tranche One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2016-07 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Directors, Employees and External Consultants | Share-based Compensation Award, Tranche Two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2017-01 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Directors, Employees and External Consultants | Share-based Compensation Award, Tranche Three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2018-01 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Directors, Employees and External Consultants | Share Based Compensation Award Tranche Four | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2019-01 | |||||||||||
2016 Stock Option Plan | Employee Stock Option | Directors, Employees and External Consultants | Share Based Compensation Award Tranche Five | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2020-01 | |||||||||||
2017 Stock Option Plan | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of stock options granted | 90,000 | 180,000 | ||||||||||
Allocated Share-based Compensation Expense | $ | $ 78 | $ 218 | ||||||||||
Number of vesting portions | Tranche | 3 | 3 | ||||||||||
Number of new directors | Director | 2 | |||||||||||
2017 Stock Option Plan | Director | Share-based Compensation Award, Tranche One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2018-08 | 2018-06 | ||||||||||
2017 Stock Option Plan | Director | Share-based Compensation Award, Tranche Two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2019-01 | 2019-01 | ||||||||||
2017 Stock Option Plan | Director | Share-based Compensation Award, Tranche Three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2020-01 | 2020-01 | ||||||||||
2017 Stock Option Plan | Employee Stock Option | Directors and Employees | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of stock options granted | 1,320,000 | |||||||||||
Allocated Share-based Compensation Expense | $ | $ 2,213 | |||||||||||
Number of vesting portions | Tranche | 2 | |||||||||||
2017 Stock Option Plan | Employee Stock Option | Directors and Employees | Share-based Compensation Award, Tranche One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2018-01 | |||||||||||
2017 Stock Option Plan | Employee Stock Option | Directors and Employees | Share-based Compensation Award, Tranche Two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock Option Vesting Term | 2019-01 | |||||||||||
Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock option expiry period in years | 10 years |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of options | |||
Outstanding and exercisable beginning balance | 2,232,400 | 3,194,000 | 1,130,869 |
Granted | 1,590,000 | 875,000 | 3,070,000 |
Exercised | (635,800) | (1,104,500) | (471,869) |
Expired | (1,079,600) | (732,100) | (535,000) |
Outstanding and exercisable ending balance | 2,107,000 | 2,232,400 | 3,194,000 |
Weighted average exercise price | |||
Outstanding and exercisable beginning balance | $ 7.52 | $ 6.08 | $ 7.29 |
Granted | 13.02 | 11.10 | 5.87 |
Exercised | 6.22 | 6.25 | 6.97 |
Expired | 13.25 | 7.42 | 6.62 |
Outstanding and exercisable ending balance | 9.13 | 7.52 | 6.08 |
Weighted average fair value per option | |||
Outstanding and exercisable beginning balance | 1.40 | 1.28 | 1.68 |
Granted | 2.01 | 0.95 | 1.18 |
Exercised | 1.11 | 0.91 | 1.31 |
Expired | 1.64 | 1.11 | 1.49 |
Outstanding and exercisable ending balance | $ 1.82 | $ 1.40 | $ 1.28 |
Option Granted by Company (Deta
Option Granted by Company (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 1,590,000 | 875,000 | 3,070,000 |
Exercise price | $ 13.02 | $ 11.10 | $ 5.87 |
First 2015 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 110,000 | ||
Vesting period | 100% vested at date of grant | ||
Exercise price | $ 8 | ||
Exercisable period, start date | Oct. 30, 2015 | ||
Exercisable period, end date | Oct. 29, 2020 | ||
Weighted remaining contractual life in months | 22 months | ||
First 2016 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 280,000 | ||
Vesting period | vested in January 2019 | ||
Exercise price | $ 6.22 | ||
Exercisable period, start date | Jan. 1, 2019 | ||
