0001410578-24-001029 | 20-F | XBRL Viewer | Iclick Interactive Asia Group LTD

As of December 31,

Share options, RSUs and warrants – weighted average (thousands)

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Intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets, net
Total cost	$ 81,105	$ 81,088
Less: Accumulated amortization	(30,909)	(30,326)
Less: Accumulated impairment losses	(50,219)	(49,778)
Exchange differences	23	7
Intangible assets, net		991
Computer software
Intangible assets, net
Total cost	23,819	23,802
Developed technologies
Intangible assets, net
Total cost	117	117
Customer relationship
Intangible assets, net
Total cost	2,135	2,135
Brand name
Intangible assets, net
Total cost	1,162	1,162
Contract backlog
Intangible assets, net
Total cost	585	585
Advertising contract
Intangible assets, net
Total cost	$ 53,287	$ 53,287

ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
General and administrative expenses	$ (28,055)	$ (51,668)	$ (39,643)
Total operating expenses	(75,653)	(190,037)	(102,042)
Operating loss	(40,811)	(194,169)	(12,889)
Other losses/gains, net	2,042	(19,165)	2,203
Interest expense	(1,428)	(2,057)	(4,089)
Share of losses from an equity investee	(61)	(75)	(107)
Income tax (expense)/credit	(647)	11,182	(2,540)
Net loss	(38,870)	(202,806)	(16,598)
Net loss attributable to iClick Interactive Asia Group Limited's ordinary shareholders	(38,690)	(200,875)	(13,631)
Other comprehensive (loss)/income:
Comprehensive loss attributable to iClick Interactive Asia Group Limited	(38,673)	(205,821)	(10,291)
Parent Company \| Reportable legal entities
Operating expenses
General and administrative expenses	(5,445)	(7,160)	(17,574)
Total operating expenses	(5,445)	(7,160)	(17,574)
Operating loss	(5,445)	(7,160)	(17,574)
Other losses/gains, net	499	(7,925)	(242)
Interest expense	(192)
Share of profits/(losses) from subsidiaries, VIE and VIE' subsidiaries	(33,491)	(185,431)	4,406
Loss before share of loss from an equity investee and income tax expense	(38,629)	(200,516)	(13,410)
Share of losses from an equity investee	(61)	(75)	(107)
Income tax (expense)/credit		(284)	(114)
Net loss	(38,690)	(200,875)	(13,631)
Net loss attributable to iClick Interactive Asia Group Limited's ordinary shareholders	(38,690)	(200,875)	(13,631)
Other comprehensive (loss)/income:
Foreign currency translation adjustment, net of tax	49	(4,946)	3,340
Share of other comprehensive loss from subsidiaries, VIE and VIE' subsidiaries	(32)
Comprehensive loss attributable to iClick Interactive Asia Group Limited	$ (38,673)	$ (205,821)	$ (10,291)

Deferred revenue (Tables)

12 Months Ended

Dec. 31, 2023

Deferred revenue

Schedule of deferred revenue


	As of December 31,
	2022	2023
Deferred revenue, current	16,975	12,390

Schedule of changes in deferred revenue balance


	For the years ended
	December 31,
	2022	2023
Balance at the beginning of year	22,802	16,975
Additions to deferred revenue	72,300	32,152
Recognition of deferred revenue as revenues	(77,887)	(36,455)
Exchange differences	(240)	(282)
Balance at the end of year	16,975	12,390

Principal accounting policies - Revenue recognition and cost of revenues - Contract balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Principal accounting policies
Revenue recognized relating to deferred revenue as of January 1	$ 8,767	$ 13,108

Cash and cash equivalents and time deposits (Tables)

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents and time deposits

Schedule of cash and cash equivalents and time deposits


	As of December 31,
	2022		2023
	Amount in	US$	Amount in	US$
	thousand	equivalent	thousand	equivalent
RMB	378,033	54,632	257,468	35,879
HK$	77,960	10,059	52,602	6,787
US$	17,323	17,323	6,324	6,324
Japanese Yen	11,764	91	235,432	1,519
Singapore dollars	471	345	244	184
New Taiwan dollars	3,066	99	2,829	91
Others	239	215	424	240
		82,764		51,024

