Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
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 Voluntary Filers | 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 | 39,197,991 |
Entity Interactive Data Current | Yes |
Entity File Number | 001-31583 |
Entity Incorporation, State or Country Code | D8 |
Entity Address, Address Line One | Nam Tai Estate |
Entity Address, Address Line Two | No. 2, Namtai Road, Gushu Community, Xixiang Township |
Entity Address, Address Line Three | Baoan District |
Entity Address, City or Town | Shenzhen City 518000, Guangdong Province |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 518000 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Title of 12(b) Security | Common shares, $0.01 par value per share |
Security Exchange Name | NYSE |
ICFR Auditor Attestation Flag | true |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Raymond Wen |
Entity Address, Address Line One | Nam Tai Estate |
Entity Address, Address Line Two | No. 2, Namtai Road, Gushu Community, Xixiang Township |
Entity Address, Address Line Three | Baoan District |
Entity Address, City or Town | Shenzhen City 518000, Guangdong Province |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 518000 |
City Area Code | (852) |
Local Phone Number | 3955-2809 |
Contact Personnel Fax Number | (86755) 2747-2636 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue | $ 71,206 | $ 2,965 | $ 493 |
Cost of revenue | (27,381) | (1,356) | (73) |
Gross profit | 43,825 | 1,609 | 420 |
Expenses | |||
General and administrative expenses | (15,923) | (12,484) | (20,402) |
Selling and marketing expenses | (6,998) | (6,460) | (813) |
Total operating expenses | (22,921) | (18,944) | (21,215) |
Net (loss) income from operations | 20,904 | (17,335) | (20,795) |
Other (expense) income, net | 42 | (253) | (714) |
Interest income | 1,326 | 2,357 | 5,601 |
Loss on demolished building facilities | (4,074) | ||
Gain on disposal of property | 6,763 | ||
Write off of demolished building | (35) | ||
(Loss) income before income tax | 22,272 | (15,231) | (13,254) |
Income tax benefit (expense) | (6,579) | 2,040 | |
Consolidated net (loss) income | 15,693 | (13,191) | (13,254) |
Foreign currency translation adjustment | 13,597 | (3,136) | (10,437) |
Other comprehensive (loss) income | 13,597 | (3,136) | (10,437) |
Consolidated comprehensive (loss) income | $ 29,290 | $ (16,327) | $ (23,691) |
Basic (loss) earnings per share | $ 0.40 | $ (0.34) | $ (0.35) |
Diluted (loss) earnings per share | $ 0.40 | $ (0.34) | $ (0.35) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 60,980 | $ 130,218 |
Restricted cash | 2,065 | |
Short term investments | 150,150 | 2,166 |
Rental deposits | 156 | |
Accounts receivable | 3,965 | 1,032 |
Real estate properties under development, net | 121,693 | |
Real estate properties held for sales type lease | 31,558 | |
Prepaid expenses and other receivables | 7,141 | 9,338 |
Total current assets | 377,708 | 142,754 |
Rental deposits | 287 | 243 |
Real estate properties under development, net | 190,492 | 251,685 |
Property, plant and equipment, net | 26,568 | 25,950 |
Real estate properties held for lease, net | 92,207 | |
Right of use assets | 9,695 | 4,078 |
Deferred income tax assets | 4,154 | 2,011 |
Prepaid expenses | 3,598 | |
Other assets | 99 | 91 |
Total assets | 701,210 | 430,410 |
Current liabilities: | ||
Short term bank loan | 1,410 | |
Current portion of long term bank loans | 122,883 | 2,081 |
Accounts payable | 61,559 | 36,676 |
Rental deposits from customers | 1,498 | 343 |
Accrued expenses and other payables | 30,136 | 5,699 |
Advance from customers | 69,722 | 67,642 |
Amount due to a shareholder | 146,869 | |
Amount due to a related company | 161 | |
Current portion of lease liabilities | 1,064 | 529 |
Total current liabilities | 433,892 | 114,380 |
Long term bank loans | 93,861 | |
Long term rental deposits | 300 | 178 |
Financial lease payable | 19 | 13 |
Other payables | 3,598 | |
Deferred income tax liabilities | 8,927 | |
Noncurrent portion of lease liabilities | 9,244 | 3,642 |
Total liabilities | 452,382 | 215,672 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 38,631,991 and 39,197,991 shares as at December 31, 2019 and 2020, respectively) | 392 | 386 |
Additional paid-in capital | 265,084 | 260,295 |
Accumulated deficit | (10,822) | (26,520) |
Accumulated other comprehensive loss | (5,826) | (19,423) |
Total shareholders’ equity | 248,828 | 214,738 |
Total liabilities and equity | $ 701,210 | $ 430,410 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 39,197,991 | 38,631,991 |
Common shares, outstanding | 39,197,991 | 38,631,991 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2017 | $ 244,358 | $ 376 | $ 249,856 | $ (24) | $ (5,850) |
Balance (in shares) at Dec. 31, 2017 | 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 | ||||
Shares issued on exercise of options | $ 2,635 | $ 4 | 2,631 | ||
Shares issued on exercise of options (in shares) | 578,000 | 445,000 | |||
Stock-based compensation expenses | $ 539 | 539 | |||
Net income (loss) | (13,191) | (13,191) | |||
Foreign currency translation adjustment | (3,136) | (3,136) | |||
Balance at Dec. 31, 2019 | $ 214,738 | $ 386 | 260,295 | (26,520) | (19,423) |
Balance (in shares) at Dec. 31, 2019 | 38,631,991 | 38,631,991 | |||
Shares issued on exercise of options | $ 3,793 | $ 6 | 3,787 | ||
Shares issued on exercise of options (in shares) | 433,000 | 566,000 | |||
Stock-based compensation expenses | $ 1,002 | 1,002 | |||
Net income (loss) | 15,693 | 15,693 | |||
Foreign currency translation adjustment | 13,597 | 13,597 | |||
Others | 5 | 5 | |||
Balance at Dec. 31, 2020 | $ 248,828 | $ 392 | $ 265,084 | $ (10,822) | $ (5,826) |
Balance (in shares) at Dec. 31, 2020 | 39,197,991 | 39,197,991 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Cash dividends declared, per share | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Consolidated net (loss) income | $ 15,693 | $ (13,191) | $ (13,254) |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 2,349 | 1,509 | 3,801 |
Amortization of right-of-use asset | 1,801 | 476 | |
Gain on disposal of property, plant and equipment | (130) | (2,867) | |
Unrealized gain of marketable securities | (13) | ||
Write off of demolished building | 35 | ||
Share-based compensation expenses | 809 | 539 | 2,925 |
Unrealized exchange (gain) loss | (85) | 516 | 1,670 |
Deferred income tax benefit | 6,784 | (2,011) | |
Changes in current assets and liabilities: | |||
Increase in accounts receivable | (2,933) | (806) | |
Decrease (increase) in prepaid expenses and other receivables | 2,197 | (1,454) | (1,746) |
Increase in rental deposits | (200) | (88) | (155) |
Increase in real estate properties under development | (161,818) | (132,077) | (39,575) |
Increase in accrued expenses and other payables | 512 | 1,785 | 616 |
Increase (decrease) in accounts payable | 2,261 | ||
Decrease in lease liabilities | (1,305) | (406) | |
Increase in advance from customers | 2,080 | 67,387 | 255 |
Increase in long term rental deposits | 1,277 | 192 | |
Increase in amount due to a related company | 161 | ||
Total adjustments | (146,110) | (64,568) | (35,054) |
Net cash used in operating activities | (130,417) | (77,759) | (48,308) |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (449) | (864) | (2,107) |
Purchase of marketable securities | (7,580) | ||
(Increase) decrease in deposits for real estate properties under development | 37 | ||
Increase in deposits for purchase of property, plant and equipment | (82) | ||
Proceeds from disposal of property, plant and equipment and other assets | 181 | 9,791 | |
Proceeds from disposal of demolished building | 180 | ||
Proceeds from disposal of other noncurrent asset | 46 | ||
Redemption of marketable securities | 7,580 | ||
Increase in refundable bank deposit | (91) | ||
Decrease (increase) in fixed deposits maturing over three months | 2,166 | 39,322 | (39,359) |
Increase in short term investments | (150,150) | ||
Net cash provided by (used in) investing activities | (148,433) | 46,219 | (39,165) |
Cash flows from financing activities: | |||
Cash dividends paid | (10,565) | ||
Repayment of bank loans | (54,869) | (193) | |
Proceeds from bank loans | 72,337 | 97,980 | |
Debt issuance cost | (487) | ||
Increase in finance lease payable | 6 | ||
Proceeds from shares issued on exercise of options | 3,793 | 2,635 | 3,954 |
Amounts due to a shareholder and an investor | 170,690 | ||
Net cash (used in) provided by financing activities | 191,957 | 99,935 | (6,611) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (86,893) | 68,395 | (94,084) |
Cash and cash equivalents and restricted cash at beginning of year | 130,218 | 62,919 | 165,173 |
Effect of exchange rate changes on cash and cash equivalents | 19,720 | (1,096) | (8,170) |
Cash and cash equivalents and restricted cash at end of year | 63,045 | 130,218 | 62,919 |
Supplemental schedule of cash flow information: | |||
Cash paid for amounts included in the measurement of lease liabilities | (1,305) | (406) | |
Non-cash investing activities: | |||
Increase in construction in progress funded through accounts payable | 26,470 | 1,279 | |
Interest paid | (321) | (67) | |
Share-based compensation expenses | $ 809 | $ 539 | $ 2,925 |
Company Information
Company Information | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Company Information | 1. We are an owner, developer and operator of technology parks, and we mainly conduct business in mainland China. 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 and re-registered as a business company under the British Virgin Islands Business Companies Act (amended) in 2007. 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 to strategically transform into a comprehensive developer and operator of industrial real estate, We plan to build Nam Tai Inno Park, Nam Tai Technology Center and Nam Tai Inno Valley into landmark parks in the region, provide high-quality industrial offices, business service spaces and supporting dormitories to the park tenants, and provide comprehensive industrial services to corporate tenants through our full-chain industrial model. Based on the experience of developing and operating technology parks and the industrial relationship network accumulated over the past 40 years, the Company has also exported the operation mode of technology parks to other industrial properties, using the asset-light model to rent industrial properties for repositioning, renovating and leasing. While China maintains rapid economic growth, the Company will actively seize development opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area and other first- and second-tier cities in China, and continue to strengthen and expand the business of industrial real estate, commercial and residential properties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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) The consolidated financial statements of the Company have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2020, net current liabilities of the Company amounted to $56 million. As of April 13, 2021, bank borrowings of approximately $123 million were at default and not repaid. On October 5, 2020, the Company entered into a Securities Purchase Agreement (each, a “Purchase Agreement”) with each of Greater Sail Ltd., a wholly owned subsidiary of Kaisa Group Holdings Ltd. (“Greater Sail”) and West Ridge Investment Company Limited, an affiliate of a large-scale integrated financial group based in Hong Kong (“West Ridge”), pursuant to which the Company, in a private placement, issued and sold to Greater Sail and West Ridge 16,051,219 and 2,603,366 common shares of the Company, respectively, par value $0.01 per share, at a price of $ 9.15 per Share (the “Private Placement”). The Private Placement yielded net proceeds of approximately $171 million. On October 13, 2020, IsZo Capital LLP (“IsZo”) commenced legal proceedings against the Company and other parties in the High Court of Justice of the British Virgin Islands of the Eastern Caribbean Supreme Court (the “Court”) claiming that the Private Placement was invalid and should be set aside. On March 3, 2021, the Court handed down a judgment holding that the Private Placement was void and should be set aside, and that the Company shall convene a Special Meeting (the “Special Meeting”) regarding the removal and election of directors on April 26, 2021. Following the judgement, $146.9 million (16,051,219 common share at price $9.15) becomes repayable on demand to Greater Sail, and $23.8 million (2,603,366 common shares at price $9.15) becomes repayable on demand to West Ridge. Between March 4 and 15, 2021, the Company received demand letters from the Bank of China, Xiamen International Bank, Bank of Beijing and Industrial Bank demanding immediate repayment of outstanding loan principal, totaling to approximately $123 million, and interests, due to significant uncertainties on the Company’s ownership and governance. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Besides continuing to negotiate with the banks, the Company is evaluating several measures of financing, such as external financings, acceleration of the leasing of Nam Tai Inno Park, and presale of Nam Tai Technology Center and Nam Tai • Any such measures are subject to compliance with the judgment and orders imposed by the Court. Based on the valuation reports conducted by Savills and Jones Lang LaSalle, the major projects of the Company (exclude Nam Tai • Currently, the upcoming Special Meeting and the significant uncertainties it may cause to the board of directors and management of the Company have restricted the ability of the management to secure financing. If cash resources are insufficient to satisfy the Company's on-going cash requirements, the Company will need to scale back or discontinue some or all of its operations. The financial statements included herein do not include any adjustments that might be necessary should the Group be unable to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that may result from this uncertainty. ( c ) 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, 2020 and 2019, the Company had cash and cash equivalents of $61.0 million and $130.2 million, respectively. Restricted cash consisted of a security cash deposit of $1.2 million due to a guarantee to the bank for the repayment of the loans of our long-term rental customers, which will be gradually released as the loans are repaid, and a security cash deposit of $0.9 million for our bank loan from Bank of China. ( d ) 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 2020, the Company had short-term investments of $150.2 million, which were from the proceeds of the Private Placement, investing into a Supply Chain Fund managed by Credit Suisse was terminated subsequently effective as of March 4, 2021 due to some of the fund’s assets being subject to considerable valuation uncertainty and reduced availability of insurance coverage for new investments. In January 2021, the Company has already redeemed and received from the Supply Chain Fund $15 million. The proceeds of compulsory redemption in March 2021 will be paid out by the Supply Chain Fund in several instalments as soon as practicable until the Company has received the total proceeds from the compulsory redemption in respect of the Supply Chain Fund. The Company received the first instalment of $42.6 million on March 8, 2021. As of December 31, 2019, the balance of (e) Accounts receivable include amounts from tenants for operating lease receivables, sales-type lease receivables, and accrued straight-line rental revenue. The allowance for doubtful accounts is estimated based upon the Company’s assessment of various factors including historical experience, the age of the accounts receivable balance, and other factors that may affect the customers’ ability to pay. As of December 31, 2020 and 2019, the Company had accounts receivable of $4.0 million and $1.0 million and no allowance was established. (f) Real estate properties under development, net are stated at the lower of carrying amounts or fair value less selling costs. Expend itures for land development, including cost of land use rights, deed tax, pre-development costs and engineering costs, are capitalized and allocated to developments projects. Costs are allocated to specific units within a project based on the ratio of sales area of units to the estimated total sales area. In accordance with Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment” The Company determines estimated fair value primarily by discounting the estimated future cash flow relating to the asset. The factor that the Company uses includes the expected pace at which the planned number of units will be sold or leased out based on market conditions and the expected costs to be incurred in the future. 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, the Company’s land purchased in Shenzhen PRC is considered to be leasehold land and is classified as real estate properties under development, net in the consolidated balance sheet. Our classification of real estate properties under development in current assets represents Longxi project expected to be developed into a residential community for sales purpose, and those in non-current assets represent the projects to be developed into technology parks held for lease purpose. (g) Real estate properties held for sales type lease are stated at the lower of carrying amounts or fair value less selling costs. During the year, the Company transferred Towers 8 to 10 of Nam Tai Inno Park, which amounted to $53.7 million, from real estate properties under development into real estate properties held for sales type lease and recognized the cost of Towers 8 to 10 of $21.8 million. In addition, the Company recognized the cost of Tower 2 of $1.9 million. The Company determines estimated fair value primarily by discounting the estimated future cash flow relating to the asset. The factor that the Company uses includes the expected pace at which the planned number of units will be leased out based on market conditions and the expected costs to be incurred in the future. ( h ) 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 (loss). 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, the Company’s land purchases in Wuxi 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 ( i ) Real estate properties held for lease are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the real estate properties are approximately 37 years. Maintenance, repairs and minor renewals are charged directly to expenses as incurred. Major additions and improvements to the real estate properties held for lease type lease are capitalized. In accordance with ASC 360, real estate properties held for lease are subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets. For the years ended December 31, 2019 and 2020, we did not recognize any impairment for real estate properties held for lease. The Company determines estimated fair value primarily by discounting the estimated future cash flow relating to the asset. The factor that the Company uses includes the expected pace at which the planned number of units will be leased out based on market conditions and the expected costs to be incurred in the future. ( j ) 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, the Company assesses the recoverability of the carrying value of long-lived assets by first grouping its long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly, estimating the undiscounted future cash flows that are directly associated with and expected to arise from the use of and eventual disposition of such asset group. The Company estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the carrying value of the asset group exceeds the estimated undiscounted cash flows, the Company recognizes an impairment loss to the extent the carrying value of the long-lived asset exceeds its fair value. The Company determines fair value through quoted market prices in active markets or, if quotations of market prices are unavailable, through the performance of internal analysis using a discounted cash flow methodology or obtains external appraisals from independent valuation firms. The undiscounted and discounted cash flow analyses are based on a number of estimates and assumptions, including the expected period over which the asset will be utilized, projected future operating results of the asset group, discount rate and long-term growth rate. 