Exercisable period, end date | Dec. 31, 2019 | ||
Weighted remaining contractual life in months | 12 months | ||
Second 2016 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 280,000 | ||
Vesting period | vested in January 2020 | ||
Exercise price | $ 6.22 | ||
Exercisable period, start date | Jan. 1, 2020 | ||
Exercisable period, end date | Dec. 31, 2020 | ||
Weighted remaining contractual life in months | 24 months | ||
Third 2016 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 186,000 | ||
Vesting period | vested in January 2019 | ||
Exercise price | $ 5.41 | ||
Exercisable period, start date | Jan. 1, 2019 | ||
Exercisable period, end date | Dec. 31, 2019 | ||
Weighted remaining contractual life in months | 12 months | ||
Fourth 2016 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 186,000 | ||
Vesting period | vested in January 2020 | ||
Exercise price | $ 5.41 | ||
Exercisable period, start date | Jan. 1, 2020 | ||
Exercisable period, end date | Dec. 31, 2020 | ||
Weighted remaining contractual life in months | 24 months | ||
First 2017 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 15,000 | ||
Vesting period | vested in January 2019 | ||
Exercise price | $ 7.10 | ||
Exercisable period, start date | Jan. 1, 2019 | ||
Exercisable period, end date | Dec. 31, 2019 | ||
Weighted remaining contractual life in months | 12 months | ||
Second 2017 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 15,000 | ||
Vesting period | vested in January 2020 | ||
Exercise price | $ 7.10 | ||
Exercisable period, start date | Jan. 1, 2020 | ||
Exercisable period, end date | Dec. 31, 2020 | ||
Weighted remaining contractual life in months | 24 months | ||
Third 2017 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 15,000 | ||
Vesting period | vested in January 2021 | ||
Exercise price | $ 7.10 | ||
Exercisable period, start date | Jan. 1, 2021 | ||
Exercisable period, end date | Dec. 31, 2021 | ||
Weighted remaining contractual life in months | 36 months | ||
Fourth 2017 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 100,000 | ||
Vesting period | vested in January 2019 | ||
Exercise price | $ 7.95 | ||
Exercisable period, start date | Jan. 1, 2019 | ||
Exercisable period, end date | Dec. 31, 2019 | ||
Weighted remaining contractual life in months | 12 months | ||
Fifth 2017 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 100,000 | ||
Vesting period | vested in January 2020 | ||
Exercise price | $ 7.95 | ||
Exercisable period, start date | Jan. 1, 2020 | ||
Exercisable period, end date | Dec. 31, 2020 | ||
Weighted remaining contractual life in months | 24 months | ||
Sixth 2017 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 100,000 | ||
Vesting period | vested in January 2019 | ||
Exercise price | $ 15 | ||
Exercisable period, start date | Jan. 1, 2019 | ||
Exercisable period, end date | Dec. 31, 2019 | ||
Weighted remaining contractual life in months | 12 months | ||
Seventh 2017 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 100,000 | ||
Vesting period | vested in January 2020 | ||
Exercise price | $ 15 | ||
Exercisable period, start date | Jan. 1, 2020 | ||
Exercisable period, end date | Dec. 31, 2020 | ||
Weighted remaining contractual life in months | 24 months | ||
First 2018 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 440,000 | ||
Vesting period | vested in January 2019 | ||
Exercise price | $ 13.30 | ||
Exercisable period, start date | Jan. 1, 2019 | ||
Exercisable period, end date | Dec. 31, 2019 | ||
Weighted remaining contractual life in months | 12 months | ||
Second 2018 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 60,000 | ||
Vesting period | vested in January 2019 | ||
Exercise price | $ 12.20 | ||
Exercisable period, start date | Jan. 1, 2019 | ||
Exercisable period, end date | Dec. 31, 2019 | ||
Weighted remaining contractual life in months | 12 months | ||
Third 2018 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 60,000 | ||
Vesting period | vested in January 2020 | ||
Exercise price | $ 12.20 | ||
Exercisable period, start date | Jan. 1, 2020 | ||
Exercisable period, end date | Dec. 31, 2020 | ||