Equity investment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	May 31, 2019
Equity investments
Loss on share of equity investee	$ 61	$ 75
Due from equity method investment	$ 6	$ 312
V Click Technology
Equity investments
Equity interest, percentage			49.00%
V Click Technology \| VGI
Equity investments
Equity interest, percentage			51.00%

Deferred revenue

12 Months Ended

Dec. 31, 2023

Deferred revenue

Deferred revenue

15	Deferred revenue


	As of December 31,
	2022	2023
Deferred revenue, current	16,975	12,390

Changes in deferred revenue balance for the years ended December 31, 2022 and 2023 were as follows:


	For the years ended
	December 31,
	2022	2023
Balance at the beginning of year	22,802	16,975
Additions to deferred revenue	72,300	32,152
Recognition of deferred revenue as revenues	(77,887)	(36,455)
Exchange differences	(240)	(282)
Balance at the end of year	16,975	12,390

Certain risks and concentration - Summary of Changes In Financial Asset Measured Using Level 3 Input on a Non-recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value measurement
Balance at the beginning of year	$ 5,970
Disposal during the year	(1,936)
Balance at the end of year	3,179	$ 5,970
Level 3
Fair value measurement
Balance at the beginning of year	2,970	12,114
Investments made/transferred from prepayments		3,500
Disposal during the year	(1,936)
Transfer to short-term investments - listed equity securities (Note)		(1,510)
Impairment on investments	$ (1,034)	(10,805)
Exchange differences		(329)
Balance at the end of year		$ 2,970

Lease accounting

12 Months Ended

Dec. 31, 2023

Lease accounting

Lease accounting

14	Lease accounting

The Company has operating leases primarily for office and operation space. The lease term is generally specified in lease agreements, however certain agreements provide for lease term extensions or early termination options. To determine the period for the estimated future lease payments, the Company evaluates whether it is reasonably certain that it will exercise the option at the commencement date and periodically thereafter. The lease terms of the Company’s operating leases generally ranged from 12 to 36 months (2022: 12 to 36 months), and the weighted average remaining lease term as of December 31, 2023 was 24 months (2022: 22 months).

To determine the estimated future lease payments, the Company reviews each of its lease agreements to identify the various payment components. The Company includes only the actual lease components in its determination of future lease payments for all the leases. Once the estimated future lease payments are determined, the Company uses a discount rate to calculate the present value of the future lease payments. During the year ended December 31, 2023, a weighted average discount rate of 4.1% (2022: 4.9%) has been applied to the remaining lease payments to calculate the lease liabilities included within the consolidated balance sheets. This represents the incremental borrowing rate the Company would be subject to on borrowings from its available revolving debt agreements.

The right-of-use assets of the Company, net of accumulated amortization and impairment, amounted to US$1,292 and US$54 as of December 31, 2022 and 2023, respectively. The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023.


2024		1,762
2025		979
2026		285
Total operating lease payments (undiscounted)		3,026
Less: Imputed interest		(134)
Total operating lease liabilities (discounted)		2,892

14	Lease accounting (Continued)

Lease expenses for these leases are recognized on a straight-line basis over the lease term. For short-term leases over which the Company has elected not to apply the recognition requirements of ASC 842, the Company has recognized the lease payments as expenses on a straight-line basis over the lease term. For the years ended December 31, 2021, 2022 and 2023, total lease cost is comprised of the following:


	For the years ended December 31,
	2021	2022	2023
Relating to the operating lease liabilities	2,862	2,835	530
Relating to short-term leases	1,518	894	966
	4,380	3,729	1,496

Supplemental cash flow information related to operating leases is as follows:


	For the years ended December 31,
	2021	2022	2023
Cash paid for the rentals included in the lease liabilities	2,781	2,776	2,548
Right-of-use assets obtained in exchange for operating lease liabilities	3,163	2,988	1,782

The Company recognized impairment of right-of-use assets of US$nil, US$2,365 and US$2,624 for the years ended December 31, 2021, 2022 and 2023, respectively.