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 on December 31, 2018 and no impairment loss was recognized in 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 on December 31, 2018 were less than external appraisals obtained from independent valuation firms and no impairment loss was recognized in 2018. In 2019, the Company assessed the impairment of its long-lived assets used in Shenzhen, Dongguan, and Wuxi by comparing undiscounted cash flows with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets on December 31, 2019 were less than undiscounted cash flows and no impairment loss was recognized in 2019. In 2020, the Company assessed the impairment of its long-lived assets used in Shenzhen, Dongguan, Shanghai and Wuxi by comparing undiscounted cash flows with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets on December 31, 2020 were less than undiscounted cash flows and no impairment loss was recognized in 2020. ( k ) Accruals and provisions for loss contingencies 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” ( l ) The Company mainly generates revenue by operating the technology parks and providing property management services. For sales-type lease income The lease is classified as sales-type lease income when it meets one of the criteria under FASB ASC 842 “Leases” below: - the lease transfers ownership of the underlying asset to the lessee by the end of the lease term; - the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; - the lease term is for the major part of the remaining economic life of the underlying asset; or - the present value at the beginning of the lease term of the minimum lease payments equals or exceeds substantially all of the fair value of the underlying asset. The Company considers 75% to be the major part and over 90% to constitute substantially all of the value. If the lease component is determined to be sales-type lease, the net investment in the lease will be recorded, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is recognized upon commencement of the lease. Lease revenue recognition commences when the collectability is probable. For operating lease income Lease 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. For property service income According to ASC 606 “ Revenue form Contracts with Customers ( m ) The Company’s costs related to the staff retirement plans (see Note 12) are charged to the consolidated statement of comprehensive income as incurred. ( n ) Advertising and promotion costs are expensed as incurred. For the year ended December 31, 2020, the Company recorded advertising and promotion expenses of $3.7 million (2019: $3.9 million; 2018: $0.3 million). ( o ) Deferred income taxes are recorded for temporary differences between the tax bases of assets and liabilities and their reported amounts on the consolidated financial statements. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740 “Income Taxes” 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. ( p ) 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 re-measured at the exchange rates 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 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. ( q ) Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) 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. ( r ) The Company has two stock-based employee compensation plans, as more fully described in Note 10(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. ( s ) 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 valuation allowance for deferred income tax assets, stock-based compensation, useful lives of property, plant and equipment and impairment of long-lived 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 useful lives of certain buildings at Wuxi factory were longer than the previous estimated useful lives due to the change of function of these buildings. As a result, effective from February 1, 2019, the Company changed its estimates of the useful lives of these buildings in Wuxi to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the buildings that previously averaged 20 years were increased to an average of 47 years. ( t ) Accumulated other comprehensive income (loss) represents principally foreign currency translation adjustments and is included in the consolidated statement of changes in shareholders’ equity. ( u ) 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 investments, accounts and other receivables, accrued expenses and other payables, accounts payable, and short term bank loans approximate their fair values due to the short term nature of these instruments. During the year ended December 31, 2020, the Company invested $150.2 million into a Supply Chain Fund managed by Credit Suisse (Note 2(d)). At the end of the accounting period, the fair value of the following assets was as follow: At December 31, 2019 2020 (’000) (’000) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short term investments — — — — 150,150 — — 150,150 The fair value of the investments is determined based on quoted price in active markets. ( v ) According to ASC 842 “Lease”, lessees are required to record a right of use asset and lease liabilities for all leases other than those have a lease term of 12 months or less, or the amount is under the reasonable capitalization threshold established by the Company. At the lease commencement date, a lessee should measure and record the lease liability equal to the present value of scheduled lease payments discounted using the rate implicit in the lease or the leasee’s incremental borrowing rate, and the right of use asset is calculated on the basis of the initial measurement of the lease liability, plus any lease payments at or before the commencement date and direct costs, minus any incentives received. Over the lease term, a lessee must amortize the right of use asset and record the interest expense on the lease liability. The recognition and classification of lease expenses depend on the classification of the lease as either operating or finance. When the Company is the lessor, minimum contractual rental from leases is recognized on a straight-line basis over the non-cancelable 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 represent 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. When the Company is the lessor under sales-type lease, the leased asset should be derecognized and recorded at the net investment in the lease at lease commencement which consists of the lease receivable and the unguaranteed residual asset. ( w ) The Company’s potential significant concentration of credit risk primarily consists of cash and cash equivalents, short term investments and accounts receivable. As of December 31, 2020, the Company has $29.7 million in cash and cash equivalents which are held by financial institutions in 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 $76,787 (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 $76,787 (RMB 0.5 million) shall be compensated from liquidation of the financial institution. As of December 31, 2020, total of $2.0 million was covered by the Deposit Insurance Regulation. As of December 31, 2020, one customer accounted for 53% of total accounts receivable. As of December 31, 2019, we did not have a significant exposure to any individual debtor whose accounts receivable balances amounted to more than 10% of total accounts receivable. 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 and projects in 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. ( x ) In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”, which is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. The adoption did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes with measures, among others, including: (1) removing the exception to incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items; and (2) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. This Update will be effective for public business entities that are US SEC filers for fiscal years beginning after December 15, 2020 with early adoption permitted. Adoption of the standard requires changes to be made prospectively. The adoption of this standard is not expected to have an impact on our financial condition and results of operations in 2021. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities, Investments - Equity Method and Joint Ventures, and Derivatives and Hedging - Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815. This new standard is intended to clarify the interactions between ASC 321, ASC 323 and ASC 815. The new standard addresses accounting for the transition into and out of the equity method and measurement of certain purchased options and forward contracts to acquire investments. T |
Real Estate Properties under De
Real Estate Properties under Development, Net | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Properties under Development, Net | 3 . The following summarizes the components of current portion of real estate properties under development as at December 31, 2019 and 2020: At December 31, 2019 2020 (’000) (’000) Construction in progress — 9,636 Land use right — 112,057 Net book value $ — $ 121,693 The following summarizes the components of non-current portion of real estate properties under development at December 31, 2019 and 2020: At December 31, 2019 2020 (’000) (’000) Building at cost $ 27,732 $ 31,678 Less: accumulated depreciation (15,007 ) (16,065 ) 12,725 15,613 Construction in progress 156,221 92,533 Land use right 82,739 82,346 Net book value $ 251,685 $ 190,492 Real estate properties under development of $147.5 million (2019: $81.7 million) have been pledged to banks to obtain loan facilities (See Note 9). Included in construction in progress were capitalized debt issuance costs and interest for bank loans amounting to $1,754 (2019: $1,473) and $10,866 (2019: $707), respectively. The Company leased its buildings to third parties with the carrying amount as shown below: At December 31, 2019 2020 (’000) (’000) Buildings at cost $ 27,732 $ 31,678 Less: accumulated depreciation (15,007 ) (16,065 ) Buildings, net $ 12,725 $ 15,613 In 2020, a total of $53.7 million was transferred to real estate properties held for sales type lease from real estate properties under development, and by the end of 2020, a total of $23.7 million was recognized as cost of sales due to the delivery of Towers 2, 8 and 9 of Nam Tai Inno Park. Real estate properties held for sales type lease of $29.4 million (2019: Nil) have been pledged to banks to obtain loan facilities (See Note 9). In 2020, a total of $92.8 million (see Note 5) was transferred to real estate properties held for lease from real estate properties under development. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 4 . Property, plant and equipment, net consist of the following: At December 31, 2019 2020 (’000) (’000) At cost: Land $ 339 $ 363 Buildings 24,978 26,740 Machinery and equipment 395 643 Leasehold improvements 5,944 6,456 Furniture and fixtures 245 272 Motor vehicles 274 278 Total 32,175 34,752 Less: accumulated depreciation (6,247 ) (8,335 ) Construction in process 22 151 Net book value $ 25,950 $ 26,568 Depreciation expenses were $3.8 million, $1.2 million and $1.6 million for the years ended December 31, 2018, 2019 and 2020, respectively. Buildings of $12.8 million (2019: $12.8 million) have been pledged to banks to obtain loan facilities as of December 31, 2020 (See Note 9). 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 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 |
Real Estate Properties Held for
Real Estate Properties Held for Lease, Net | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Properties Held for Lease, Net | 5 . The following summarizes the components of real estate properties held for lease as at December 31, 2019 and 2020: At December 31, 2019 2020 (’000) (’000) Building at cost $ — $ 92,838 Less: accumulated depreciation — (631 ) Net book value $ — $ 92,207 Depreciation expenses were $0.6 million for the year ended December 31, 2020. Real estate properties held for lease of $88.1 million (2019: Nil) have been pledged to banks to obtain loan facilities (See Note 9). |
Investments in Subsidiaries
Investments in Subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Subsidiaries | 6 . Place of Principal Percentage of Ownership as at December 31, Subsidiaries Incorporation activities 2019 2020 Consolidated subsidiaries: Nam Tai Group Limited (“NTG”) (1) 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”) (2) Hong Kong In liquidation — — Inno Consultant Company Limited (“ICCL”) (3) Hong Kong Management consultant 100 % 100 % Nam Tai 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”) (4) PRC Operations management 100 % 100 % Triumph Commitment Group Limited (“TCOG”) (5) BVI Investment holding 100 % 100 % Treasure Champion Group Limited (“TCHG”) (6) BVI Investment holding 100 % 100 % Shanghai Nam Tai Business Incubator Co., Ltd. (“SHCY”) (7) PRC Business and consultant services 100 % 100 % Triumph Commitment (Hong Kong) Limited (“TCHK”) (8) Hong Kong Investment holding 100 % 100 % Wider Trade (Hong Kong) Limited (“WTHK”) (9) Hong Kong Investment holding 100 % 100 % Shenzhen Kaicheng Architecture and Decoration Co., Ltd. (“SZKC”) (10) PRC Property decoration services 100 % 100 % Shenzhen Yuanmao Materials Co., Ltd. (“SZYM”) (11) PRC Sales of construction materials 100 % 100 % Nam Tai (Shenzhen) Consulting Co., Ltd. (“NTZX”) (12) PRC Business and management services 100 % 100 % Dongguan Nam Tai Real Estate Development Co., Ltd. (“NTDG”) (13) PRC Real estate development — 100 % Sun Team Global Limited (14) BVI Investment holding — 100 % Sun Team Global (Hong Kong) Limited (“STHK”) (15) Hong Kong Investment holding — 100 % Fine Shine Limited (“FSL”) (16) BVI Investment holding — 100 % Fine Shine (Hong Kong) Limited (“FSHK”) (17) Hong Kong Investment holding — 100 % Shenzhen Nam Tai Big Data Innovation Technology Co., Ltd(“SNTBDIT”) (18) PRC Investment holding — 100 % Shenzhen Nam Tai Technology Innovation Co., Ltd(“SNTT”) (19) PRC Investment holding — 100 % Shenzhen Nam Tai Artificial Intelligence Innovation Technology Co., Ltd(“SNTAIIT”) (20) PRC Investment holding — 100 % Shenzhen Nam Tai Health Technology Co., Ltd(“SNTHT”) (21) PRC Investment holding — 100 % Notes: (1) The company was formerly named Nam Tai Electronic & Electrical Products Limited and changed its name to Nam Tai Group Limited in January 2020. (2) 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. (3) ICCL was incorporated by NTISZ in 2017. (4) NTTP was incorporated by NTISZ in 2018. (5) TCOG was incorporated by NTG in 2019. (6) TCHG was incorporated by NTG in 2019. (7) SHCY was incorporated by NTISZ in 2019. (8) TCHK was incorporated by TCOG in 2019 (9) WTHK was incorporated by TCOG in 2019 (10) SZKC was incorporated by TCHK in 2019. (11) SZYM was incorporated by WTHK in 2019. (12) NTZX was incorporated by TCHG in 2019. (13) NTDG was incorporated by NTZX in 2020. (14) STGL was incorporated by NTG in 2020. (15) FSL was incorporated by NTG in 2020. (16) STHK was incorporated by STGL in 2020. (17) FSHK was incorporated by FSL in 2020. (18) SNTBDIT (19) SNTT (20) SNTAIIT (21) SNTHT |
Retained Earnings and Reserves
Retained Earnings and Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Retained Earnings and Reserves | 7 . 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 $376.5 million and $399.3 million as of December 31, 2019 and 2020, respectively. |
Advance from Customers
Advance from Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Advance from Customers | 8 . As of December 31, 2020, advance from customers consisted of prepaid rent received from tenants of $69,508 thousand from Nam Tai Inno Park and $214 thousand from the existing factory building located on the site of Nam Tai Inno Valley, Tang Xi, Shanghai, and Wuxi. For 2019, advance from customers was related to the prepaid rent received from tenants of $67,488 thousand from Nam Tai Inno Park and $154 thousand from the existing factory building located on the site of Nam Tai Inno Valley and Wuxi. |
Bank Loans and Banking Faciliti
Bank Loans and Banking Facilities | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Bank Loans and Banking Facilities | 9 . Bank loans consisted of the following: At December 31, 2019 2020 (’000) (’000) Short-term bank loans $ 1,433 $ — Debt issuance cost (23 ) — Total short-term debt 1,410 — Long-term bank loans $ 96,354 $ 123,159 Debt issuance cost (412 ) (276 ) Total debt 95,942 122,883 Less: current maturities (2,081 ) (122,883 ) Total long-term debt $ 93,861 $ — Future maturities of long-term bank loan are as follows: At December 31, 2020 (’000) 2021 $ 123,159 Total $ 123,159 The details of bank loans during the year ended December 31, 2020 are as follows: (’000) Repayment Frequency Loan from Bank of Beijing (1) Due August 14, 2022, at 6.46% per annum $ 7,017 Quarterly Loan from Bank of China (2) Due November 7, 2028, at 6.072% per annum 95,559 Semi-annually Loan from Xiamen International Bank (6) Due January 6, 2022, at 7.40% per annum 16,365 Semi-annually Loan from Industrial Bank (5) Due October 20, 2022, at 6.175% per annum 4,218 Quarterly Total $ 123,159 As of December 31, 2020, $72.33 million in bank loans have been obtained. The principal of the loan repaid during the year was $54.87 million. Notes: (1) In August 2019, NTISZ obtained a bank loan of $7.16 million from Bank of Beijing (credit line of $7.16 million). It is guaranteed by a state-owned third-party guarantee company, mortgaged by the property of Qianhai office, and cross guaranteed by several subsidiaries of the Company. The loan is used for the construction of Nam Tai Technology Center. The financing cost was $0.29 million, and the principal of $0.50 million has been repaid during 2020. (2) In September 2019, Zastron Shenzhen signed a loan contract with Bank of China with a credit line of $143 million, with the land mortgage of Nam Tai Inno Park, the equity pledge of the Company and the guarantee provided by NTISZ. During 2020, the Company has withdrawn $39.56 million for the construction of Nam Tai Inno Park and repaid $23.15 million. (3) In October 2019, NTISZ has signed a credit contract with Baoan Branch of Shenzhen Rural Commercial Bank (“Shenzhen Rural Commercial Bank”) with a credit line of $143 million for the construction of Nam Tai Technology Center. The loan is guaranteed by the land mortgage of Nam Tai Technology Center, and the equity pledge of NTISZ. Zastron Shenzhen provides a liability guarantee. During 2020, the Company has withdrawn $16.82 million from Shenzhen Rural Commercial Bank, and total balance of $29.0 million was fully repaid. (4) In October 2019 , NTISZ obtained a short-term bank loan of $ 1.43 million (credit line of $ 1.43 million) from China Everbright Bank for the construction of Nam Tai Technology Center. The loan is guaranteed by a state-owned third-party guarantee company, mortgaged by the property of Qianhai office, and cross guaranteed by several subsidiaries of the Company, with a financing cost of $ 0.03 million . During 2020, the Company ha s fully repaid $ 1.45 million from Shenzhen Rural C ommercial B ank. (5) In October 2019, NTTP obtained a bank loan of $4.3 million (line of credit of $4.3 million) from Industrial Bank for general operation fund of Nam Tai Inno Valley. The loan is guaranteed by a state-owned third-party guarantee company, mortgaged by the property of Qianhai office, and cross guaranteed by several subsidiaries of the Company. The financing cost was $0.17 million. By the end of 2020, the principal has been repaid by $0.29 million. (6) In February 2020, Zastron Shenzhen obtained a bank loan of $15.95 million from Xiamen International Bank with a credit line of $15.95 million. The loan is mortgaged by the property of Nam Tai Inno Valley. During 2020, the Company has withdrawn $15.95 million from Xiamen International Bank and repaid $0.48 million. (7) On December 31, 2020, a total of $277.8 million (2019: $81.7 million) of real estate properties under development, buildings, real estate held for sales type lease buildings and real estate properties held for lease buildings have been pledged to banks to obtain loan facilities. (8) Certain of our loan agreements contain cross-default clauses. If any cross default occurs, these banks are entitled to accelerate payment of all or any part of the loan under their relevant loan agreements and to enforce all or any of the security for such loans. (9) In March 2021, the Company received demand letters from Bank of China, Bank of Beijing, Industrial Bank, and Xiamen International Bank (the “Lending Banks”), regarding payment in full of amounts due under the respective loan agreements with each bank. Following the issuance of demand letters, the Lending Banks have restricted the remittance from the bank accounts of the subsidiaries of the Company in China. The Company is negotiating with the Lending Banks. For details, please see Note 20 (3) to (5). |