Weighted remaining contractual life in months | 24 months | ||
Fourth 2018 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 30,000 | ||
Vesting period | vested in January 2019 | ||
Exercise price | $ 10.55 | ||
Exercisable period, start date | Jan. 1, 2019 | ||
Exercisable period, end date | Dec. 31, 2019 | ||
Weighted remaining contractual life in months | 12 months | ||
Fifth 2018 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 30,000 | ||
Vesting period | vested in January 2020 | ||
Exercise price | $ 10.55 | ||
Exercisable period, start date | Jan. 1, 2020 | ||
Exercisable period, end date | Dec. 31, 2020 | ||
Weighted remaining contractual life in months | 24 months |
Weighted Average Fair Value Opt
Weighted Average Fair Value Options Granted, Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.80% | 0.98% | 0.50% |
Expected life | 5 months 1 day | 8 months 1 day | 1 year |
Expected volatility | 20.53% | 31.37% | 34.64% |
Expected dividend yield | 2.11% | 2.26% | 1.31% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.78% | 2.02% | 1.24% |
Expected life | 2 years 6 months 29 days | 4 years 9 months 29 days | 5 years |
Expected volatility | 35.40% | 49.63% | 50.61% |
Expected dividend yield | 2.65% | 2.54% | 1.48% |
Computation of Basic and Dilute
Computation of Basic and Diluted (Loss) Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Consolidated net (loss) Income attributable to Nam Tai Property Inc. shareholders | $ (13,254) | $ 3,944 | $ (9,534) |
Weighted average number of shares, basic | 37,826,398 | 36,807,275 | 36,672,957 |
Effect of dilutive securities — Stock options | 0 | 685,163 | 0 |
Weighted average number of shares, diluted | 37,826,398 | 37,492,438 | 36,672,957 |
Basic (loss) income per share | $ (0.35) | $ 0.11 | $ (0.26) |
Diluted (loss) Income per share | $ (0.35) | $ 0.11 | $ (0.26) |
Staff Retirement Plans - Additi
Staff Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Age of employees to be eligible to Mandatory Provident Fund, Minimum | 18 years | ||
Age of employees to be eligible to Mandatory Provident Fund, Maximum | 64 years | ||
Minimum service duration to be eligible to Mandatory Provident Fund | 60 days | ||
Contribution made to Mandatory Provident Fund, based on staff's relevant income | 5.00% | ||
Maximum contribution per employee to Mandatory Provident Fund | $ 3,800 | ||
Retirement age of employees | 65 years | ||
Percentage of employer contributions for which staff are entitled | 100.00% | ||
Cost of employer contribution | $ 314,000 | $ 152,000 | $ 167,000 |
Local governments of Wuxi | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of salary required for contribution | 19.00% | ||
Minimum | Local Governments of Shenzhen | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of salary required for contribution | 13.00% | ||
Maximum | Local Governments of Shenzhen | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of salary required for contribution | 14.00% |
Components of Other (Expense) I
Components of Other (Expense) Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income And Expenses [Abstract] | |||
Foreign exchange (loss) gain, net | $ (1,297) | $ 8,582 | $ (8,294) |
Interest income from finance lease receivable | 16 | ||
Gain on disposal of idle property, plant and equipment | 8 | ||
Income from selling residual scraps from demolished buildings | 529 | ||
Loss from discontinued operations | (693) | (634) | |
Others | 583 | 77 | 407 |
Other (expenses) income, net | $ (714) | $ 8,495 | $ (8,497) |
Summary of Financial Informatio
Summary of Financial Information for Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Loss before income tax | $ (693) | $ (634) |
Loss from discontinued operations, net of income tax | (693) | (634) |
Prepaid expenses and other receivables | 79 | 74 |
Total assets | 79 | 74 |
Accrued expenses and other payables | 128 | 121 |
Total liabilities | 128 | 121 |
Net liabilities of discontinued operations | $ (49) | $ (47) |
Components of Income (Loss) Bef
Components of Income (Loss) Before Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
PRC, excluding Hong Kong | $ (10,590) | $ (6,759) | $ (2,106) |
Hong Kong and other jurisdictions | (2,664) | 10,703 | (7,428) |
(Loss) income before income tax | $ (13,254) | $ 3,944 | $ (9,534) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2018USD ($)Entity | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008 | Apr. 27, 2018USD ($) | |
Income Tax Contingency [Line Items] | |||||||
Enacted tax rate | 25.00% | 25.00% | 25.00% | ||||
Dividend withholding tax rate | 5.00% | ||||||
Deferred tax liability on withholding tax on undistributed profits of PRC subsidiaries | $ 0 | $ 0 | $ 0 | ||||
Provision for uncertain tax positions | 0 | ||||||
Interest and penalties related to uncertain tax positions | 0 | 0 | 0 | ||||
Material unrecognized tax benefit | 0 | 0 | 0 | ||||
Movement of valuation allowance | 2,249,000 | 1,743,000 | (1,417,000) | ||||
Net operating losses carryforward indefinitely | 10,682,000 | 24,475,000 | 19,842,000 | ||||
Income tax expense | 0 | $ 0 | $ 0 | ||||
December 31, 2019 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward from operations subjected to expiration | 11,584,000 | ||||||
December 31, 2020 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward from operations subjected to expiration | 564,000 | ||||||
December 31, 2021 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward from operations subjected to expiration | 304,000 | ||||||
December 31, 2022 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward from operations subjected to expiration | 6,357,000 | ||||||
December 31, 2023 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward from operations subjected to expiration | 10,799,000,000 | ||||||
Nam Tai Trading Company Limited | |||||||
Income Tax Contingency [Line Items] | |||||||
Total tax claims plus interest | 6,600,000 | ||||||
Nam Tai Telecom (Hong Kong) Company Limited | Taxable year 2002/2003 | |||||||
Income Tax Contingency [Line Items] | |||||||
Total tax claims plus interest | $ 400,000 | $ 400,000 | |||||
Nam Tai Group Management Limited (NTGM) | |||||||
Income Tax Contingency [Line Items] | |||||||
Total tax claims plus interest | 1,100,000 | ||||||
Nam Tai Group Management Limited (NTGM) | Taxable years 1996/1997, 1998/1999 and 1999/2000 | |||||||
Income Tax Contingency [Line Items] | |||||||
Additional tax by way of penalty | $ 2,300,000 | ||||||
Hong Kong | |||||||
Income Tax Contingency [Line Items] | |||||||
Enacted tax rate | 16.50% | 16.50% | 16.50% | ||||
Number of entities | Entity | 3 | ||||||
Hong Kong | Nam Tai Group Management Limited (NTGM) | Taxable years 2001/2002 | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax assessment | $ 3,000 | ||||||
Internal Revenue Service (IRS) | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax expense | $ 0 | $ 0 | $ 0 |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||||
Net operating losses | $ 9,165 | $ 5,779 | ||
Property, plant and equipment | 142 | 1,279 | ||
Total deferred tax assets | 9,307 | 7,058 | ||
Less: valuation allowance | (9,307) | (7,058) | $ (5,315) | $ (6,732) |
Deferred tax assets | ||||
Net deferred tax assets |
Movement of Deferred Tax Assets
Movement of Deferred Tax Assets Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
At beginning of the year | $ 7,058 | $ 5,315 | $ 6,732 |
Current year (deduction) addition | 2,249 | 1,743 | (1,417) |
At end of the year | $ 9,307 | $ 7,058 | $ 5,315 |
Reconciliation of Income Tax Ex
Reconciliation of Income Tax Expense to Amount Computed by Applying Current Statutory Tax Rate to Loss Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
(Loss) income before income taxes | $ (13,254) | $ 3,944 | $ (9,534) |
PRC tax rate | 25.00% | 25.00% | 25.00% |
Tax benefit (tax expense) at PRC tax rate on income before income tax | $ 3,314 | $ (986) | $ 2,383 |
Effect of difference between Hong Kong and PRC tax rates applied to Hong Kong income | (530) | (208) | (130) |
Change in valuation allowance | (2,249) | (1,743) | 1,417 |
Reversal of tax loss cannot be recoverable in future | (950) | (1,664) | |
Non-deductible and non-taxable items | 94 | 3,118 | (2,893) |
Loss from discontinued operations and others | (629) | 769 | 887 |
Income tax (expense) benefit | $ 0 | $ 0 | $ 0 |
Contractual Obligations, Includ