Equitys
Equitys | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equitys | 10 . (a) The Company has only one class of common shares authorized, issued and outstanding. On October 5, 2020, the Company entered into a Purchase Agreement with each of Greater Sail and West Ridge. The Company issued and sold to Greater Sail and West Ridge 16,051,219 and 2,603,366 common shares of the Company, respectively, par value $0.01 per share, at a price of $ 9.15 per Share. On October 13, 2020, IsZo commenced legal proceedings against the Company and other parties in the Court claiming that the Private Placement was invalid and should be set aside. On March 3, 2021, the Court handed down a judgment holding that the Private Placement previously announced by the Company on October 5, 2020 was void. (b) In April 2016, the Board of Directors approved 2016 In January 2018, 1,320,000 share options were granted to directors and employees of the Company under the 2017 stock option plan and vested in two equal portions at January 2018 and January 2019, respectively. In June 2018, 180,000 share options were granted to two new directors of the Company under the 2017 stock option plan and vested in three equal portions at June 2018, January 2019 and January 2020 respectively. In August 2018, 90,000 share options were granted to a new director of the Company under the 2017 stock option plan and vested in three equal portions at August 2018, January 2019 and January 2020, respectively. In June 2019, 120,000 share options were granted to two new director of the Company under the 2017 stock option plan and vested in two equal portions at June 2019 and January 2020, respectively. In January 2020, 475,000 share options were granted to 17 employees of the Company under the 2016 stock option plan and vested in five equal portions at January 2020, 2021, 2022, 2023 and 2024, respectively. On the same day, 1,350,000 share options were granted to 3 employees of the Company under the 2017 stock option plan and vested in five equal portions at January 2020, 2021, 2022, 2023 and 2024, respectively. Share based compensation costs for the grants of share option to the employees of $2,925 thousand, $539 thousand and $809 thousand were recorded as an expense during the years ended December 31, 2018, 2019 and 2020, respectively and $395 thousand, $NIL and $193 thousand were capitalized as real estate properties under development during the years ended December 31, 2018, 2019 and 2020, respectively. A summary of stock option activity during the three years in the period ended December 31, 2020 is as follows: Number of options Weighted average exercise price Weighted average fair value per option Outstanding and exercisable at January 1, 2018 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 Granted 120,000 $ 9.57 $ 0.82 Exercised (578,000 ) $ 6.29 $ 1.58 Expired (723,000 ) $ 12.94 $ 1.95 Outstanding and exercisable at December 31, 2019 926,000 $ 7.98 $ 1.72 Granted 1,825,000 $ 9.41 $ 1.98 Exercised (433,000 ) $ 6.46 $ 1.88 Expired (1,689,000 ) $ 9.41 $ 1.77 Outstanding and exercisable at December 31, 2020 629,000 $ 9.35 $ 2.22 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 as of December 31, 2020 are as follows: Number of options granted Vesting period Exercise price Exercisable period Weighted remaining contractual life in months In 2017 15,000 vest in January 2021 $ 7.10 January 1, 2021 to December 31, 2021 12.0 In 2020 153,500 vest in January 2021 $ 9.41 January 1, 2021 to December 31, 2021 12.0 153,500 vest in January 2022 $ 9.41 January 1, 2022 to December 31, 2022 24.0 153,000 vest in January 2023 $ 9.41 January 1, 2023 to December 31, 2023 36.0 153,000 vest in January 2024 $ 9.41 January 1, 2024 to December 31, 2024 48.0 There was approximately $ 0.5 million, $0.01 million and $0.7 million of unrecognized compensation expense related to non-vested stock options granted under the Company’s option plans at December 31, 2018, 2019 and 2020, respectively. The total amount of recognized compensation costs in 2018, 2019 and 2020 were $3.3 million, $0.5 million and $1.0 million, respectively. A total of 629,000 stock options are exercisable as of December 31, 2020. The total fair value of shares vested during fiscal years ended December 31, 2018, 2019 and 2020 were $1.8 million, $2.2 million and $1.7 million, respectively. The weighted average remaining contractual lives of the stock options outstanding at December 31, 2018, 2019 and 2020 were approximately 17, 12 and 30 months, respectively. The weighted average fair values of options granted during 2018, 2019 and 2020 were $2.01, $0.82 and $1.98, respectively, using the Black-Scholes option-pricing model based on the following assumptions: Year ended December 31, 2018 2019 2020 Risk-free interest rate 1.80% to 2.78% 1.71% to 2.10% 1.52% to 1.57% Expected life 0.42 years to 2.58 years 0.52 years to 1.52 years 0.94 years to 4.95 years Expected volatility 20.53% to 35.40% 23.14% to 25.46% 25.11% to 33.28% Expected dividend yield 2.11% to 2.65% 2.93% 0.00% (c) As of December 31, 2018, 2019 and 2020, 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. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | 1 1 . The calculations of basic earnings (loss) per share and diluted earnings (loss) per share are as follows: Consolidated net income (loss) Weighted average number of shares Per share amount (’000) 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 ) Consolidated net income (loss) Weighted average number of shares Per share amount (’000) Year ended December 31, 2019 Basic loss per share $ (13,191 ) 38,330,742 $ (0.34 ) Effect of dilutive securities — Stock options — Diluted loss per share $ (13,191 ) 38,330,742 $ (0.34 ) Consolidated net income (loss) Weighted average number of shares Per share amount (’000) Year ended December 31, 2020 Basic earnings per share $ 15,693 39,012,137 $ 0.40 Effect of dilutive securities — Stock options 33,027 Diluted earnings per share $ 15,693 39,045,164 $ 0.40 |
Staff Retirement Plans
Staff Retirement Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Staff Retirement Plans | 1 2 . 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 contrib ution 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%-16% of the stipulated salary set by the local governments of Shenzhen, Dongguan, Wuxi and Shanghai. 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 $0.3 million, $0.4 million and $0.04 million for the years ended December 31, 2018, 2019 and 2020, respectively. |
Other Income (Expenses), Net
Other Income (Expenses), Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Other Income (Expenses), Net | 1 3 . Year ended December 31, 2018 2019 2020 (’000) (’000) (’000) Foreign exchange gain (loss), net $ (1,297 ) $ (516 ) $ (85 ) Gain on disposal of idle property, plant and equipment — 130 — Fair value gain on short term investments — — 158 Interest expense — (67 ) (321 ) Others 583 200 290 $ (714 ) $ (253 ) $ 42 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 4 . The components of (loss) income before income tax are as follows: Year ended December 31, 2018 2019 2020 (’000) (’000) (’000) PRC, excluding Hong Kong $ (10,590 ) $ (10,404 ) $ 31,640 Hong Kong and other jurisdictions (2,664 ) (4,827 ) (9,368 ) $ (13,254 ) $ (15,231 ) $ 22,272 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% The provision for current income taxes of the subsidiaries operating in PRC has been calculated by applying the rate of taxation of 25% The Company, which has subsidiaries that are tax residents in the PRC, is subject to the PRC dividend withholding tax of 10%, 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, 2018, 2019 and 2020, there was no income tax expense for the dividend withholding tax on the balance of distributable earnings that arose on or after January 1, 2008 within its PRC subsidiaries. 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 resident 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, 2018, 2019 and 2020, 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 2018 to 2020 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 our inactive subsidiaries have been involved in tax disputes relating to tax years 1996 and later years with the Inland Revenue Department of Hong Kong, (the “HKIRD”), the income tax authority of the Hong Kong Government. These inactive subsidiaries include three Hong Kong entities, NTGM, NTTC and NTT. The disputes concern the appropriateness of expensing certain intra-group service fees under the transfer pricing context. NTGM is the parent company of NTT and NTTC. NTTC is the title holder of certain land in Hong Kong and is being liquidated. The particulars of these disputes are discussed below. NTTC Starting from October 2007, the HKIRD issued assessments and writs against NTTC claiming taxes and interests on unpaid taxes for the taxable years 1996/1997 to 2003/2004, for matters related to intra-group service fees. Judgments were entered against NTTC and on June 4, 2012 a winding-up order was issued by the High Court of Hong Kong against NTTC. The total tax claims against NTTC are $6.6 million plus interest. NTTC is currently 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. As the Company did not have a controlling financial interest on NTTC after it was taken over by the Joint and Several Receivers, so the financial statements of NTTC have not been included in the consolidated financial statements of the Company subsequent to the 2012 Form-20F, in accordance with the procedures set out in ASC 810-10-15-10. NTT The HKIRD 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, a dormant subsidiary. The total tax claims against NTT are $0.4 million plus interest. On December 16, 2020 and March 30, 2021, the HKIRD issued demand letters to NTT requesting to settle the previous unpaid tax. NTT has not taken any action since receiving the letter. NTT had a net deficit position as of December 31, 2020 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 as of December 31, 2020. NTGM The HKIRD had issued assessments and writs against NTGM for matters related to intra-group service fee. During the years 2009 to 2011, two judgments were also 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 $1.1 million plus interest. On April 27, 2018, HKIRD issued a writ for issued assessments and writs against NTGM claiming taxes of $3,000 and interests on unpaid taxes for the taxable years 2001/2002. On August 15, 2018, judgment by consent was entered against NTGM for the amount with costs and interests. In November 2018, January 2019, and November 2020, NTGM received demands for payment from HKIRD and notices to initiate wind-up procedures, respectively, if payment were not received by HKIRD within 14 days. Currently, we are not aware of any winding up proceeding filed by the HKIRD. NTGM has a net deficit position as of December 31, 2020 and we have no funding obligation towards NTGM. As a result, the claims from the HKIRD demand letters have no impact on the Company and the amount claimed by HKIRD on NTGM was not recorded as a liability in our consolidated financial statements as of December 31, 2020. Notices of Alleged Personal Liability for Additional Taxes against Former Directors and Officers for Signing NTTC’s Tax Returns The HKIRD had separately commenced legal proceedings against two former directors and officers of NTTC personally for taxable years 1996/1997, 1997/1998 and 1999/2000, in the total amount of approximately $2.3 million for additional tax by way of penalty for signing the tax returns of the Hong Kong subsidiaries in relation to the disputed intra-group service fees. Both directors have been indemnified under the Company’s indemnity policy. 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 First Instance handed down a reasoned ruling, finding in favor of our two former directors on the main points of the appeal. On January 3, 2019, Hong Kong Court of First Instance also issued a court order annulling the assessment of personal liability against the two former directors. The HKIRD filed an appeal on December 21, 2018. The hearing of appeal was held in October 2019. The Hong Kong Court of Appeal has not handed down its reason for adjustment, but it is found in favor of two former directors at the end of hearing. We estimate that the written judgment will be handed down in 2021s. The income tax benefit/(expense) for the years ended December 31, 2018, 2019 and 2020 comprise the following: December 31, 2018 2019 2020 (’000) (’000) (’000) Deferred income tax benefit (expense) $ — $ 2,040 $ (6,522 ) Current tax expense — — (57 ) Total $ — $ 2,040 $ (6,579 ) The Company’s deferred tax assets as of December 31, 2019 and 2020 are attributable to the following: December 31, 2019 2020 (’000) (’000) Operating losses $ 10,490 $ 10,583 Property, plant and equipment (42 ) 21 Total deferred tax assets 10,448 10,604 Less: valuation allowance (8,437 ) (6,450 ) Net deferred tax assets $ 2,011 $ 4,154 Movement of valuation allowance: December 31, 2018 2019 2020 (’000) (’000) (’000) At beginning of the year $ 7,058 $ 9,307 $ 8,437 Current year addition (deduction) 2,249 (870 ) (209 ) Expired tax loss — — (1,778 ) At end of the year $ 9,307 $ 8,437 $ 6,450 The valuation allowance as of December 31, 2019 and 2020 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 carry forwards become deductible. As of December 31, 2020, the Company had net operating losses of $3.3 million, which may be carried forward indefinitely. As of December 31, 2020, the Company had net operating losses of $3.2 million, $9.3 million, $10.5 million, $12.8 million, and $17.2 million, which will expire in the years ending December 31, 2021, 2022, 2023, 2024 and 2025, respectively. The Company’s deferred tax liabilities as of December 31, 2019 and 2020 are attributable to the following: December 31, 2019 2020 (’000) (’000) Sales type lease income $ — $ 11,380 Operating lease income $ — $ 144 Taxable temporary differences arising from long-lived assets $ — $ 241 Operating losses $ — $ (2,838 ) Net deferred tax liabilities $ — $ 8,927 A reconciliation of the income tax expense to the amount computed by applying the current statutory tax rate to the income (loss) before income taxes in the consolidated statements of comprehensive income (loss) is as follows: Year ended December 31, 2018 2019 2020 (’000) (’000) (’000) (Loss) income before income taxes $ (13,254 ) $ (15,231 ) $ 22,272 PRC tax rate 25 % 25 % 25 % Tax benefit (tax expense) at PRC tax rate on income (loss) before income tax $ 3,314 $ 3,808 $ (5,568 ) Effect of difference between Hong Kong and PRC tax rates applied to Hong Kong income (530 ) (192 ) (195 ) Change in valuation allowance (2,249 ) 870 209 Tax benefit (tax expense) arising from items which are not assessable (deductible) for tax purposes: Non-deductible and non-taxable items 94 (2,311 ) (1,343 ) Others (629 ) (135 ) 318 Income tax benefit (expense) $ — $ 2,040 $ (6,579 ) 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, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 5 . (a) The contractual obligations of the Company, including purchase commitments under non-cancelable arrangements as of December 31, 2020, are summarized below. The Company does not participate in, or secure financing for, any unconsolidated limited purpose entities. Payments due by period Total Less than One Year One to Three Years Three to Five Years More than Five Years (in thousands of U.S. dollars) Contractual Obligations Capital commitments $143,414 $108,534 $33,917 $963 $- (b) The Company has no significant legal proceedings as of December 31, 2020, other than the cases disclosed herein and in Note 14. Litigation with IsZo In October 2020, IsZo commenced legal proceedings against the Company and other parties in the Court. The claims included, among other things, that the Private Placement previously announced by us on October 5, 2020 was invalid and should be set aside. IsZo also sought an order requiring the Company to hold a meeting of the members of the Company for the purpose of the removal and election of directors. To avoid unnecessary litigation costs on West Ridge, and to address an ancillary claim issued by West Ridge efficiently, we agreed with IsZo and West Ridge on December 14, 2020 that we would indemnify West Ridge if IsZo is successful in its claim to set aside the Private Placement. IsZo agreed to stay its claim against West Ridge, and West Ridge agreed to be bound by any judgment against us. Following a trial of the Proceedings in the BVI Court between January 25, 2021 and February 24, 2021, on March 3, 2021, the Court handed down a judgment finding that the Private Placement was void and should be set aside, and ordering us to convene a special meeting of shareholders regarding the removal and election of directors as soon as possible. By notice dated March 22, 2021, the Company convened the Special Meeting which will be held on April 26, 2021. On April 6, 2021, the Company filed a Notice of Appeal along with the Stay Application. The dates for hearing the Stay Application and the Appeal have not yet been fixed. Arbitration Notice On March 12, 2021, we received a notice of arbitration (the “Notice”) from Greater Sail pursuant to the Purchase Agreement according to which we issued and sold 16,051,219 common shares of the Company to Greater Sail for US$146.9 million. However, as a result of the Judgment handed down on March 3, 2021, an injunction order was granted restricting us from dealing with the consideration paid by Greater Sail. In the Notice, Greater Sail seeks an order requiring us to repay such consideration. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | 1 6 . Operating leases as lessor 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. From July 2018 to 2020, NTISZ entered into operating leases with many tenants, with expiry dates from 2021 to 2023. 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 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 In September 2019, Nam Tai • Tang Xi Technology Park signed a rental agreement to lease out the factory property to many tenants, and on December 31, 2020, the occupancy rate of Nam Tai • Tang Xi Technology Park was approximately 78%, with expiry dates from 2021 to 2024. In January 2020, SHCY signed a rental agreement to lease out the office property (U-Creative Space) which leased from a third-party, on December 31, 2020, the occupancy rate of Shanghai office property was approximately 70%. In January 2020, Nam Tai Inno Park signed a rental agreement to lease out the business property to a third party, and on December 31, 2020, more business property and office property has been leased out to many tenants. Operating lease income of $493 thousand, $2,526 thousand and $3,817 thousand were recognized in respect of the above operating lease during the years ended December 31, 2018, 2019 and 2020, respectively. Operating leases as lessee In accordance with FASB ASC 842, the Company measured and recognized a right of use asset of $9,695 thousand (2019: $4,078 thousand) and lease liability of $10,308 thousand (2019: $4,171 thousand) as of December 31, 2020. The adoption of ASC 842 had an immaterial effect on the audited consolidated balance sheet as of January 1, 2019. In August 2018, ICCL entered into a 3-year lease agreement with a third-party company for the Hong Kong office . In September 2019, NTTP entered into a leasing agreement with Shenzhen Baoguanwei Property Management Co., Ltd for a term of 9.6 years to rent a building of contract floor area of 7,586 square meters. In January 2020, In April 2020, NTDG entered into a 35-month lease agreement with a third-party for an office in Dongguan. In May 2020, SZKC entered into a 14-month lease agreement with a third-party for an office in Shenzhen. In August 2020, NTDG entered into a 24-month lease agreement with a third-party for a canteen in Dongguan. The following table shows the total lease cost and the cash flows arising from the six operating leases, and information about weighted-average remaining lease term and weighted-average discount rate. At December 31, 2019 2020 (’000) (’000) Lease cost Operating lease cost $ 476 $ 1,801 Sublease income (24 ) (615 ) Total lease cost $ 452 $ 1,186 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 406 $ 1,305 Right-of-use assets obtained in exchange for new operating lease liabilities $ 70 $ 486 Weighted-average remaining lease term - operating lease 101 months 96 months Weighted-average discount rate – operating lease 6.75% 6.75% Maturities of lease liabilities are as follows: Year ended December 31, 2020 (’000) 2021 $ 1,702 2022 1,527 2023 1,426 2024 1,630 2025 1,642 Thereafter $ 5,379 $ 13,306 Less: Imputed interest (2,998 ) Total lease cost $ 10,308 Lease liabilities consist of the following: Year ended December 31, 2019 2020 (’000) (’000) Current portion of lease liabilities $ 529 $ 1,064 Noncurrent portion of lease liabilities 3,642 9,244 Total lease liabilities $ 4,171 $ 10,308 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 1 7 . There was no segment information to be disclosed for the years ended December 31, 2018, 2019 and 2020, respectively. A summary of operation income (loss), net and long-lived assets by geographical areas is as follows: Year ended December 31, 2018 2019 2020 (’000) (’000) (’000) Rental income within: - PRC, excluding Hong Kong: $ 493 $ 2,965 $ 71,206 Net income (loss) within: - PRC, excluding Hong Kong $ (10,590 ) $ (8,364 ) $ 25,062 - Hong Kong (2,664 ) (4,827 ) (9,369 ) Total net income (loss) $ (13,254 ) $ (13,191 ) $ 15,693 As of December 31, 2019 2020 (’000) (’000) Long-lived assets by geographical area: - Real estate properties under development in PRC, excluding Hong Kong $ 251,685 $ 190,492 - Property, plant and equipment in PRC, excluding Hong Kong 25,624 26,389 - Hong Kong 326 179 - Real estate properties held for lease in PRC, excluding Hong Kong — 92,207 - Right of use assets in PRC, excluding Hong Kong 3,597 9,511 - Hong Kong 481 184 Total long-lived assets $ 281,713 $ 318,962 |