Contractual Obligations, Including Capital Expenditures and Future Minimum Lease Payments Under Non-Cancelable Operating Lease Arrangements and Purchase Commitments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Long-term Purchase Commitment [Line Items] | |
Capital Commitments | $ 85,110 |
Contractual Obligations, 2019 | 44,795 |
Contractual Obligations, 2020 and after | 40,315 |
Capital Commitments | |
Long-term Purchase Commitment [Line Items] | |
Capital Commitments | 85,110 |
Contractual Obligations, 2019 | 44,795 |
Contractual Obligations, 2020 and after | $ 40,315 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Provision for penalty on the delay of construction | $ 0 |
Operating Leases as Lessor - Ad
Operating Leases as Lessor - Additional Information (Detail) | Mar. 21, 2016 | Mar. 25, 2014 | Oct. 31, 2018 | Dec. 31, 2018 |
Buildings | ||||
Operating Leased Assets [Line Items] | ||||
Ending date of lease term | Dec. 31, 2020 | |||
Namtai Investment (Shenzhen) Co., Ltd. (NTISZ) | Buildings | ||||
Operating Leased Assets [Line Items] | ||||
Ending date of lease term | Oct. 31, 2017 | |||
Namtai Investment (Shenzhen) Co., Ltd. (NTISZ) | Namtai Shenzhen | ||||
Operating Leased Assets [Line Items] | ||||
Lease agreement date | Mar. 25, 2014 | |||
Namtai Investment (Shenzhen) Co., Ltd. (NTISZ) | Namtai Shenzhen | Buildings | Lease Original Term | ||||
Operating Leased Assets [Line Items] | ||||
Lease expiration term | 3 years | |||
Beginning date of lease term | May 1, 2014 | |||
Ending date of lease term | Apr. 30, 2017 | |||
Namtai Investment (Shenzhen) Co., Ltd. (NTISZ) | Namtai Shenzhen | Buildings | Lease Extended Term | ||||
Operating Leased Assets [Line Items] | ||||
Lease expiration term | 6 months | |||
Ending date of lease term | Oct. 31, 2017 | |||
Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | Buildings | ||||
Operating Leased Assets [Line Items] | ||||
Lease expiration term | 12 years | |||
Beginning date of lease term | Feb. 28, 2019 | |||
Ending date of lease term | Dec. 31, 2030 | |||
Operating lease rent free incentive period | 10 months | |||
Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | Factories | ||||
Operating Leased Assets [Line Items] | ||||
Lease expiration term | 12 years | |||
Beginning date of lease term | Feb. 28, 2019 | |||
Operating lease rent free incentive period | 10 months |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 0 | 0 | 0 |
Summary of Operation Income (Lo
Summary of Operation Income (Loss), Net by Geographical Areas (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Operation income | $ 493 | $ 1,851 | $ 2,508 |
Total net (loss) income | (13,254) | 3,944 | (9,534) |
PRC (excluding Hong Kong) | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Operation income | 493 | 1,851 | 2,508 |
Total net (loss) income | (10,590) | (6,759) | (2,106) |
Hong Kong | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total net (loss) income | $ (2,664) | $ 10,703 | $ (7,428) |
Summary of Long-Lived Assets by
Summary of Long-Lived Assets by Geographical Areas (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Real estate properties under development | $ 171,610 | $ 52,460 |
Property, plant and equipment | 27,442 | 36,976 |
Long lived assets | 199,052 | 89,436 |
PRC (excluding Hong Kong) | ||
Segment Reporting Information [Line Items] | ||
Real estate properties under development | 171,610 | 52,460 |
Property, plant and equipment | 27,186 | 33,894 |
Hong Kong | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | $ 256 | $ 3,082 |
Employee Severance Benefits - A
Employee Severance Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Employee severance benefits | $ 0 | ||
General and Administrative Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee severance benefits | $ 295,000 | $ 170,000 |
Statements of comprehensive (Lo
Statements of comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Condensed Income Statements, Captions [Line Items] | ||||
General and administrative expenses | $ (20,402) | $ (9,450) | $ (8,359) | |
Other (expenses) income, net | (714) | 8,495 | (8,497) | |
Interest income | 5,601 | 7,621 | 5,554 | |
(Loss) income before income tax | (13,254) | 3,944 | (9,534) | |