Employee Severance Benefits
Employee Severance Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Employee Severance Benefits | 1 8 . In 2018, 2019 and 2020, employee severance benefits that were recorded as employee compensation under general and administrative expenses in the statements of comprehensive income were $0.3 million, $1.5 million and $0.1 million, respectively. In 2019 and 2020, the employee severance benefits that were recorded under selling and marketing expenses in the statements of comprehensive income were $14 thousand and $16 thousand, respectively. The Company did not record employee severance benefits under selling and marketing expenses in 2018. |
Related Party Transactions and
Related Party Transactions and balances | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and balances | 1 9 . In 2020, property management fees of $1.3 million (2019: $0.5 million) were paid to Kaisa Property Management (Shenzhen) Co., Ltd. Kaisa Property Management (Shenzhen) Co., Ltd is a controlled subsidiary of our principal shareholder. In 2018, no related party transactions occurred. All the contract terms are at arm’s length and management service fees are paid monthly. As of December 31, 2020, the balance payable to Greater Sail, as a result of the voided Private Placement, is $146.9 million (2019: Nil), which is unsecured, interest-free and repayable on demand, and the balance payable to Kaisa Property Management (Shenzhen) Limited is $0.2 million (2019: Nil), which is unsecured, interest-free and repayable on demand. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20 . Subsequent Events (1) On February 4, 2021, we received a Final Award in respect of Shenzhen Ronald Lu & Partners Construction and Design Consulting Co., Ltd. (" RLP "), according to which we are required to pay the amount of $0.8 million. The new information about the event conditions occurred subsequently. The Company did not recognize the effect on the consolidated financial statements as of December 31, 2020 (2) On March 3, 2021, we received the judgement and order from the Court that the Private Placement previously announced by the Company on October 5, 2020 was void and should be set aside, and the Company should pay IsZo on account of cost within 14 days. The Company paid the sum of $1,520,000 on March 17, 2021. (3) On March 5, 2021, Zastron Shenzhen received a demand letter dated of the same day from Bank of China, regarding payment under a loan agreement entered into by and between the bank and Zastron Shenzhen on September 27, 2019. The bank indicated in the demand letter that due to the recent significant uncertainty relating to the share ownership and strategic decision-making situation of the Company, it has reconsidered whether to continue making the credit facility available to Zastron Shenzhen and is making a demand upon Zastron Shenzhen for payment in full of amounts due under the loan agreement within five days after receiving the demand letter, which is RMB621,808,910 ($96.1 million) in principal and interest accrued as of the date of the demand letter. The demand letter states that if the amount due are not paid in full by the due date, the bank will commence legal actions to collect the outstanding indebtedness. The Company will continue to negotiate with the bank on this matter, including contesting the demand letter, and there is no certainty that a resolution satisfactory to the bank can be worked out (4) On March 9, 2021, NTISZ and Zastron Shenzhen received two demand letters dated the same day from Bank of Beijing and Xiamen International Bank, respectively, regarding payment under two loan agreements entered into by and between the banks and NTISZ and Zastron Shenzhen on August 8, 2019 and January 6, 2020, respectively. The banks indicated in the demand letters that due to the uncertainty of ownership and the upcoming election of directors of the Company relating to the recent litigation of the Company, they are making demand upon NTISZ and Zastron Shenzhen for payment in full of the amounts due under the loan agreements before March 12, 2021 or within five days after receiving the demand letters, which are RMB44,900,000 ($6.9 million) and RMB103,400,000 ($15.9 million) in principal amounts, respectively, as of the date of the demand. The Company will continue to negotiate with the banks on this matter, including contesting the demand letters, and there is no certainty that a resolution satisfactory to the banks can be worked out. (5) On March 15, 2021, NTTP received a demand letter dated the same day from The Industrial Bank Co., Ltd., Shenzhen Branch, regarding payment under a working capital facility contract entered into by and between the bank and NTTP on September 27, 2019. The bank indicated in the demand letter that due to potential changes in the board of directors of the Company relating to its recent litigation in the British Virgin Islands, they are making demand upon NTTP for payment in full of amounts due under the loan agreement before March 18, 2021, which is RMB27.50 million ($4.23 million) in principal as at March 10, 2021. The Company will continue to negotiate with the bank on this matter, including contesting the Demand Letter, and there is no certainty that a resolution satisfactory to the bank can be worked out. (6) Following the issuance of demand letters, the Lending Banks have restricted the remittance from the bank accounts of the subsidiaries of the Company in their banks in China. The Company is negotiating with the Lending Banks. (7) On March 12, 2021, following the Judgement, Greater Sail initiated an arbitration against the Company at the Hong Kong International Arbitration Centre for a refund of a sum of US$146.9 million, being the payment for the 16,051,219 shares placed to Greater Sail, pursuant to the Securities Purchase Agreement dated October 5, 2020, on the ground that the placement has been declared void and set aside. The arbitration is still in progress . |
SCHEDULE 1
SCHEDULE 1 | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
SCHEDULE 1 | SCHEDULE 1 NAM TAI PROPERTY INC. STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands of U.S. dollars) Year ended December 31, 2018 2019 2020 General and administrative expenses* $ (4,817 ) $ (2,948 ) $ (7,416 ) Other income (expenses), net 5,470 (556 ) (4 ) Interest income 2,552 962 344 Income (loss) before income tax 3,205 (2,542 ) (7,076 ) Income tax expenses — — — Income (loss) before share of net profits of subsidiaries, net of income tax 3,205 (2,542 ) (7,076 ) Share of net (losses) profits of subsidiaries, net of income tax (16,459 ) (10,649 ) 22,769 Net (loss) income $ (13,254 ) $ (13,191 ) $ 15,693 Foreign currency translation adjustment (10,437 ) (3,136 ) 13,597 Other comprehensive (loss) income (10,437 ) (3,136 ) 13,597 Comprehensive (loss) income $ (23,691 ) $ (16,327 ) $ 29,290 * Amount of share-based compensation expense included in general and administrative expenses $ 3,320 $ 539 $ 1,002 SCHEDULE 1 NAM TAI PROPERTY INC. BALANCE SHEETS (In thousands of U.S. dollars) December 31, 2019 2020 ASSETS Current assets: Cash and cash equivalents $ 35,071 $ 12,517 Prepaid expenses and other receivables 2,328 2,380 Amounts due from subsidiaries — 177,140 Total current assets 37,399 192,037 Investments in subsidiaries 192,661 229,032 Total assets $ 230,060 $ 421,069 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued expenses and other payables $ 1,374 $ 25,372 Amounts due to a shareholder — 146,869 Amounts due to subsidiaries 13,948 — Total liabilities $ 15,322 $ 172,241 Shareholders’ equity: Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 38,631,991 and 39,197,991 and 2020, respectively) 386 392 Additional paid-in capital 260,295 265,084 Accumulated deficit (26,520 ) (10,822 ) Accumulated other comprehensive loss (19,423 ) (5,826 ) Total shareholders’ equity 214,738 248,828 Total liabilities and shareholders’ equity $ 230,060 $ 421,069 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 Accumulated Deficit Accumulated Other Comprehensive Loss Total Shareholders’ Equity Balance at January 1, 2018 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 declared ($0.28 per share) — — — — — — Cash dividends paid — — — (51 ) — (51 ) Foreign currency translation adjustments — — — — (10,437 ) (10,437 ) Balance at December 31, 2018 38,186,991 $ 382 $ 257,125 $ (13,329 ) $ (16,287 ) $ 227,891 Shares issued on exercise of options 445,000 4 2,631 — — 2,635 Stock-based compensation expenses — — 539 — — 539 Net loss — — — (13,191 ) — (13,191 ) Foreign currency translation adjustments — — — — (3,136 ) (3,136 ) Balance at December 31, 2019 38,631,991 $ 386 $ 260,295 $ (26,520 ) $ (19,423 ) $ 214,738 Shares issued on exercise of options 566,000 6 3,787 — — 3,793 Stock-based compensation expenses — — 1,002 — — 1,002 Net income — — — 15,693 — 15,693 Foreign currency translation adjustments — — — — 13,597 13,597 Others — — — 5 — 5 Balance at December 31, 2020 39,197,991 $ 392 $ 265,084 $ (10,822) $ (5,826) $ 248,828 SCHEDULE 1 NAM TAI PROPERTY INC. STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) Year ended December 31, 2018 2019 2020 Cash flows from operating activities: Net income (loss) $ (13,254 ) $ (13,191 ) $ 15,693 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Share of net loss (profits) of subsidiaries, net of taxes 16,459 10,649 (22,769 ) Depreciation 57 — Share-based compensation expenses 3,320 539 1,002 Gain on disposal of property, plant and equipment (6,763 ) — — Changes in current assets and liabilities: Decrease (increase) in prepaid expenses and other receivables 532 (15 ) (52 ) Increase in accrued expenses and other payables 71 1,144 177 Net cash provided by (used in) operating activities $ 422 $ (874 ) $ (5,949 ) Cash flows from investing activities: Proceeds of property, plant and equipment 9,706 — — Decrease (increase) in amounts due from subsidiaries (7,281 ) (2,202 ) (191,088 ) Net cash provided by (used in) $ 2,425 $ (2,202 ) $ (191,088 ) Cash flows from financing activities: Repayment a long term loan to a subsidiary ( 74,974 ) — — Dividend paid ( 10,565 ) — — Proceeds from options exercise 3,955 2,635 3,793 Amounts due to a shareholder and an investor — — 170,690 Net cash (used in) $ (81,584 ) $ 2,635 $ 174,483 Net decrease in cash and cash equivalents (78,737 ) (441 ) (22,554 ) Cash and cash equivalents at beginning of year 114,249 35,512 35,071 Cash and cash equivalents at end of year $ 35,512 $ 35,071 $ 12,517 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, 2020, $399,340 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, 2018, 2019 and 2020. During the years ended December 31, 2018, 2019 and 2020, 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, 2020 | |
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. |
Going Concern | (b) The consolidated financial statements of the Company have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2020, net current liabilities of the Company amounted to $56 million. As of April 13, 2021, bank borrowings of approximately $123 million were at default and not repaid. On October 5, 2020, the Company entered into a Securities Purchase Agreement (each, a “Purchase Agreement”) with each of Greater Sail Ltd., a wholly owned subsidiary of Kaisa Group Holdings Ltd. (“Greater Sail”) and West Ridge Investment Company Limited, an affiliate of a large-scale integrated financial group based in Hong Kong (“West Ridge”), pursuant to which the Company, in a private placement, issued and sold to Greater Sail and West Ridge 16,051,219 and 2,603,366 common shares of the Company, respectively, par value $0.01 per share, at a price of $ 9.15 per Share (the “Private Placement”). The Private Placement yielded net proceeds of approximately $171 million. On October 13, 2020, IsZo Capital LLP (“IsZo”) commenced legal proceedings against the Company and other parties in the High Court of Justice of the British Virgin Islands of the Eastern Caribbean Supreme Court (the “Court”) claiming that the Private Placement was invalid and should be set aside. On March 3, 2021, the Court handed down a judgment holding that the Private Placement was void and should be set aside, and that the Company shall convene a Special Meeting (the “Special Meeting”) regarding the removal and election of directors on April 26, 2021. Following the judgement, $146.9 million (16,051,219 common share at price $9.15) becomes repayable on demand to Greater Sail, and $23.8 million (2,603,366 common shares at price $9.15) becomes repayable on demand to West Ridge. Between March 4 and 15, 2021, the Company received demand letters from the Bank of China, Xiamen International Bank, Bank of Beijing and Industrial Bank demanding immediate repayment of outstanding loan principal, totaling to approximately $123 million, and interests, due to significant uncertainties on the Company’s ownership and governance. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Besides continuing to negotiate with the banks, the Company is evaluating several measures of financing, such as external financings, acceleration of the leasing of Nam Tai Inno Park, and presale of Nam Tai Technology Center and Nam Tai • Any such measures are subject to compliance with the judgment and orders imposed by the Court. Based on the valuation reports conducted by Savills and Jones Lang LaSalle, the major projects of the Company (exclude Nam Tai • Currently, the upcoming Special Meeting and the significant uncertainties it may cause to the board of directors and management of the Company have restricted the ability of the management to secure financing. If cash resources are insufficient to satisfy the Company's on-going cash requirements, the Company will need to scale back or discontinue some or all of its operations. The financial statements included herein do not include any adjustments that might be necessary should the Group be unable to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that may result from this uncertainty. |
Cash and cash equivalents and restricted cash | ( c ) 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, 2020 and 2019, the Company had cash and cash equivalents of $61.0 million and $130.2 million, respectively. Restricted cash consisted of a security cash deposit of $1.2 million due to a guarantee to the bank for the repayment of the loans of our long-term rental customers, which will be gradually released as the loans are repaid, and a security cash deposit of $0.9 million for our bank loan from Bank of China. |
Short-term investments | ( d ) 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 2020, the Company had short-term investments of $150.2 million, which were from the proceeds of the Private Placement, investing into a Supply Chain Fund managed by Credit Suisse was terminated subsequently effective as of March 4, 2021 due to some of the fund’s assets being subject to considerable valuation uncertainty and reduced availability of insurance coverage for new investments. In January 2021, the Company has already redeemed and received from the Supply Chain Fund $15 million. The proceeds of compulsory redemption in March 2021 will be paid out by the Supply Chain Fund in several instalments as soon as practicable until the Company has received the total proceeds from the compulsory redemption in respect of the Supply Chain Fund. The Company received the first instalment of $42.6 million on March 8, 2021. As of December 31, 2019, the balance of |
Accounts receivable | (e) Accounts receivable include amounts from tenants for operating lease receivables, sales-type lease receivables, and accrued straight-line rental revenue. The allowance for doubtful accounts is estimated based upon the Company’s assessment of various factors including historical experience, the age of the accounts receivable balance, and other factors that may affect the customers’ ability to pay. As of December 31, 2020 and 2019, the Company had accounts receivable of $4.0 million and $1.0 million and no allowance was established. |
Real estate properties under development, net | (f) Real estate properties under development, net are stated at the lower of carrying amounts or fair value less selling costs. Expend itures for land development, including cost of land use rights, deed tax, pre-development costs and engineering costs, are capitalized and allocated to developments projects. Costs are allocated to specific units within a project based on the ratio of sales area of units to the estimated total sales area. In accordance with Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment” The Company determines estimated fair value primarily by discounting the estimated future cash flow relating to the asset. The factor that the Company uses includes the expected pace at which the planned number of units will be sold or leased out based on market conditions and the expected costs to be incurred in the future. 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, the Company’s land purchased in Shenzhen PRC is considered to be leasehold land and is classified as real estate properties under development, net in the consolidated balance sheet. Our classification of real estate properties under development in current assets represents Longxi project expected to be developed into a residential community for sales purpose, and those in non-current assets represent the projects to be developed into technology parks held for lease purpose. |
Real estate properties held for sales type lease | (g) Real estate properties held for sales type lease are stated at the lower of carrying amounts or fair value less selling costs. During the year, the Company transferred Towers 8 to 10 of Nam Tai Inno Park, which amounted to $53.7 million, from real estate properties under development into real estate properties held for sales type lease and recognized the cost of Towers 8 to 10 of $21.8 million. In addition, the Company recognized the cost of Tower 2 of $1.9 million. The Company determines estimated fair value primarily by discounting the estimated future cash flow relating to the asset. The factor that the Company uses includes the expected pace at which the planned number of units will be leased out based on market conditions and the expected costs to be incurred in the future. |
Property, plant and equipment, net | ( h ) 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 (loss). 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, the Company’s land purchases in Wuxi 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 |
Real estate properties held for lease | ( i ) Real estate properties held for lease are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the real estate properties are approximately 37 years. Maintenance, repairs and minor renewals are charged directly to expenses as incurred. Major additions and improvements to the real estate properties held for lease type lease are capitalized. In accordance with ASC 360, real estate properties held for lease are subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets. For the years ended December 31, 2019 and 2020, we did not recognize any impairment for real estate properties held for lease. The Company determines estimated fair value primarily by discounting the estimated future cash flow relating to the asset. The factor that the Company uses includes the expected pace at which the planned number of units will be leased out based on market conditions and the expected costs to be incurred in the future. |
Impairment or disposal of long-lived assets | ( j ) 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, the Company assesses the recoverability of the carrying value of long-lived assets by first grouping its long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly, estimating the undiscounted future cash flows that are directly associated with and expected to arise from the use of and eventual disposition of such asset group. The Company estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the carrying value of the asset group exceeds the estimated undiscounted cash flows, the Company recognizes an impairment loss to the extent the carrying value of the long-lived asset exceeds its fair value. The Company determines fair value through quoted market prices in active markets or, if quotations of market prices are unavailable, through the performance of internal analysis using a discounted cash flow methodology or obtains external appraisals from independent valuation firms. The undiscounted and discounted cash flow analyses are based on a number of estimates and assumptions, including the expected period over which the asset will be utilized, projected future operating results of the asset group, discount rate and long-term growth rate. 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 on December 31, 2018 and no impairment loss was recognized in 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 on December 31, 2018 were less than external appraisals obtained from independent valuation firms and no impairment loss was recognized in 2018. In 2019, the Company assessed the impairment of its long-lived assets used in Shenzhen, Dongguan, and Wuxi by comparing undiscounted cash flows with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets on December 31, 2019 were less than undiscounted cash flows and no impairment loss was recognized in 2019. In 2020, the Company assessed the impairment of its long-lived assets used in Shenzhen, Dongguan, Shanghai and Wuxi by comparing undiscounted cash flows with the carrying amounts of the assets. The results indicated the carrying amounts of the Company’s long-lived assets on December 31, 2020 were less than undiscounted cash flows and no impairment loss was recognized in 2020. |
Accruals and provisions for loss contingencies | ( k ) Accruals and provisions for loss contingencies 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 | ( l ) The Company mainly generates revenue by operating the technology parks and providing property management services. For sales-type lease income The lease is classified as sales-type lease income when it meets one of the criteria under FASB ASC 842 “Leases” below: - the lease transfers ownership of the underlying asset to the lessee by the end of the lease term; - the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; - the lease term is for the major part of the remaining economic life of the underlying asset; or - the present value at the beginning of the lease term of the minimum lease payments equals or exceeds substantially all of the fair value of the underlying asset. The Company considers 75% to be the major part and over 90% to constitute substantially all of the value. If the lease component is determined to be sales-type lease, the net investment in the lease will be recorded, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is recognized upon commencement of the lease. Lease revenue recognition commences when the collectability is probable. For operating lease income Lease 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. For property service income According to ASC 606 “ Revenue form Contracts with Customers |
Staff retirement plan costs | ( m ) The Company’s costs related to the staff retirement plans (see Note 12) are charged to the consolidated statement of comprehensive income as incurred. |
Advertising and promotion costs | ( n ) Advertising and promotion costs are expensed as incurred. For the year ended December 31, 2020, the Company recorded advertising and promotion expenses of $3.7 million (2019: $3.9 million; 2018: $0.3 million). |
Income taxes | ( o ) Deferred income taxes are recorded for temporary differences between the tax bases of assets and liabilities and their reported amounts on the consolidated financial statements. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740 “Income Taxes” 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 | ( p ) 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 re-measured at the exchange rates 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 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 (loss) per share | ( q ) Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) 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 | ( r ) The Company has two stock-based employee compensation plans, as more fully described in Note 10(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 | ( s ) 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 valuation allowance for deferred income tax assets, stock-based compensation, useful lives of property, plant and equipment and impairment of long-lived 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 useful lives of certain buildings at Wuxi factory were longer than the previous estimated useful lives due to the change of function of these buildings. As a result, effective from February 1, 2019, the Company changed its estimates of the useful lives of these buildings in Wuxi to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the buildings that previously averaged 20 years were increased to an average of 47 years. |
Comprehensive income (loss) | ( t ) Accumulated other comprehensive income (loss) represents principally foreign currency translation adjustments and is included in the consolidated statement of changes in shareholders’ equity. |
Fair value measurements | ( u ) 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 investments, accounts and other receivables, accrued expenses and other payables, accounts payable, and short term bank loans approximate their fair values due to the short term nature of these instruments. During the year ended December 31, 2020, the Company invested $150.2 million into a Supply Chain Fund managed by Credit Suisse (Note 2(d)). At the end of the accounting period, the fair value of the following assets was as follow: At December 31, 2019 2020 (’000) (’000) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short term investments — — — — 150,150 — — 150,150 The fair value of the investments is determined based on quoted price in active markets. |
Leases | ( v ) According to ASC 842 “Lease”, lessees are required to record a right of use asset and lease liabilities for all leases other than those have a lease term of 12 months or less, or the amount is under the reasonable capitalization threshold established by the Company. At the lease commencement date, a lessee should measure and record the lease liability equal to the present value of scheduled lease payments discounted using the rate implicit in the lease or the leasee’s incremental borrowing rate, and the right of use asset is calculated on the basis of the initial measurement of the lease liability, plus any lease payments at or before the commencement date and direct costs, minus any incentives received. Over the lease term, a lessee must amortize the right of use asset and record the interest expense on the lease liability. The recognition and classification of lease expenses depend on the classification of the lease as either operating or finance. When the Company is the lessor, minimum contractual rental from leases is recognized on a straight-line basis over the non-cancelable 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 represent 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. When the Company is the lessor under sales-type lease, the leased asset should be derecognized and recorded at the net investment in the lease at lease commencement which consists of the lease receivable and the unguaranteed residual asset. |
Concentration of risk | ( w ) The Company’s potential significant concentration of credit risk primarily consists of cash and cash equivalents, short term investments and accounts receivable. As of December 31, 2020, the Company has $29.7 million in cash and cash equivalents which are held by financial institutions in 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 $76,787 (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 $76,787 (RMB 0.5 million) shall be compensated from liquidation of the financial institution. As of December 31, 2020, total of $2.0 million was covered by the Deposit Insurance Regulation. As of December 31, 2020, one customer accounted for 53% of total accounts receivable. As of December 31, 2019, we did not have a significant exposure to any individual debtor whose accounts receivable balances amounted to more than 10% of total accounts receivable. 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 and projects in 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 | ( x ) In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”, which is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. The adoption did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes with measures, among others, including: (1) removing the exception to incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items; and (2) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. This Update will be effective for public business entities that are US SEC filers for fiscal years beginning after December 15, 2020 with early adoption permitted. Adoption of the standard requires changes to be made prospectively. The adoption of this standard is not expected to have an impact on our financial condition and results of operations in 2021. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities, Investments - Equity Method and Joint Ventures, and Derivatives and Hedging - Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815. This new standard is intended to clarify the interactions between ASC 321, ASC 323 and ASC 815. The new standard addresses accounting for the transition into and out of the equity method and measurement of certain purchased options and forward contracts to acquire investments. The standard is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires changes to be made prospectively. The adoption of this standard is not expected to have an impact on our financial condition and results of operations. In March 2020, the FASB issued No. ASU 2020-04, Reference Rate Reform, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. It provides optional guidance for a limited time to ease the potential burden in accounting for the effects of reference rate reform, including optional expedients and exceptions for the accounting implications of contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This new standard only applies to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the standard do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. This new standard is not expected to have an impact on our financial condition and results of operations. In April 2020, the FASB issued a Staff Q&A related to the application of the lease guidance in ASC 842 for the accounting impact of lease concessions related to the COVID-19 pandemic. The FASB staff believes that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under ASC 842 as though enforceable rights and obligations for those concessions existed. As a result of this election, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in ASC 842, as long as the concessions do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. To date, the impact of lease concessions granted has not had a material effect on the Company’s consolidated financial statements. The Company has adopted a policy to not account for concessions as lease modifications to the extent that the concessions are granted as payment deferrals and total payments remain substantially the same during the lease term. Other new pronouncements issued but not effective until after December 31, 2020 are not expected to have a material impact on our financial position, results of operations or liquidity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 |
Fair Value of Assets | At the end of the accounting period, the fair value of the following assets was as follow: At December 31, 2019 2020 (’000) (’000) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short term investments — — — — 150,150 — — 150,150 |
Real Estate Properties under _2
Real Estate Properties under Development, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The following summarizes the components of current portion of real estate properties under development as at December 31, 2019 and 2020: At December 31, 2019 2020 (’000) (’000) Construction in progress — 9,636 Land use right — 112,057 Net book value $ — $ 121,693 The following summarizes the components of non-current portion of real estate properties under development at December 31, 2019 and 2020: At December 31, 2019 2020 (’000) (’000) Building at cost $ 27,732 $ 31,678 Less: accumulated depreciation (15,007 ) (16,065 ) 12,725 15,613 Construction in progress 156,221 92,533 Land use right 82,739 82,346 Net book value $ 251,685 $ 190,492 |
Schedule of Lease Building to Third Parties with the Carrying Amount | The Company leased its buildings to third parties with the carrying amount as shown below: At December 31, 2019 2020 (’000) (’000) Buildings at cost $ 27,732 $ 31,678 Less: accumulated depreciation (15,007 ) (16,065 ) Buildings, net $ 12,725 $ 15,613 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consist of the following: At December 31, 2019 2020 (’000) (’000) At cost: Land $ 339 $ 363 Buildings 24,978 26,740 Machinery and equipment 395 643 Leasehold improvements 5,944 6,456 Furniture and fixtures 245 272 Motor vehicles 274 278 Total 32,175 34,752 Less: accumulated depreciation (6,247 ) (8,335 ) Construction in process 22 151 Net book value $ 25,950 $ 26,568 |
Real Estate Properties Held f_2
Real Estate Properties Held for Lease, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Summary of Components of Real Estate Properties Held for Lease | The following summarizes the components of real estate properties held for lease as at December 31, 2019 and 2020: At December 31, 2019 2020 (’000) (’000) Building at cost $ — $ 92,838 Less: accumulated depreciation — (631 ) Net book value $ — $ 92,207 |
Investments in Subsidiaries (Ta
Investments in Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 activities 2019 2020 Consolidated subsidiaries: Nam Tai Group Limited (“NTG”) (1) 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”) (2) Hong Kong In liquidation — — Inno Consultant Company Limited (“ICCL”) (3) Hong Kong Management consultant 100 % 100 % Nam Tai 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”) (4) PRC Operations management 100 % 100 % Triumph Commitment Group Limited (“TCOG”) (5) BVI Investment holding 100 % 100 % Treasure Champion Group Limited (“TCHG”) (6) BVI Investment holding 100 % 100 % Shanghai Nam Tai Business Incubator Co., Ltd. (“SHCY”) (7) PRC Business and consultant services 100 % 100 % Triumph Commitment (Hong Kong) Limited (“TCHK”) (8) Hong Kong Investment holding 100 % 100 % Wider Trade (Hong Kong) Limited (“WTHK”) (9) Hong Kong Investment holding 100 % 100 % Shenzhen Kaicheng Architecture and Decoration Co., Ltd. (“SZKC”) (10) PRC Property decoration services 100 % 100 % Shenzhen Yuanmao Materials Co., Ltd. (“SZYM”) (11) PRC Sales of construction materials 100 % 100 % Nam Tai (Shenzhen) Consulting Co., Ltd. (“NTZX”) (12) PRC Business and management services 100 % 100 % Dongguan Nam Tai Real Estate Development Co., Ltd. (“NTDG”) (13) PRC Real estate development — 100 % Sun Team Global Limited (14) BVI Investment holding — 100 % Sun Team Global (Hong Kong) Limited (“STHK”) (15) Hong Kong Investment holding — 100 % Fine Shine Limited (“FSL”) (16) BVI Investment holding — 100 % Fine Shine (Hong Kong) Limited (“FSHK”) (17) Hong Kong Investment holding — 100 % Shenzhen Nam Tai Big Data Innovation Technology Co., Ltd(“SNTBDIT”) (18) PRC Investment holding — 100 % Shenzhen Nam Tai Technology Innovation Co., Ltd(“SNTT”) (19) PRC Investment holding — 100 % Shenzhen Nam Tai Artificial Intelligence Innovation Technology Co., Ltd(“SNTAIIT”) (20) PRC Investment holding — 100 % Shenzhen Nam Tai Health Technology Co., Ltd(“SNTHT”) (21) PRC Investment holding — 100 % Notes: (1) The company was formerly named Nam Tai Electronic & Electrical Products Limited and changed its name to Nam Tai Group Limited in January 2020. (2) 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. (3) ICCL was incorporated by NTISZ in 2017. (4) NTTP was incorporated by NTISZ in 2018. (5) TCOG was incorporated by NTG in 2019. (6) TCHG was incorporated by NTG in 2019. (7) SHCY was incorporated by NTISZ in 2019. (8) TCHK was incorporated by TCOG in 2019 (9) WTHK was incorporated by TCOG in 2019 (10) SZKC was incorporated by TCHK in 2019. (11) SZYM was incorporated by WTHK in 2019. (12) NTZX was incorporated by TCHG in 2019. (13) NTDG was incorporated by NTZX in 2020. (14) STGL was incorporated by NTG in 2020. (15) FSL was incorporated by NTG in 2020. (16) STHK was incorporated by STGL in 2020. (17) FSHK was incorporated by FSL in 2020. (18) SNTBDIT (19) SNTT (20) SNTAIIT (21) SNTHT |
Bank Loans and Banking Facili_2
Bank Loans and Banking Facilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Bank Loans and Banking Facilities | Bank loans consisted of the following: At December 31, 2019 2020 (’000) (’000) Short-term bank loans $ 1,433 $ — Debt issuance cost (23 ) — Total short-term debt 1,410 — Long-term bank loans $ 96,354 $ 123,159 Debt issuance cost (412 ) (276 ) Total debt 95,942 122,883 Less: current maturities (2,081 ) (122,883 ) Total long-term debt $ 93,861 $ — |
Schedule of Maturities of Long-term Bank Loan | Future maturities of long-term bank loan are as follows: At December 31, 2020 (’000) 2021 $ 123,159 Total $ 123,159 |
Schedule of Bank Loans | The details of bank loans during the year ended December 31, 2020 are as follows: (’000) Repayment Frequency Loan from Bank of Beijing (1) Due August 14, 2022, at 6.46% per annum $ 7,017 Quarterly Loan from Bank of China (2) Due November 7, 2028, at 6.072% per annum 95,559 Semi-annually Loan from Xiamen International Bank (6) Due January 6, 2022, at 7.40% per annum 16,365 Semi-annually Loan from Industrial Bank (5) Due October 20, 2022, at 6.175% per annum 4,218 Quarterly Total $ 123,159 |
Equitys (Tables)
Equitys (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity during the three years in the period ended December 31, 2020 is as follows: Number of options Weighted average exercise price Weighted average fair value per option Outstanding and exercisable at January 1, 2018 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 Granted 120,000 $ 9.57 $ 0.82 Exercised (578,000 ) $ 6.29 $ 1.58 Expired (723,000 ) $ 12.94 $ 1.95 Outstanding and exercisable at December 31, 2019 926,000 $ 7.98 $ 1.72 Granted 1,825,000 $ 9.41 $ 1.98 Exercised (433,000 ) $ 6.46 $ 1.88 Expired (1,689,000 ) $ 9.41 $ 1.77 Outstanding and exercisable at December 31, 2020 629,000 $ 9.35 $ 2.22 |
Option Outstanding and Exercisable by Company | Details of the options outstanding and exercisable as of December 31, 2020 are as follows: Number of options granted Vesting period Exercise price Exercisable period Weighted remaining contractual life in months In 2017 15,000 vest in January 2021 $ 7.10 January 1, 2021 to December 31, 2021 12.0 In 2020 153,500 vest in January 2021 $ 9.41 January 1, 2021 to December 31, 2021 12.0 153,500 vest in January 2022 $ 9.41 January 1, 2022 to December 31, 2022 24.0 153,000 vest in January 2023 $ 9.41 January 1, 2023 to December 31, 2023 36.0 153,000 vest in January 2024 $ 9.41 January 1, 2024 to December 31, 2024 48.0 |