Income tax expenses | 0 | 0 | 0 | |
Consolidated net (loss) income | (13,254) | 3,944 | (9,534) | |
Other comprehensive (loss) income | (10,437) | 6,311 | (7,736) | |
Comprehensive (loss) income | (23,691) | 10,255 | (17,270) | |
Parent Company | ||||
Condensed Income Statements, Captions [Line Items] | ||||
General and administrative expenses | [1] | (4,817) | (2,714) | (2,064) |
Other (expenses) income, net | 5,470 | 7,296 | (25,794) | |
Interest income | 2,552 | 6,998 | 4,179 | |
(Loss) income before income tax | 3,205 | 11,580 | (23,679) | |
Income tax expenses | 0 | 0 | 0 | |
(Loss) income before share of net profits of subsidiaries, net of income tax | 3,205 | 11,580 | (23,679) | |
Share of net (losses) profit subsidiaries, net of income tax | (16,459) | (7,636) | 14,145 | |
Consolidated net (loss) income | (13,254) | 3,944 | (9,534) | |
Foreign currency translation adjustment | (10,437) | 6,311 | (7,736) | |
Other comprehensive (loss) income | (10,437) | 6,311 | (7,736) | |
Comprehensive (loss) income | $ (23,691) | $ 10,255 | $ (17,270) | |
[1] | * Amount of share-based compensation expense included in general and administrative expenses $1,223 $1,424 $3,320 |
Statements of comprehensive (_2
Statements of comprehensive (Loss) Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||
Share-based compensation expenses | $ 2,925 | $ 1,126 | $ 1,035 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Share-based compensation expenses | $ 3,320 | $ 1,424 | $ 1,223 |
Balance Sheets (Detail)
Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 62,919 | $ 165,173 | $ 94,558 | $ 157,371 |
Prepaid expenses and other receivables | 6,663 | 5,100 | ||
Total current assets | 116,760 | 170,273 | ||
Property, plant and equipment, net | 27,442 | 36,976 | ||
Total assets | 318,107 | 262,077 | ||
Current liabilities: | ||||
Accrued expenses and other payables | 2,993 | 1,500 | ||
Dividend payable | 10,514 | |||
Total current liabilities | 90,207 | 17,719 | ||
Total liabilities | 90,216 | 17,719 | ||
Equity: | ||||
Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 37,551,191 and 38,186,991 shares as at December 31, 2017 and 2018, respectively) | 382 | 376 | ||
Additional paid-in capital | 257,125 | 249,856 | ||
Accumulated deficit | (13,329) | (24) | ||
Accumulated other comprehensive loss | (16,287) | (5,850) | ||
Total shareholders’ equity | 227,891 | 244,358 | 236,346 | 265,565 |
Total liabilities and equity | 318,107 | 262,077 | ||
Parent Company | ||||
Current assets: | ||||
Cash and cash equivalents | 35,512 | 114,249 | 51,795 | 31,387 |
Prepaid expenses and other receivables | 2,313 | 2,845 | ||
Total current assets | 37,825 | 117,094 | ||
Property, plant and equipment, net | 3,000 | |||
Investments in subsidiaries | 206,446 | 233,342 | ||
Total assets | 244,271 | 353,436 | ||
Current liabilities: | ||||
Accrued expenses and other payables | 230 | 159 | ||
Dividend payable | 10,514 | |||
Amounts due to subsidiaries | 16,150 | 23,431 | ||
Total current liabilities | 16,380 | 34,104 | ||
Long term loan | 74,974 | |||
Total liabilities | 16,380 | 109,078 | ||
Equity: | ||||
Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 37,551,191 and 38,186,991 shares as at December 31, 2017 and 2018, respectively) | 382 | 376 | ||
Additional paid-in capital | 257,125 | 249,856 | ||
Accumulated deficit | (13,329) | (24) | ||
Accumulated other comprehensive loss | (16,287) | (5,850) | ||
Total shareholders’ equity | 227,891 | 244,358 | $ 236,346 | $ 265,565 |
Total liabilities and equity | $ 244,271 | $ 353,436 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 200,000,000 | 200,000,000 |
Common shares, issued | 38,186,991 | 37,551,191 |
Common shares, outstanding | 38,186,991 | 37,551,191 |
Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 200,000,000 | 200,000,000 |
Common shares, issued | 38,186,991 | 37,551,191 |
Common shares, outstanding | 38,186,991 | 37,551,191 |
Statements of Changes In Shareh
Statements of Changes In Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Balance | $ 244,358 | $ 236,346 | $ 265,565 |
Balance (in shares) | 37,551,191 | ||
Shares issued on exercise of options | $ 3,955 | $ 6,908 | $ 3,288 |