Weighted Average Fair Value Options Granted, Assumptions | The weighted average fair values of options granted during 2018, 2019 and 2020 were $2.01, $0.82 and $1.98, respectively, using the Black-Scholes option-pricing model based on the following assumptions: Year ended December 31, 2018 2019 2020 Risk-free interest rate 1.80% to 2.78% 1.71% to 2.10% 1.52% to 1.57% Expected life 0.42 years to 2.58 years 0.52 years to 1.52 years 0.94 years to 4.95 years Expected volatility 20.53% to 35.40% 23.14% to 25.46% 25.11% to 33.28% Expected dividend yield 2.11% to 2.65% 2.93% 0.00% |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) Per Share | The calculations of basic earnings (loss) per share and diluted earnings (loss) per share are as follows: Consolidated net income (loss) Weighted average number of shares Per share amount (’000) 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 ) Consolidated net income (loss) Weighted average number of shares Per share amount (’000) Year ended December 31, 2019 Basic loss per share $ (13,191 ) 38,330,742 $ (0.34 ) Effect of dilutive securities — Stock options — Diluted loss per share $ (13,191 ) 38,330,742 $ (0.34 ) Consolidated net income (loss) Weighted average number of shares Per share amount (’000) Year ended December 31, 2020 Basic earnings per share $ 15,693 39,012,137 $ 0.40 Effect of dilutive securities — Stock options 33,027 Diluted earnings per share $ 15,693 39,045,164 $ 0.40 |
Other Income (Expenses), Net (T
Other Income (Expenses), Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Components of Other Income (Expenses), Net | Year ended December 31, 2018 2019 2020 (’000) (’000) (’000) Foreign exchange gain (loss), net $ (1,297 ) $ (516 ) $ (85 ) Gain on disposal of idle property, plant and equipment — 130 — Fair value gain on short term investments — — 158 Interest expense — (67 ) (321 ) Others 583 200 290 $ (714 ) $ (253 ) $ 42 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of (Loss) Income Before Income Tax | The components of (loss) income before income tax are as follows: Year ended December 31, 2018 2019 2020 (’000) (’000) (’000) PRC, excluding Hong Kong $ (10,590 ) $ (10,404 ) $ 31,640 Hong Kong and other jurisdictions (2,664 ) (4,827 ) (9,368 ) $ (13,254 ) $ (15,231 ) $ 22,272 |
Summary Of Income Tax Credit (Expense) | The income tax benefit/(expense) for the years ended December 31, 2018, 2019 and 2020 comprise the following: December 31, 2018 2019 2020 (’000) (’000) (’000) Deferred income tax benefit (expense) $ — $ 2,040 $ (6,522 ) Current tax expense — — (57 ) Total $ — $ 2,040 $ (6,579 ) |
Deferred Tax Assets and Liabilities | The Company’s deferred tax assets as of December 31, 2019 and 2020 are attributable to the following: December 31, 2019 2020 (’000) (’000) Operating losses $ 10,490 $ 10,583 Property, plant and equipment (42 ) 21 Total deferred tax assets 10,448 10,604 Less: valuation allowance (8,437 ) (6,450 ) Net deferred tax assets $ 2,011 $ 4,154 The Company’s deferred tax liabilities as of December 31, 2019 and 2020 are attributable to the following: December 31, 2019 2020 (’000) (’000) Sales type lease income $ — $ 11,380 Operating lease income $ — $ 144 Taxable temporary differences arising from long-lived assets $ — $ 241 Operating losses $ — $ (2,838 ) Net deferred tax liabilities $ — $ 8,927 |
Movement of Deferred Tax Assets Valuation Allowance | Movement of valuation allowance: December 31, 2018 2019 2020 (’000) (’000) (’000) At beginning of the year $ 7,058 $ 9,307 $ 8,437 Current year addition (deduction) 2,249 (870 ) (209 ) Expired tax loss — — (1,778 ) At end of the year $ 9,307 $ 8,437 $ 6,450 |
Reconciliation of Income Tax Expense to Amount Computed by Applying Current Statutory Tax Rate to Income (Loss) Before Income Taxes | A reconciliation of the income tax expense to the amount computed by applying the current statutory tax rate to the income (loss) before income taxes in the consolidated statements of comprehensive income (loss) is as follows: Year ended December 31, 2018 2019 2020 (’000) (’000) (’000) (Loss) income before income taxes $ (13,254 ) $ (15,231 ) $ 22,272 PRC tax rate 25 % 25 % 25 % Tax benefit (tax expense) at PRC tax rate on income (loss) before income tax $ 3,314 $ 3,808 $ (5,568 ) Effect of difference between Hong Kong and PRC tax rates applied to Hong Kong income (530 ) (192 ) (195 ) Change in valuation allowance (2,249 ) 870 209 Tax benefit (tax expense) arising from items which are not assessable (deductible) for tax purposes: Non-deductible and non-taxable items 94 (2,311 ) (1,343 ) Others (629 ) (135 ) 318 Income tax benefit (expense) $ — $ 2,040 $ (6,579 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, are summarized below. The Company does not participate in, or secure financing for, any unconsolidated limited purpose entities. Payments due by period Total Less than One Year One to Three Years Three to Five Years More than Five Years (in thousands of U.S. dollars) Contractual Obligations Capital commitments $143,414 $108,534 $33,917 $963 $- |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Lease Cost and Cash Flows Arising From Operating Leases, Weighted Average Remaining Lease Term and Weighted Average Discount Rate | The following table shows the total lease cost and the cash flows arising from the six operating leases, and information about weighted-average remaining lease term and weighted-average discount rate. At December 31, 2019 2020 (’000) (’000) Lease cost Operating lease cost $ 476 $ 1,801 Sublease income (24 ) (615 ) Total lease cost $ 452 $ 1,186 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 406 $ 1,305 Right-of-use assets obtained in exchange for new operating lease liabilities $ 70 $ 486 Weighted-average remaining lease term - operating lease 101 months 96 months Weighted-average discount rate – operating lease 6.75% 6.75% |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows: Year ended December 31, 2020 (’000) 2021 $ 1,702 2022 1,527 2023 1,426 2024 1,630 2025 1,642 Thereafter $ 5,379 $ 13,306 Less: Imputed interest (2,998 ) Total lease cost $ 10,308 |
Summary of Lease Liabilities | Lease liabilities consist of the following: Year ended December 31, 2019 2020 (’000) (’000) Current portion of lease liabilities $ 529 $ 1,064 Noncurrent portion of lease liabilities 3,642 9,244 Total lease liabilities $ 4,171 $ 10,308 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018 2019 2020 (’000) (’000) (’000) Rental income within: - PRC, excluding Hong Kong: $ 493 $ 2,965 $ 71,206 Net income (loss) within: - PRC, excluding Hong Kong $ (10,590 ) $ (8,364 ) $ 25,062 - Hong Kong (2,664 ) (4,827 ) (9,369 ) Total net income (loss) $ (13,254 ) $ (13,191 ) $ 15,693 |
Summary of Long-Lived Assets by Geographical Areas | As of December 31, 2019 2020 (’000) (’000) Long-lived assets by geographical area: - Real estate properties under development in PRC, excluding Hong Kong $ 251,685 $ 190,492 - Property, plant and equipment in PRC, excluding Hong Kong 25,624 26,389 - Hong Kong 326 179 - Real estate properties held for lease in PRC, excluding Hong Kong — 92,207 - Right of use assets in PRC, excluding Hong Kong 3,597 9,511 - Hong Kong 481 184 Total long-lived assets $ 281,713 $ 318,962 |
Company Information - Additiona
Company Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020mi | |
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) | Mar. 15, 2021USD ($) | Mar. 12, 2021shares | Mar. 08, 2021USD ($) | Mar. 03, 2021USD ($)$ / sharesshares | Oct. 05, 2020USD ($)$ / sharesshares | Feb. 01, 2019 | Jan. 31, 2021USD ($) | Dec. 31, 2020USD ($)NumberCompensationPlan$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Apr. 13, 2021USD ($) | Dec. 31, 2018CNY (¥) |
Significant Accounting Policies [Line Items] | ||||||||||||
Current liabilities | $ 56,000,000 | |||||||||||
Bank borrowings | $ 72,330,000 | |||||||||||
Common shares, par value | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Repayment of outstanding loan principal | $ 54,870,000 | |||||||||||
Aggregate fair value of projects | $ 745,000,000 | |||||||||||
Fair market value of projects more than number of times of outstanding loans | Number | 6 | |||||||||||
Cash and cash equivalents | $ 60,980,000 | $ 130,218,000 | ||||||||||
Restricted cash, including security cash deposit | 1,200,000 | |||||||||||
Security cash deposit | 900,000 | |||||||||||
Short term investment | 150,150,000 | 2,166,000 | ||||||||||
Investments in time deposits held in commercial banks | 2,200,000 | |||||||||||
Accounts Receivable, Related Parties | 4,000,000 | 1,000,000 | ||||||||||
Amounts receivable allowance incurred | $ 0 | 0 | ||||||||||
Lease of lands, maximum term | 50 years | |||||||||||
Estimated useful life of the real estate property held for sales type lease | 37 years | |||||||||||
Impairment of real estate recognized | $ 0 | 0 | ||||||||||
Impairment loss on long-lived asses | 0 | 0 | $ 0 | |||||||||
Advertising and promotion expenses | $ 3,700,000 | $ 3,900,000 | 300,000 | |||||||||
Number of stock-based employee compensation plans | CompensationPlan | 2 | |||||||||||
Maximum insurance coverage for deposits and foreign currency deposits | $ 76,787,000 | ¥ 500,000 | ||||||||||
Amount covered by deposit insurance regulation | $ 2,000,000 | |||||||||||
ASU No. 2019-12 | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Dec. 15, 2020 | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||||||||||
ASU No. 2020-01 | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Dec. 15, 2020 | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||||||||||
Accounts Receivable | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Concentration risk percentage | 10.00% | |||||||||||
More Than 10% Accounts Receivable | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Concentration credit risk receivables | $ 0 | |||||||||||
Concentration of Credit Risk | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Cash and cash equivalents | $ 29,700,000 | |||||||||||
One Customer | Accounts Receivable | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Concentration risk percentage | 53.00% | |||||||||||
Buildings | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful lives | 47 years | 20 years | ||||||||||
Maximum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Lease term percentage of remaining economic life of underlying asset | 75.00% | |||||||||||
Lease term of minimum lease payments percentage of fair value of underlying asset | 90.00% | |||||||||||
Maximum | Buildings | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful lives | 50 years | |||||||||||
Minimum | Buildings | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful lives | 20 years | |||||||||||
Towers 8 to 10 of Nam Tai Inno Park | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Cost of towers transferred | $ 53,700,000 | |||||||||||
Cost of towers recognized | 21,800,000 | |||||||||||
Tower 2 | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Cost of towers recognized | $ 1,900,000 | |||||||||||
Purchase Agreement | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Net proceeds from Private Placement | $ 171,000,000 | |||||||||||
Purchase Agreement | Greater Sail Limited | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Common stock shares issued and sold | shares | 16,051,219 | |||||||||||
Purchase Agreement | West Ridge Investment Company Limited | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Common stock shares issued and sold | shares | 2,603,366 | |||||||||||
Shares | Purchase Agreement | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Common shares, par value | $ / shares | $ 0.01 | |||||||||||
Private Placement | Purchase Agreement | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Common shares, par value | $ / shares | $ 9.15 | |||||||||||
Subsequent Event | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Bank borrowings | $ 123,000,000 | |||||||||||
Special meeting on significant uncertainties on ownership and governing | Apr. 26, 2021 | |||||||||||
Short-term investments redeemed and received from supply chain fund | $ 15,000,000 | |||||||||||
Received first installment of short term investment | $ 42,600,000 | |||||||||||
Subsequent Event | Demand Letter | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Repayment of outstanding loan principal | $ 123,000,000 | |||||||||||
Subsequent Event | Greater Sail Limited | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Arbitration payment in shares | shares | 16,051,219 | 16,051,219 | ||||||||||
Arbitration payment price per share | $ / shares | $ 9.15 | |||||||||||
Arbitration repayable amount | $ 146,900,000 | |||||||||||
Subsequent Event | West Ridge Investment Company Limited | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Arbitration payment in shares | shares | 2,603,366 | |||||||||||
Arbitration payment price per share | $ / shares | $ 9.15 | |||||||||||
Arbitration repayable amount | $ 23,800,000 |
Depreciation Expenses Using Str
Depreciation Expenses Using Straight-Line Method (Detail) | Feb. 01, 2019 | Dec. 31, 2020 | 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 | 47 years | 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 |
Fair Value of Assets (Detail)
Fair Value of Assets (Detail) - Short Term Investments $ in Thousands | Dec. 31, 2020USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Short term investments | $ 150,150 |
Level 1 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Short term investments | $ 150,150 |
Current Portion of Real Estate
Current Portion of Real Estate Properties Under Development, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total current assets | $ 377,708 | $ 142,754 |
Real Estate Properties under Development | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 9,636 | |
Land use right | 112,057 | |
Total current assets | $ 121,693 |
Non-Current Portion of Real Est
Non-Current Portion of Real Estate Properties Under Development, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Net book value | $ 318,962 | $ 281,713 |
Real Estate Properties under Development | ||
Property, Plant and Equipment [Line Items] | ||
Building at cost | 31,678 | 27,732 |
Less: accumulated depreciation | (16,065) | (15,007) |
Property plant and equipment excluding construction in progress, Total | 15,613 | 12,725 |
Construction in progress | 92,533 | 156,221 |
Land use right | 82,346 | 82,739 |
Net book value | $ 190,492 | $ 251,685 |
Real Estate Properties under _3
Real Estate Properties under Development, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Real estate properties under development pledged to banks to obtain loan facilities | $ 147,500,000 | $ 81,700,000 |
Capitalized debt issuance costs | 276,000 | 412,000 |
Transferred of real estate properties | 53,700,000 | |
Recognized cost of sales | 23,700,000 | |
Real estate properties held for sales type lease pledged for loan | 29,400,000 | 0 |
Transfers of real estate properties under development | 92,800,000 | |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized debt issuance costs | 1,754,000 | 1,473,000 |
Interest for bank loans | $ 10,866,000 | $ 707,000 |
Schedule of Lease Building to T
Schedule of Lease Building to Third Parties with the Carrying Amount (Detail) - Buildings - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Buildings at cost | $ 31,678 | $ 27,732 |
Less: accumulated depreciation | (16,065) | (15,007) |
Buildings, net | $ 15,613 | $ 12,725 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 34,752 | $ 32,175 |
Less: accumulated depreciation | (8,335) | (6,247) |
Construction in process | 151 | 22 |
Net book value | 26,568 | 25,950 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 363 | 339 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | 26,740 | 24,978 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 643 | 395 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,456 | 5,944 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total | 272 | 245 |
Motor vehicle | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 278 | $ 274 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expenses | $ 1.6 | $ 1.2 | $ 3.8 | |
Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset pledged to banks to obtain loan facilities | $ 12.8 | $ 12.8 | ||
Buildings | Wuxi Zastron Precision-Flex Co., Ltd. (Wuxi Zastron-Flex) | ||||
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 |
Summary of Components of Real E
Summary of Components of Real Estate Properties Held for Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Building at cost | $ 34,752 | $ 32,175 |
Less: accumulated depreciation | (8,335) | (6,247) |
Net book value | 26,568 | $ 25,950 |
Real Estate Properties Held For Lease | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Building at cost | 92,838 | |
Less: accumulated depreciation | (631) | |
Net book value | $ 92,207 |
Real Estate Properties Held f_3
Real Estate Properties Held for Lease, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expenses | $ 1,600,000 | $ 1,200,000 | $ 3,800,000 |
Real Estate Properties Held For Lease | |||
Property, Plant and Equipment [Line Items] | |||
Real estate property held for lease pledged to bank to obtain loan facilities | 88,100,000 | $ 0 | |
Depreciation expenses | $ 600,000 |
Investments in Subsidiaries (De
Investments in Subsidiaries (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Nam Tai Group Limited (“NTG”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [1] | Cayman Islands | |
Principal activity | [1] | Investment holding | |
Percentage of Ownership | [1] | 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 | [2] | Hong Kong | |
Principal activity | [2] | In liquidation | |
Inno Consultant Company Limited (“ICCL”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [3] | Hong Kong | |
Principal activity | [3] | Management consultant | |
Percentage of Ownership | [3] | 100.00% | 100.00% |
Nam Tai 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 | [4] | PRC | |
Principal activity | [4] | Operations management | |
Percentage of Ownership | [4] | 100.00% | 100.00% |
Triumph Commitment Group Limited (“TCOG”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [5] | BVI | |
Principal activity | [5] | Investment holding | |
Percentage of Ownership | [5] | 100.00% | 100.00% |
Treasure Champion Group Limited (“TCHG”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [6] | BVI | |
Principal activity | [6] | Investment holding | |
Percentage of Ownership | [6] | 100.00% | 100.00% |
Shanghai Nam Tai Business Incubator Co., Ltd. (“SHCY”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [7] | PRC | |
Principal activity | [7] | Business and consultant services | |
Percentage of Ownership | [7] | 100.00% | 100.00% |
Triumph Commitment (Hong Kong) Limited (“TCHK”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [8] | Hong Kong | |
Principal activity | [8] | Investment holding | |
Percentage of Ownership | [8] | 100.00% | 100.00% |
Wider Trade (Hong Kong) Limited (“WTHK”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [9] | Hong Kong | |
Principal activity | [9] | Investment holding | |
Percentage of Ownership | [9] | 100.00% | 100.00% |
Shenzhen Kaicheng Architecture and Decoration Co, Ltd. (“SZKC”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [10] | PRC | |
Principal activity | [10] | Property decoration services | |
Percentage of Ownership | [10] | 100.00% | 100.00% |
Shenzhen Yuanmao Materials Co, Ltd. (“SZYM”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [11] | PRC | |
Principal activity | [11] | Sales of construction materials | |
Percentage of Ownership | [11] | 100.00% | 100.00% |
Nam Tai (Shenzhen) Consulting Co., Ltd. (“NTZX”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [12] | PRC | |
Principal activity | [12] | Business and management services | |
Percentage of Ownership | [12] | 100.00% | 100.00% |
Dongguan Nam Tai Real Estate Development Co., Ltd. (“NTDG”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | PRC | ||
Principal activity | Real estate development | ||
Percentage of Ownership | 100.00% | ||
Sun Team Global Limited (“STGL”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [13] | BVI | |
Principal activity | [13] | Investment holding | |
Percentage of Ownership | [13] | 100.00% | |
Sun Team Global (Hong Kong) Limited (“STHK”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [14] | Hong Kong | |
Principal activity | [14] | Investment holding | |
Percentage of Ownership | [14] | 100.00% | |
Fine Shine Limited (“FSL”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [15] | BVI | |
Principal activity | [15] | Investment holding | |
Percentage of Ownership | [15] | 100.00% | |
Fine Shine (Hong Kong) Limited (“FSHK”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [16] | Hong Kong | |
Principal activity | [16] | Investment holding | |
Percentage of Ownership | [16] | 100.00% | |
Shenzhen Nam Tai Big Data Innovation Technology Co., Ltd (“SNTBDIT”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [17] | PRC | |
Principal activity | [17] | Investment holding | |
Percentage of Ownership | [17] | 100.00% | |
Shenzhen Nam Tai Technology Innovation Co., Ltd(“SNTT”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [18] | PRC | |
Principal activity | [18] | Investment holding | |
Percentage of Ownership | [18] | 100.00% | |
Shenzhen Nam Tai Artificial Intelligence Innovation Technology Co., Ltd (“SNTAIIT”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [19] | PRC | |
Principal activity | [19] | Investment holding | |
Percentage of Ownership | [19] | 100.00% | |
Shenzhen Nam Tai Health Technology Co., Ltd (“SNTHT”) | |||
Schedule of Equity Method Investments [Line Items] | |||
Place of Incorporation | [20] | PRC | |
Principal activity | [20] | Investment holding | |
Percentage of Ownership | [20] | 100.00% | |
[1] | The company was formerly named Nam Tai Electronic & Electrical Products Limited and changed its name to Nam Tai Group Limited in January 2020. | ||
[2] | 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. | ||
[3] | ICCL was incorporated by NTISZ in 2017. | ||
[4] | NTTP was incorporated by NTISZ in 2018. | ||
[5] | TCOG was incorporated by NTG in 2019. | ||
[6] | TCHG was incorporated by NTG in 2019. | ||
[7] | SHCY was incorporated by NTISZ in 2019. | ||
[8] | TCHK was incorporated by TCOG in 2019 | ||
[9] | WTHK was incorporated by TCOG in 2019 | ||
[10] | SZKC was incorporated by TCHK in 2019. | ||
[11] | SZYM was incorporated by WTHK in 2019. | ||
[12] | NTZX was incorporated by TCHG in 2019. | ||
[13] | STGL was incorporated by NTG in 2020. | ||
[14] | FSL was incorporated by NTG in 2020. | ||
[15] | STHK was incorporated by STGL in 2020. | ||
[16] | FSHK was incorporated by FSL in 2020. | ||
[17] | SNTBDIT | ||
[18] | SNTT | ||
[19] | SNTAIIT | ||
[20] | SNTHT |
Retained Earnings and Reserves
Retained Earnings and Reserves - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Reserves and registered capital of PRC subsidiaries | $ 399,340 | $ 376,500 |
Advance from Customers - Additi
Advance from Customers - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Advance From Customers [Line Items] | ||
Prepaid rent received from tenants | $ 69,722 | $ 67,642 |
Nam Tai Inno Park | ||
Advance From Customers [Line Items] | ||
Prepaid rent received from tenants | 69,508 | 67,488 |
Nam Tai Inno Valley, Tang Xi, Shanghai and Wuxi | ||
Advance From Customers [Line Items] | ||
Prepaid rent received from tenants | $ 214 | |
Nam Tai Inno Valley and Wuxi | ||
Advance From Customers [Line Items] | ||
Prepaid rent received from tenants | $ 154 |
Schedule of Bank Loan (Detail)
Schedule of Bank Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Short-term bank loans | $ 1,433 | |
Debt issuance cost | (23) | |
Total short-term debt | 1,410 | |
Long-term bank loans | $ 123,159 | 96,354 |
Debt issuance cost | (276) | (412) |
Total debt | 122,883 | 95,942 |
Less: current maturities | $ (122,883) | (2,081) |
Total long-term debt | $ 93,861 |
Schedule of Maturities of Long-
Schedule of Maturities of Long-Term Bank Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 123,159 | |
Total | $ 123,159 | $ 96,354 |
Schedule of Bank Loans (Detail)
Schedule of Bank Loans (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Bank loans | $ 123,159 |
Loan from Bank of Beijing | |
Debt Instrument [Line Items] | |
Bank loans | $ 7,017 |
Bank loans, Repayment Frequency | Quarterly |
Loan from Bank of China | |
Debt Instrument [Line Items] | |
Bank loans | $ 95,559 |
Bank loans, Repayment Frequency | Semi-annually |
Loan from Xiamen International Bank | |
Debt Instrument [Line Items] | |
Bank loans | $ 16,365 |
Bank loans, Repayment Frequency | Semi-annually |
Loan from Industrial Bank | |
Debt Instrument [Line Items] | |
Bank loans | $ 4,218 |
Bank loans, Repayment Frequency | Quarterly |
Schedule of Long-term Loans (Pa
Schedule of Long-term Loans (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Loan from Bank of Beijing | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 6.46% |
Debt instrument, maturity date | Aug. 14, 2022 |
Loan from Bank of China | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 6.072% |
Debt instrument, maturity date | Nov. 7, 2028 |
Loan from Xiamen International Bank | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 7.40% |
Debt instrument, maturity date | Jan. 6, 2022 |
Loan from Industrial Bank | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 6.175% |
Debt instrument, maturity date | Oct. 20, 2022 |
Bank Loans and Banking Facili_3
Bank Loans and Banking Facilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Aug. 31, 2019 | |
Debt Instrument [Line Items] | ||||||
Bank borrowings | $ 72,330,000 | |||||
Repayments of principal | 54,870,000 | |||||
Line of credit financing cost | 276,000 | $ 412,000 | ||||
Assets pledged to banks | 277,800,000 | $ 81,700,000 | ||||
Nam Tai Investment (Shenzhen) Co., Ltd. | Bank of Beijing | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of principal | 500,000 | |||||
Line of credit, current | $ 7,160,000 | |||||
Line of credit, maximum borrowing capacity | 7,160,000 | |||||
Line of credit financing cost | $ 290,000 | |||||
Nam Tai Investment (Shenzhen) Co., Ltd. | Shenzhen Rural Commercial Bank | Nam Tai Technology Center | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of principal | 29,000,000 | |||||
Line of credit, current | $ 16,820,000 | |||||
Line of credit, maximum borrowing capacity | 143,000,000 | |||||
Nam Tai Investment (Shenzhen) Co., Ltd. | China Everbright Bank | Nam Tai Technology Center | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of principal | 1,450,000 | |||||
Line of credit, current | 1,430,000 | |||||
Line of credit, maximum borrowing capacity | 1,430,000 | |||||
Line of credit financing cost | 30,000 | |||||
Zastron Electronic (Shenzhen) Co., Ltd. (Zastron Shenzhen) | Bank of China | Nam Tai Inno Park | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of principal | 23,150,000 | |||||
Line of credit, current | 39,560,000 | |||||
Line of credit, maximum borrowing capacity | $ 143,000,000 | |||||
Zastron Electronic (Shenzhen) Co., Ltd. (Zastron Shenzhen) | Xiamen International Bank | Nam Tai Inno Park | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of principal | 480,000 | |||||
Line of credit, current | 15,950,000 | |||||
Line of credit, maximum borrowing capacity | $ 15,950,000 | |||||
Debt Instrument, Face Amount | $ 15,950,000 | |||||
Nam Tai (Shenzhen) Technology Park Operations Management Co., Ltd (“NTTP”) | Industrial Bank | Nam Tai Inno Valley | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of principal | $ 290,000 | |||||
Line of credit, current | 4,300,000 | |||||
Line of credit, maximum borrowing capacity | 4,300,000 | |||||
Line of credit financing cost | $ 170,000 |
Equitys - Additional Informatio
Equitys - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2020TrancheEmployeeshares | Jun. 30, 2019TrancheDirectorshares | Aug. 31, 2018Trancheshares | Jun. 30, 2018TrancheDirectorshares | Jan. 31, 2018Trancheshares | Apr. 30, 2016OptionPlanshares | Dec. 31, 2020USD ($)Item$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Oct. 05, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of classes of common shares authorized, issued and outstanding | Item | 1 | |||||||||
Common shares, par value | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Number of stock options granted | 1,825,000 | 120,000 | 1,590,000 | |||||||
Allocated Share-based Compensation Expense | $ | $ 1,000 | $ 500 | $ 3,300 | |||||||
Capitalized expense related to development in real estate properties | $ | 193 | 0 | 395 | |||||||
Unrecognized compensation expense related to non-vested stock options granted | $ | $ 700 | 10 | 500 | |||||||
Options exercisable at period end | 629,000 | |||||||||
Fair value of stock options vested | $ | $ 1,700 | $ 2,200 | $ 1,800 | |||||||
Options Outstanding - Weighted Average Remaining Contractual Lives | 30 months | 12 months | 17 months | |||||||
Weighted average fair values of option granted | $ / shares | $ 1.98 | $ 0.82 | $ 2.01 | |||||||
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 | 0 | |||||||
Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated Share-based Compensation Expense | $ | $ 809 | $ 539 | $ 2,925 | |||||||
2016 Stock Option Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Approved number of stock option plans | OptionPlan | 1 | |||||||||
Shares authorized under stock option plan | 3,500,000 | |||||||||
Stock option authorized for each non-employee director | 15,000 | |||||||||
Stock option granted period in years, maximum | 10 years | |||||||||
2016 Stock Option Plan | Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options granted | 475,000 | |||||||||
Number of vesting portions | Tranche | 5 | |||||||||
Number of employees | Employee | 17 | |||||||||
2016 Stock Option Plan | Employee Stock Option | Share-based Payment Arrangement, Tranche One | ||||||||||
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 Payment Arrangement, Tranche Two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Option Vesting Term | 2021-01 | |||||||||
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 | 2022-01 | |||||||||
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 | 2023-01 | |||||||||
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 | 2024-01 | |||||||||
2017 Stock Option Plan | Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options granted | 1,350,000 | |||||||||
Number of vesting portions | Tranche | 5 | |||||||||
Number of employees | Employee | 3 | |||||||||
2017 Stock Option Plan | Employee Stock Option | Share-based Payment Arrangement, Tranche One | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Option Vesting Term | 2020-01 | |||||||||
2017 Stock Option Plan | Employee Stock Option | Share-based Payment Arrangement, Tranche Two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Option Vesting Term | 2021-01 | |||||||||
2017 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 | 2022-01 | |||||||||
2017 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 | 2023-01 | |||||||||
2017 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 | 2024-01 | |||||||||
2017 Stock Option Plan | Directors and Employees | Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options granted | 1,320,000 | |||||||||
Number of vesting portions | Tranche | 2 | |||||||||
2017 Stock Option Plan | Directors and Employees | Employee Stock Option | Share-based Payment Arrangement, Tranche One | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Option Vesting Term | 2018-01 | |||||||||
2017 Stock Option Plan | Directors and Employees | Employee Stock Option | Share-based Payment Arrangement, Tranche Two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Option Vesting Term | 2019-01 | |||||||||
2017 Stock Option Plan | Director | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options granted | 120,000 | 90,000 | 180,000 | |||||||
Number of vesting portions | Tranche | 2 | 3 | 3 | |||||||
Number of new directors | Director | 2 | 2 | ||||||||
2017 Stock Option Plan | Director | Share-based Payment Arrangement, Tranche One | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Option Vesting Term | 2019-06 | 2018-08 | 2018-06 | |||||||
2017 Stock Option Plan | Director | Share-based Payment Arrangement, Tranche Two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Option Vesting Term | 2020-01 | 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 | ||||||||
Purchase Agreement | Greater Sail | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock shares issued and sold | 16,051,219 | |||||||||
Purchase Agreement | West Ridge | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock shares issued and sold | 2,603,366 | |||||||||
Shares | Purchase Agreement | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common shares, par value | $ / shares | $ 0.01 | |||||||||
Private Placement | Purchase Agreement | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common shares, par value | $ / shares | $ 9.15 |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of options | |||
Outstanding and exercisable beginning balance | 926,000 | 2,107,000 | 2,232,400 |
Granted | 1,825,000 | 120,000 | 1,590,000 |
Exercised | (433,000) | (578,000) | (635,800) |
Expired | (1,689,000) | (723,000) | (1,079,600) |
Outstanding and exercisable ending balance | 629,000 | 926,000 | 2,107,000 |
Weighted average exercise price | |||
Outstanding and exercisable beginning balance | $ 7.98 | $ 9.13 | $ 7.52 |
Granted | 9.41 | 9.57 | 13.02 |
Exercised | 6.46 | 6.29 | 6.22 |
Expired | 9.41 | 12.94 | 13.25 |
Outstanding and exercisable ending balance | 9.35 | 7.98 | 9.13 |
Weighted average fair value per option | |||
Outstanding and exercisable beginning balance | 1.72 | 1.82 | 1.40 |
Granted | 1.98 | 0.82 | 2.01 |
Exercised | 1.88 | 1.58 | 1.11 |
Expired | 1.77 | 1.95 | 1.64 |
Outstanding and exercisable ending balance | $ 2.22 | $ 1.72 | $ 1.82 |
Option Granted by Company (Deta
Option Granted by Company (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 1,825,000 | 120,000 | 1,590,000 |
Exercise price | $ 9.41 | $ 9.57 | $ 13.02 |
First 2017 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 15,000 | ||
Vesting period | vest 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 | 12 months | ||
First 2020 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 153,500 | ||
Vesting period | vest in January 2021 | ||
Exercise price | $ 9.41 | ||
Exercisable period, start date | Jan. 1, 2021 | ||
Exercisable period, end date | Dec. 31, 2021 | ||
Weighted remaining contractual life in months | 12 months | ||
Second 2020 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 153,500 | ||
Vesting period | vest in January 2022 | ||
Exercise price | $ 9.41 | ||
Exercisable period, start date | Jan. 1, 2022 | ||
Exercisable period, end date | Dec. 31, 2022 | ||
Weighted remaining contractual life in months | 24 months | ||
Third 2020 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 153,000 | ||
Vesting period | vest in January 2023 | ||
Exercise price | $ 9.41 | ||
Exercisable period, start date | Jan. 1, 2023 | ||
Exercisable period, end date | Dec. 31, 2023 | ||
Weighted remaining contractual life in months | 36 months | ||
Fourth 2020 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 153,000 | ||
Vesting period | vest in January 2024 | ||
Exercise price | $ 9.41 | ||
Exercisable period, start date | Jan. 1, 2024 | ||
Exercisable period, end date | Dec. 31, 2024 | ||
Weighted remaining contractual life in months | 48 months |
Weighted Average Fair Value Opt
Weighted Average Fair Value Options Granted, Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 2.93% | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.52% | 1.71% | 1.80% |
Expected life | 11 months 8 days | 6 months 7 days | 5 months 1 day |
Expected volatility | 25.11% | 23.14% | 20.53% |
Expected dividend yield | 2.11% | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.57% | 2.10% | 2.78% |
Expected life | 4 years 11 months 12 days | 1 year 6 months 7 days | 2 years 6 months 29 days |
Expected volatility | 33.28% | 25.46% | 35.40% |
Expected dividend yield | 2.65% |
Computation of Basic and Dilute
Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Consolidated net income (loss) attributable to Nam Tai Property Inc. shareholders | $ 15,693 | $ (13,191) | $ (13,254) |
Weighted average number of shares, basic | 39,012,137 | 38,330,742 | 37,826,398 |
Effect of dilutive securities — Stock options | 33,027 | 0 | 0 |
Weighted average number of shares, diluted | 39,045,164 | 38,330,742 | 37,826,398 |
Basic loss per share | $ 0.40 | $ (0.34) | $ (0.35) |
Diluted loss per share | $ 0.40 | $ (0.34) | $ (0.35) |
Staff Retirement Plans - Additi
Staff Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 40,000 | $ 400,000 | $ 300,000 |
Minimum | Local Governments of Shenzhen, Dongguan, Wuxi and Shanghai | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of salary required for contribution | 13.00% | ||
Maximum | Local Governments of Shenzhen, Dongguan, Wuxi and Shanghai | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of salary required for contribution | 16.00% |
Components of Other Income (Exp
Components of Other Income (Expenses), Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |||
Foreign exchange gain (loss), net | $ (85) | $ (516) | $ (1,297) |
Gain on disposal of idle property, plant and equipment | 130 | ||
Fair value gain on short term investments | 158 | ||
Interest expense | (321) | (67) | |
Others | 290 | 200 | 583 |
Other income (expenses), net | $ 42 | $ (253) | $ (714) |
Components of (Loss) Income Bef
Components of (Loss) Income Before Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
PRC, excluding Hong Kong | $ 31,640 | $ (10,404) | $ (10,590) |
Hong Kong and other jurisdictions | (9,368) | (4,827) | (2,664) |
(Loss) income before income tax | $ 22,272 | $ (15,231) | $ (13,254) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)Entity | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2011USD ($) | 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 | 10.00% | ||||||
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 | ||||
Net operating losses carryforward indefinitely | 3,300,000 | ||||||
Income tax expense | 6,579,000 | $ (2,040,000) | |||||
December 31, 2021 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward, subjected to expiration | 3,200,000 | ||||||
December 31, 2022 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward, subjected to expiration | 9,300,000 | ||||||
December 31, 2023 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward, subjected to expiration | 10,500,000 | ||||||
December 31, 2024 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward, subjected to expiration | 12,800,000 | ||||||
December 31, 2025 | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating losses carryforward, subjected to expiration | 17,200,000 | ||||||
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, 1997/1998 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 | $ 3,000,000 | ||||||
Internal Revenue Service (IRS) | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax expense | $ 0 | $ 0 | $ 0 |
Summary Of Income Tax Credit (E
Summary Of Income Tax Credit (Expense) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Deferred income tax benefit (expense) | $ (6,522) | $ 2,040 |
Current tax expense | (57) | |
Total | $ (6,579) | $ 2,040 |
Deferred Tax Assets (Detail)
Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||
Operating losses | $ 10,583 | $ 10,490 | ||
Property, plant and equipment | 21 | |||
Property, plant and equipment | (42) | |||
Total deferred tax assets | 10,604 | 10,448 | ||
Less: valuation allowance | (6,450) | (8,437) | $ (9,307) | $ (7,058) |
Net deferred tax assets | $ 4,154 | $ 2,011 |
Movement of Deferred Tax Assets
Movement of Deferred Tax Assets Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
At beginning of the year | $ 8,437 | $ 9,307 | $ 7,058 |
Current year addition (deduction) | (209) | (870) | 2,249 |
Expired tax loss | (1,778) | ||
At end of the year | $ 6,450 | $ 8,437 | $ 9,307 |
Deferred Tax Liabilities (Detai
Deferred Tax Liabilities (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Sales type lease income | $ 11,380 |
Operating lease income | 144 |
Taxable temporary differences arising from long-lived assets | 241 |
Operating losses | (2,838) |
Net deferred tax liabilities | $ 8,927 |
Reconciliation of Income Tax Ex
Reconciliation of Income Tax Expense to Amount Computed by Applying Current Statutory Tax Rate to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
(Loss) income before income taxes | $ 22,272 | $ (15,231) | $ (13,254) |
PRC tax rate | 25.00% | 25.00% | 25.00% |
Tax benefit (tax expense) at PRC tax rate on income (loss) before income tax | $ (5,568) | $ 3,808 | $ 3,314 |
Effect of difference between Hong Kong and PRC tax rates applied to Hong Kong income | (195) | (192) | (530) |
Change in valuation allowance | 209 | 870 | (2,249) |
Non-deductible and non-taxable items | (1,343) | (2,311) | 94 |
Others | 318 | (135) | $ (629) |