Shares issued on exercise of options (in shares) | 635,800 | 1,104,500 | 471,869 |
Cancellation of shares | $ (6,258) | ||
Stock-based compensation expenses | $ 3,320 | $ 1,424 | 1,223 |
Net income (loss) | (13,254) | 3,944 | (9,534) |
Cash dividends declared ($0.28 per share in 2016, $0.28 per share in 2017) | (10,514) | (10,205) | |
Cash dividends reversal | 3 | ||
Cash dividends paid | (51) | (61) | |
Accumulated other comprehensive loss | (10,437) | 6,311 | (7,736) |
Balance | $ 227,891 | $ 244,358 | 236,346 |
Balance (in shares) | 38,186,991 | 37,551,191 | |
Common Stock | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | $ 376 | $ 364 | $ 367 |
Balance (in shares) | 37,551,191 | 36,446,691 | 36,699,572 |
Shares issued on exercise of options | $ 6 | $ 12 | $ 4 |
Shares issued on exercise of options (in shares) | 635,800 | 1,104,500 | 471,869 |
Cancellation of shares | $ (7) | ||
Cancellation of shares (in shares) | (724,750) | ||
Balance | $ 382 | $ 376 | $ 364 |
Balance (in shares) | 38,186,991 | 37,551,191 | 36,446,691 |
Additional Paid-in Capital | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | $ 249,856 | $ 241,536 | $ 243,280 |
Shares issued on exercise of options | 3,949 | 6,896 | 3,284 |
Cancellation of shares | (6,251) | ||
Stock-based compensation expenses | 3,320 | 1,424 | 1,223 |
Balance | 257,125 | 249,856 | 241,536 |
Retained Earnings (Accumulated Deficit) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | (24) | 6,607 | 26,343 |
Net income (loss) | (13,254) | 3,944 | (9,534) |
Cash dividends declared ($0.28 per share in 2016, $0.28 per share in 2017) | (10,514) | (10,205) | |
Cash dividends reversal | 3 | ||
Cash dividends paid | (51) | (61) | |
Balance | (13,329) | (24) | 6,607 |
Accumulated Other Comprehensive Loss | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | (5,850) | (12,161) | (4,425) |
Accumulated other comprehensive loss | (10,437) | 6,311 | (7,736) |
Balance | (16,287) | (5,850) | (12,161) |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | $ 244,358 | 236,346 | 265,565 |
Balance (in shares) | 37,551,191 | ||
Shares issued on exercise of options | $ 3,955 | 6,908 | 3,288 |
Cancellation of shares | (6,258) | ||
Stock-based compensation expenses | 3,320 | 1,424 | 1,223 |
Net income (loss) | (13,254) | 3,944 | (9,534) |
Cash dividends declared ($0.28 per share in 2016, $0.28 per share in 2017) | (10,514) | (10,205) | |
Cash dividends reversal | (61) | 3 | |
Cash dividends paid | (51) | ||
Accumulated other comprehensive loss | (10,437) | 6,311 | (7,736) |
Balance | $ 227,891 | $ 244,358 | 236,346 |
Balance (in shares) | 38,186,991 | 37,551,191 | |
Parent Company | Common Stock | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | $ 376 | $ 364 | $ 367 |
Balance (in shares) | 37,551,191 | 36,446,691 | 36,699,572 |
Shares issued on exercise of options | $ 6 | $ 12 | $ 4 |
Shares issued on exercise of options (in shares) | 635,800 | 1,104,500 | 471,869 |
Cancellation of shares | $ (7) | ||
Cancellation of shares (in shares) | (724,750) | ||
Balance | $ 382 | $ 376 | $ 364 |
Balance (in shares) | 38,186,991 | 37,551,191 | 36,446,691 |
Parent Company | Additional Paid-in Capital | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | $ 249,856 | $ 241,536 | $ 243,280 |
Shares issued on exercise of options | 3,949 | 6,896 | 3,284 |
Cancellation of shares | (6,251) | ||
Stock-based compensation expenses | 3,320 | 1,424 | 1,223 |
Balance | 257,125 | 249,856 | 241,536 |
Parent Company | Retained Earnings (Accumulated Deficit) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | (24) | 6,607 | 26,343 |
Net income (loss) | (13,254) | 3,944 | (9,534) |
Cash dividends declared ($0.28 per share in 2016, $0.28 per share in 2017) | (10,514) | (10,205) | |
Cash dividends reversal | (61) | 3 | |
Cash dividends paid | (51) | ||
Balance | (13,329) | (24) | 6,607 |
Parent Company | Accumulated Other Comprehensive Loss | |||
Condensed Financial Statements, Captions [Line Items] | |||
Balance | (5,850) | (12,161) | (4,425) |
Accumulated other comprehensive loss | (10,437) | 6,311 | (7,736) |
Balance | $ (16,287) | $ (5,850) | $ (12,161) |
Statements of Changes In Shar_2