Total | $ (6,579) | $ 2,040 |
Contractual Obligations, Includ
Contractual Obligations, Including Capital Expenditures and Future Minimum Lease Payments Under Non-Cancelable Operating Lease Arrangements and Purchase Commitments (Detail) - Capital Commitments $ in Thousands | Dec. 31, 2020USD ($) |
Long-term Purchase Commitment [Line Items] | |
Capital Commitments | $ 143,414 |
Contractual Obligations, Less than One Year | 108,534 |
Contractual Obligations, One to Three Years | 33,917 |
Contractual Obligations, Three to Five Years | $ 963 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Subsequent Event - Greater Sail - USD ($) $ in Millions | Mar. 12, 2021 | Mar. 03, 2021 |
Loss Contingencies [Line Items] | ||
Arbitration payment in shares | 16,051,219 | 16,051,219 |
Arbitration refund sum received | $ 146.9 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) $ in Thousands | Mar. 21, 2016 | Mar. 25, 2014 | Sep. 30, 2019ft² | Oct. 31, 2018 | Dec. 31, 2020USD ($)Lease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2020 | May 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020ft² | Aug. 31, 2018 |
Operating Leased Assets [Line Items] | ||||||||||||
Operating lease income | $ 3,817 | $ 2,526 | $ 493 | |||||||||
Right of use assets | 9,695 | 4,078 | ||||||||||
Operating lease liability | $ 10,308 | $ 4,171 | ||||||||||
Number of operating leases | Lease | 6 | |||||||||||
Nam Tai Investment (Shenzhen) Co., Ltd. (“NTISZ”) | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease expiration beginning year | 2021 | |||||||||||
Lease expiration ending year | 2023 | |||||||||||
Nam Tai Investment (Shenzhen) Co., Ltd. (“NTISZ”) | Buildings | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Ending date of lease term | Oct. 31, 2017 | |||||||||||
Nam Tai Investment (Shenzhen) Co., Ltd. (“NTISZ”) | Namtai Shenzhen | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease agreement date | Mar. 25, 2014 | |||||||||||
Nam Tai 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 | |||||||||||
Nam Tai 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 | |||||||||||
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 | |||||||||||
Nam Tai Tang Xi Technology Park | Buildings | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease expiration term | 9 years 7 months 6 days | |||||||||||
Area of contract floor | ft² | 7,586 | |||||||||||
Nam Tai Tang Xi Technology Park | Factories | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease expiration beginning year | 2021 | |||||||||||
Lease expiration ending year | 2024 | |||||||||||
Percentage of occupancy rate of factory property leased out | 78.00% | |||||||||||
Nam Tai Tang Xi Technology Park | Shangai | Factories | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Percentage of occupancy rate of factory property leased out | 70.00% | |||||||||||
Inno Consultant Company Limited (“ICCL”) | Hong Kong Office | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease expiration term | 3 years | |||||||||||
Shanghai Nam Tai Business Incubator Co., Ltd. (“SHCY”) | Buildings | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease expiration term | 10 years | |||||||||||
Area of contract floor | ft² | 3,981 | |||||||||||
Dongguan Nam Tai Real Estate Development Co., Ltd. (“NTDG”) | Dongguan office | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease expiration term | 35 months | |||||||||||
Dongguan Nam Tai Real Estate Development Co., Ltd. (“NTDG”) | Dongguan Canteen | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease expiration term | 24 months | |||||||||||
Shenzhen Kaicheng Architecture and Decoration Co, Ltd. (“SZKC”) | Shenzhen office | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Lease expiration term | 14 months |
Summary of Lease Cost and Cash
Summary of Lease Cost and Cash Flows Arising From Operating Leases, Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost | ||
Operating lease cost | $ 1,801 | $ 476 |
Sublease income | (615) | (24) |
Total lease cost | 1,186 | 452 |
Other information | ||
Operating cash flows from operating leases | 1,305 | 406 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 486 | $ 70 |
Weighted-average remaining lease term - operating lease | 96 months | 101 months |
Weighted-average discount rate – operating lease | 6.75% | 6.75% |
Summary of Maturities of Lease
Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 1,702 | |
2022 | 1,527 | |
2023 | 1,426 | |
2024 | 1,630 | |
2025 | 1,642 | |
Thereafter | 5,379 | |
Lease payments due | 13,306 | |
Less: Imputed interest | (2,998) | |
Total lease cost | $ 10,308 | $ 4,171 |
Summary of Lease Liabilities (D
Summary of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Current portion of lease liabilities | $ 1,064 | $ 529 |
Noncurrent portion of lease liabilities | 9,244 | 3,642 |
Total lease liabilities | $ 10,308 | $ 4,171 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Rental income | $ 71,206 | $ 2,965 | $ 493 |
Total net income (loss) | 15,693 | (13,191) | (13,254) |
PRC (excluding Hong Kong) | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Rental income | 71,206 | 2,965 | 493 |
Total net income (loss) | 25,062 | (8,364) | (10,590) |
Hong Kong | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total net income (loss) | $ (9,369) | $ (4,827) | $ (2,664) |
Summary of Long-Lived Assets by
Summary of Long-Lived Assets by Geographical Areas (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Real estate properties under development | $ 190,492 | $ 251,685 |
Property, plant and equipment | 26,568 | 25,950 |
Right of use assets | 9,695 | 4,078 |
Net book value | 318,962 | 281,713 |
PRC (excluding Hong Kong) | ||
Segment Reporting Information [Line Items] | ||
Real estate properties under development | 190,492 | 251,685 |
Property, plant and equipment | 26,389 | 25,624 |
Real estate properties held for lease | 92,207 | |
Right of use assets | 9,511 | 3,597 |
Hong Kong | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 179 | 326 |
Right of use assets | $ 184 | $ 481 |
Employee Severance Benefits - A
Employee Severance Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Administrative Expense | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee severance benefits | $ 100,000 | $ 1,500,000 | $ 300,000 |
Selling and Marketing Expense | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee severance benefits | $ 16,000 | $ 14,000 | $ 0 |
Related Party Transactions an_2
Related Party Transactions and balances - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Related party transaction amount | $ 0 | ||
Kaisa Property Management (Shenzhen) Co., Ltd | |||
Related Party Transaction [Line Items] | |||
Property management fees | $ 1,300,000 | $ 500,000 | |
Kaisa Property Management (Shenzhen) Co., Ltd | Unsecured and Interest-free Debts | |||
Related Party Transaction [Line Items] | |||
Amount payable to related parties | 200,000 | ||
Greater Sail | Unsecured and Interest-free Debts | |||
Related Party Transaction [Line Items] | |||
Amount payable to related parties | $ 146,900,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Mar. 17, 2021USD ($) | Mar. 15, 2021USD ($) | Mar. 12, 2021USD ($)shares | Mar. 09, 2021USD ($)DemandLetterLoanAgreement | Mar. 05, 2021USD ($) | Feb. 04, 2021USD ($) | Mar. 15, 2021CNY (¥) | Mar. 09, 2021CNY (¥) | Mar. 05, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Subsequent Event [Line Items] | |||||||||||
Long-term bank loans | $ 123,159,000 | $ 96,354,000 | |||||||||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Amount of damages | $ 1,520,000 | ||||||||||
Subsequent Event | Demand Letter | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Maximum period for payment under loan agreement | 5 days | ||||||||||
Number of demand letters received | DemandLetter | 2 | ||||||||||
Number of loan agreements | LoanAgreement | 2 | ||||||||||
Subsequent Event | Demand Letter | Zastron Electronic (Shenzhen) Co., Ltd. (Zastron Shenzhen) | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Date of loan agreement | Sep. 27, 2019 | ||||||||||
Maximum period for payment under loan agreement | 5 days | ||||||||||
Principal and interest amount due under loan agreement | $ 96,100,000 | ¥ 621,808,910 | |||||||||
Subsequent Event | Demand Letter | Zastron Electronic (Shenzhen) Co., Ltd. (Zastron Shenzhen) | Xiamen International Bank | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Date of loan agreement | Jan. 6, 2020 | ||||||||||
Long-term bank loans | $ 15,900,000 | ¥ 103,400,000 | |||||||||
Subsequent Event | Demand Letter | Nam Tai Investment (Shenzhen) Co., Ltd. (“NTISZ”) | Bank of Beijing | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Date of loan agreement | Aug. 8, 2019 | ||||||||||
Long-term bank loans | $ 6,900,000 | ¥ 44,900,000 | |||||||||
Subsequent Event | Demand Letter | Nam Tai (Shenzhen) Technology Park Operations Management Co., Ltd (“NTTP”) | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Date of loan agreement | Sep. 27, 2019 | ||||||||||
Subsequent Event | Demand Letter | Nam Tai (Shenzhen) Technology Park Operations Management Co., Ltd (“NTTP”) | The Industrial Bank Co. Ltd. Shenzhen Branch | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Date of loan agreement | Mar. 18, 2020 | ||||||||||
Long-term bank loans | $ 4,230,000 | ¥ 27,500,000 | |||||||||
RLP | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Amount of damages | $ 800,000 | ||||||||||
Hong Kong International Arbitration Centre | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Arbitration refund sum received | $ 146,900,000 | ||||||||||
Arbitration payment in shares | shares | 16,051,219 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Condensed Income Statements Captions [Line Items] | ||||
General and administrative expenses | $ (15,923) | $ (12,484) | $ (20,402) | |
Other (expense) income, net | 42 | (253) | (714) | |
Interest income | 1,326 | 2,357 | 5,601 | |
(Loss) income before income tax | 22,272 | (15,231) | (13,254) | |
Income tax benefit (expense) | (6,579) | 2,040 | ||
Consolidated net (loss) income | 15,693 | (13,191) | (13,254) | |
Other comprehensive (loss) income | 13,597 | (3,136) | (10,437) | |
Consolidated comprehensive (loss) income | 29,290 | (16,327) | (23,691) | |
Parent Company | ||||
Condensed Income Statements Captions [Line Items] | ||||
General and administrative expenses | [1] | (7,416) | (2,948) | (4,817) |
Other (expense) income, net | (4) | (556) | 5,470 | |
Interest income | 344 | 962 | 2,552 | |
(Loss) income before income tax | (7,076) | (2,542) | 3,205 | |
Income tax benefit (expense) | 0 | 0 | 0 | |
Income (loss) before share of net profits of subsidiaries, net of income tax | (7,076) | (2,542) | 3,205 | |
Share of net (losses) profits of subsidiaries, net of income tax | 22,769 | (10,649) | (16,459) | |
Consolidated net (loss) income | 15,693 | (13,191) | (13,254) | |
Foreign currency translation adjustment | 13,597 | (3,136) | (10,437) | |
Other comprehensive (loss) income | 13,597 | (3,136) | (10,437) | |
Consolidated comprehensive (loss) income | $ 29,290 | $ (16,327) | $ (23,691) | |
[1] | Amount of share-based compensation expense included in general and administrative expenses |
Statements of Comprehensive I_2
Statements of Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements Captions [Line Items] | |||
Share-based compensation expenses | $ 809 | $ 539 | $ 2,925 |
Parent Company | |||
Condensed Income Statements Captions [Line Items] | |||
Share-based compensation expenses | $ 1,002 | $ 539 | $ 3,320 |
Balance Sheets (Detail)
Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 60,980 | $ 130,218 | ||
Prepaid expenses and other receivables | 7,141 | 9,338 | ||
Total current assets | 377,708 | 142,754 | ||
Total assets | 701,210 | 430,410 | ||
Current liabilities: | ||||
Accrued expenses and other payables | 30,136 | 5,699 | ||
Amount due to a shareholder | 146,869 | |||
Total liabilities | 452,382 | 215,672 | ||
Equity: | ||||
Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 38,631,991 and 39,197,991 shares as at December 31, 2019 and 2020, respectively) | 392 | 386 | ||
Additional paid-in capital | 265,084 | 260,295 | ||
Accumulated deficit | (10,822) | (26,520) | ||
Accumulated other comprehensive loss | (5,826) | (19,423) | ||
Total shareholders’ equity | 248,828 | 214,738 | $ 227,891 | $ 244,358 |
Total liabilities and equity | 701,210 | 430,410 | ||
Parent Company | ||||
Current assets: | ||||
Cash and cash equivalents | 12,517 | 35,071 | 35,512 | 114,249 |
Prepaid expenses and other receivables | 2,380 | 2,328 | ||
Amounts due from subsidiaries | 177,140 | |||
Total current assets | 192,037 | 37,399 | ||
Investments in subsidiaries | 229,032 | 192,661 | ||
Total assets | 421,069 | 230,060 | ||
Current liabilities: | ||||
Accrued expenses and other payables | 25,372 | 1,374 | ||
Amount due to a shareholder | 146,869 | |||
Amounts due to subsidiaries | 13,948 | |||
Total liabilities | 172,241 | 15,322 | ||
Equity: | ||||
Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 38,631,991 and 39,197,991 shares as at December 31, 2019 and 2020, respectively) | 392 | 386 | ||
Additional paid-in capital | 265,084 | 260,295 | ||
Accumulated deficit | (10,822) | (26,520) | ||
Accumulated other comprehensive loss | (5,826) | (19,423) | ||
Total shareholders’ equity | 248,828 | 214,738 | $ 227,891 | $ 244,358 |
Total liabilities and equity | $ 421,069 | $ 230,060 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 39,197,991 | 38,631,991 |
Common shares, outstanding | 39,197,991 | 38,631,991 |
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 | 39,197,991 | 38,631,991 |
Common shares, outstanding | 39,197,991 | 38,631,991 |
Statements of Changes In Shareh
Statements of Changes In Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements Captions [Line Items] | |||
Balance | $ 214,738 | $ 227,891 | $ 244,358 |
Balance (in shares) | 38,631,991 | ||
Shares issued on exercise of options | $ 3,793 | $ 2,635 | $ 3,955 |
Shares issued on exercise of options (in shares) | 433,000 | 578,000 | 635,800 |
Stock-based compensation expenses | $ 1,002 | $ 539 | $ 3,320 |
Net income (loss) | 15,693 | (13,191) | (13,254) |
Cash dividends paid | (51) | ||
Foreign currency translation adjustment | 13,597 | (3,136) | (10,437) |
Others | 5 | ||
Balance | $ 248,828 | $ 214,738 | 227,891 |
Balance (in shares) | 39,197,991 | 38,631,991 | |
Common Stock | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | $ 386 | $ 382 | $ 376 |
Balance (in shares) | 38,631,991 | 38,186,991 | 37,551,191 |
Shares issued on exercise of options | $ 6 | $ 4 | $ 6 |
Shares issued on exercise of options (in shares) | 566,000 | 445,000 | 635,800 |
Balance | $ 392 | $ 386 | $ 382 |
Balance (in shares) | 39,197,991 | 38,631,991 | 38,186,991 |
Additional Paid-in Capital | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | $ 260,295 | $ 257,125 | $ 249,856 |
Shares issued on exercise of options | 3,787 | 2,631 | 3,949 |
Stock-based compensation expenses | 1,002 | 539 | 3,320 |
Balance | 265,084 | 260,295 | 257,125 |
Accumulated Deficit | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | (26,520) | (13,329) | (24) |
Net income (loss) | 15,693 | (13,191) | (13,254) |
Cash dividends paid | (51) | ||
Others | 5 | ||
Balance | (10,822) | (26,520) | (13,329) |
Accumulated Other Comprehensive Loss | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | (19,423) | (16,287) | (5,850) |
Foreign currency translation adjustment | 13,597 | (3,136) | (10,437) |
Balance | (5,826) | (19,423) | (16,287) |
Parent Company | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | $ 214,738 | 227,891 | 244,358 |
Balance (in shares) | 38,631,991 | ||
Shares issued on exercise of options | $ 3,793 | 2,635 | 3,955 |
Stock-based compensation expenses | 1,002 | 539 | 3,320 |
Net income (loss) | 15,693 | (13,191) | (13,254) |
Cash dividends paid | (51) | ||
Foreign currency translation adjustment | 13,597 | (3,136) | (10,437) |
Others | 5 | ||
Balance | $ 248,828 | $ 214,738 | 227,891 |
Balance (in shares) | 39,197,991 | 38,631,991 | |
Parent Company | Common Stock | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | $ 386 | $ 382 | $ 376 |
Balance (in shares) | 38,631,991 | 38,186,991 | 37,551,191 |
Shares issued on exercise of options | $ 6 | $ 4 | $ 6 |
Shares issued on exercise of options (in shares) | 566,000 | 445,000 | 635,800 |
Balance | $ 392 | $ 386 | $ 382 |
Balance (in shares) | 39,197,991 | 38,631,991 | 38,186,991 |
Parent Company | Additional Paid-in Capital | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | $ 260,295 | $ 257,125 | $ 249,856 |
Shares issued on exercise of options | 3,787 | 2,631 | 3,949 |
Stock-based compensation expenses | 1,002 | 539 | 3,320 |
Balance | 265,084 | 260,295 | 257,125 |
Parent Company | Accumulated Deficit | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | (26,520) | (13,329) | (24) |
Net income (loss) | 15,693 | (13,191) | (13,254) |
Cash dividends paid | (51) | ||
Others | 5 | ||
Balance | (10,822) | (26,520) | (13,329) |
Parent Company | Accumulated Other Comprehensive Loss | |||
Condensed Financial Statements Captions [Line Items] | |||
Balance | (19,423) | (16,287) | (5,850) |
Foreign currency translation adjustment | 13,597 | (3,136) | (10,437) |
Balance | $ (5,826) | $ (19,423) | $ (16,287) |
Statements of Changes In Shar_2
Statements of Changes In Shareholders' Equity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Condensed Financial Statements Captions [Line Items] | |
Cash dividends declared, per share | $ 0.28 |
Parent Company | |
Condensed Financial Statements Captions [Line Items] | |
Cash dividends declared, per share | $ 0.28 |
Statements of Cash flows (Detai
Statements of Cash flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 15,693 | $ (13,191) | $ (13,254) |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||
Depreciation | 1,600 | 1,200 | 3,800 |
Share-based compensation expenses | 809 | 539 | 2,925 |
Gain on disposal of property, plant and equipment | (130) | (2,867) | |
Changes in current assets and liabilities: | |||
Decrease (increase) in prepaid expenses and other receivables | 2,197 | (1,454) | (1,746) |
Increase in accrued expenses and other payables | 512 | 1,785 | 616 |
Net cash used in operating activities | (130,417) | (77,759) | (48,308) |
Cash flows from investing activities: | |||
Net cash provided by (used in) investing activities | (148,433) | 46,219 | (39,165) |
Cash flows from financing activities: | |||
Cash dividends paid | (10,565) | ||
Proceeds from shares issued on exercise of options | 3,793 | 2,635 | 3,954 |
Amounts due to a shareholder and an investor | 170,690 | ||
Net cash (used in) provided by financing activities | 191,957 | 99,935 | (6,611) |
Cash and cash equivalents at beginning of year | 130,218 | ||
Cash and cash equivalents at end of year | 60,980 | 130,218 | |
Parent Company | |||
Cash flows from operating activities: | |||
Net income (loss) | 15,693 | (13,191) | (13,254) |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||
Share of net loss (profits) of subsidiaries, net of taxes | (22,769) | 10,649 | 16,459 |
Depreciation | 57 | ||
Share-based compensation expenses | 1,002 | 539 | 3,320 |
Gain on disposal of property, plant and equipment | (6,763) | ||
Changes in current assets and liabilities: | |||
Decrease (increase) in prepaid expenses and other receivables | (52) | (15) | 532 |
Increase in accrued expenses and other payables | 177 | 1,144 | 71 |
Net cash used in operating activities | (5,949) | (874) | 422 |
Cash flows from investing activities: | |||
Proceeds of property, plant and equipment | 9,706 | ||
Decrease (increase) in amounts due from subsidiaries | (191,088) | (2,202) | (7,281) |
Net cash provided by (used in) investing activities | (191,088) | (2,202) | 2,425 |
Cash flows from financing activities: | |||
Repayment a long term loan to a subsidiary | (74,974) | ||
Cash dividends paid | (10,565) | ||
Proceeds from shares issued on exercise of options | 3,793 | 2,635 | 3,955 |
Amounts due to a shareholder and an investor | 170,690 | ||
Net cash (used in) provided by financing activities | 174,483 | 2,635 | (81,584) |
Net decrease in cash and cash equivalents | (22,554) | (441) | (78,737) |
Cash and cash equivalents at beginning of year | 35,071 | 35,512 | 114,249 |
Cash and cash equivalents at end of year | $ 12,517 | $ 35,071 | $ 35,512 |
Note to Schedule One - Addition
Note to Schedule One - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||
Reserves and registered capital of PRC subsidiaries | $ 399,340,000 | $ 376,500,000 | |
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 |