Statements of Changes In Shareholders' Equity (Parenthetical) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash dividends declared, per share | $ 0.28 | $ 0.28 |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash dividends declared, per share | $ 0.28 | $ 0.28 |
Statements of Cash flows (Detai
Statements of Cash flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Consolidated net (loss) Income attributable to Nam Tai Property Inc. shareholders | $ (13,254) | $ 3,944 | $ (9,534) |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | |||
Depreciation | 3,801 | 328 | 365 |
Unrealized exchange loss (gain) | 1,670 | (6,712) | 3,370 |
Share-based compensation expenses | 2,925 | 1,126 | 1,035 |
Gain on disposal of property, plant and equipment | (2,867) | (25) | (14) |
Changes in current assets and liabilities: | |||
(Increase) decrease in prepaid expenses and other receivables | (1,901) | (1,035) | (618) |
(Decrease) increase in accrued expenses and other payables | 871 | 3 | (1,225) |
Net cash (used in) provided by operating activities | (8,733) | 2,259 | (5,210) |
Cash flows from investing activities: | |||
Net cash (used in) provided by investing activities | (78,740) | 62,615 | (44,120) |
Cash flows from financing activities: | |||
Share repurchase program | (6,258) | ||
Cash dividends paid | (10,565) | (10,266) | (2,936) |
Proceeds from options exercise | 3,954 | 6,908 | 3,288 |
Net cash used in financing activities | (6,611) | (3,358) | (5,906) |
Cash and cash equivalents at beginning of year | 165,173 | 94,558 | 157,371 |
Effect of exchange rate changes on cash and cash equivalents | (8,170) | 9,099 | (7,577) |
Cash and cash equivalents at end of year | 62,919 | 165,173 | 94,558 |
Parent Company | |||
Cash flows from operating activities: | |||
Consolidated net (loss) Income attributable to Nam Tai Property Inc. shareholders | (13,254) | 3,944 | (9,534) |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | |||
Share of net (profits) losses of subsidiaries, net of taxes | 16,459 | 7,636 | (14,145) |
Depreciation | 57 | 228 | 229 |
Unrealized exchange loss (gain) | 1,666 | (6,713) | 3,370 |
Share-based compensation expenses | 3,320 | 1,424 | 1,223 |
Loss on waiving amount due from a subsidiary | 1,324 | 17,800 | |
Gain on disposal of property, plant and equipment | (6,763) | ||
Changes in current assets and liabilities: | |||
(Increase) decrease in prepaid expenses and other receivables | 532 | 668 | (944) |
(Decrease) increase in accrued expenses and other payables | 71 | 69 | (1,319) |
Net cash (used in) provided by operating activities | 2,088 | 8,580 | (3,320) |
Cash flows from investing activities: | |||
Proceeds of property, plant and equipment | 9,706 | ||
(Increase) decrease in short term investment | 88,399 | (39,647) | |
(Increase) decrease in amounts due from subsidiaries | (7,281) | 1,455 | (1,032) |
Net cash (used in) provided by investing activities | 2,425 | 89,854 | (40,679) |
Cash flows from financing activities: | |||
Proceeds from a long term loan of a subsidiary | 73,683 | ||
Repayment a long term loan to a subsidiary | (74,974) | (39,334) | |
Share repurchase program | (6,258) | ||
Cash dividends paid | (10,565) | (10,266) | (2,936) |
Proceeds from options exercise | 3,955 | 6,908 | 3,288 |
Net cash used in financing activities | (81,584) | (42,692) | 67,777 |
Net increase (decrease) in cash and cash equivalents | (77,071) | 55,742 | 23,778 |
Cash and cash equivalents at beginning of year | 114,249 | 51,795 | 31,387 |
Effect of exchange rate changes on cash and cash equivalents | (1,666) | 6,712 | (3,370) |
Cash and cash equivalents at end of year | $ 35,512 | $ 114,249 | $ 51,795 |
Note to Schedule One - Addition
Note to Schedule One - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||
Reserves and registered capital of PRC subsidiaries | $ 376,641,000 | $ 346,357,000 | |
Minimum percentage of restricted net assets of consolidated and unconsolidated subsidiaries to consolidated net assets to file condensed financial information | 25.00% | ||
Cash dividend was declared by subsidiaries | $ 0 | 0 | $ 0 |
Cash dividend was paid by subsidiaries | $ 0 | $ 0 | $ 0 |