Cash and cash equivalents and time deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash And Cash Equivalents [Line Items]
Time deposits	$ 258	$ 10
Maturity (in days and months)		5 months
Minimum
Cash And Cash Equivalents [Line Items]
Maturity (in days and months)	91 days
Maximum
Cash And Cash Equivalents [Line Items]
Maturity (in days and months)	95 days

Income tax - Deferred tax asset and deferred tax liability balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Tax losses carried forward	$ 14,400	$ 9,438
Share-based payments		720
Less: Valuation allowance	(14,400)	(9,438)	$ (4,410)	$ (4,365)
Deferred tax assets net		720
Deferred tax liabilities
Acquired intangible assets		(158)
Outside basis difference	(1,084)	(1,140)
Others	(27)	(28)
Deferred tax liabilities net	$ (1,111)	$ (1,326)

Share-based compensation - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Share option granted	0	0	0
Total fair values of options vested and recognized as expenses	$ 0	$ 0	$ 4,000
Unrecognized share-based compensation expenses	$ 0	$ 0
Class B ordinary shares \| Ordinary shares \| Share subscription agreement
Share-based compensation
Issuance of ordinary shares upon share offerings (in shares)	649,349
Offering price per share	$ 26.52
Fair value, per share	$ 28.88
Discount on shares	$ 1,530,000

Property and equipment, net

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Property and equipment, net

11	Property and equipment, net

Property and equipment consist of the following:


	As of December 31,
	2022	2023
Cost:
Office equipment	5,065	5,025
Leasehold improvements	2,585	2,525
Furniture and fixtures	1,494	892
Motor vehicles	13	—
Total cost	9,157	8,442
Less: Accumulated depreciation	(7,512)	(7,089)
Less: Accumulated impairment losses (Note 2(r))	(1,206)	(1,353)
Exchange differences	(198)	—
Property and equipment, net	241	—

Depreciation expense recognized for the years ended December 31, 2021, 2022 and 2023 are summarized as follows:


	For the years ended December 31,
	2021	2022	2023
Cost of revenues	7	11	—
Research and development expenses	152	220	—
Sales and marketing expenses	171	219	125
General and administrative expenses	318	392	12
Total	648	842	137

Principal accounting policies - Investments in an equity investee (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Impairment loss on equity method investments	$ 0	$ 0	$ 0

Equity investment (Tables)

12 Months Ended

Dec. 31, 2023

Equity investment

Schedule of investment in V-Click


	For the years ended
	December 31,
	2022	2023
Balance at the beginning of year	354	279
Share of losses	(75)	(61)
Balance at the end of year	279	218

Share-based compensation - RSUs Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Total fair values of RSU vested and recognized as expenses	$ 1,082	$ 3,794	$ 11,965
Service-based RSUs
Share-based compensation
Beginning of the year	110,463	227,577	634,505
Granted	762,510	301,850	716,265
Vested	(208,558)	(414,314)	(1,049,007)
Forfeited/expired	(3,875)	(4,650)	(74,186)
End of the year	660,540	110,463	227,577
Expected to vest at end of the year	639,362	92,900	209,878
Beginning of the year	$ 18.26	$ 17.65	$ 8.11
Granted	0.73	5.62	15.73
Vested	5.32	8.78	11.32
Forfeited/expired	24.25	12.53	12.73
End of the year	2.07	18.26	17.65
Expected to vest at end of the year	$ 1.12	$ 17.91	$ 19.07
Restricted Stock Units (RSUs) \| Employees
Share-based compensation
Expected future forfeiture rate	1.00%	1.00%	1.00%
Restricted Stock Units (RSUs) \| Non-employees
Share-based compensation
Expected future forfeiture rate	0.00%	0.00%	0.00%

ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net cash used in operating activities	$ (19,426)	$ 71,104	$ (19,673)
Cash flows from investing activities
Redemption of short-term investment	1,585	(99)	15,633
Redemption of time deposits	(248)	11,118	(11,039)
Acquisition of subsidiaries	(5,161)	(7,742)	(10,007)
Net cash used in investing activities	(987)	(3,977)	(22,390)
Cash flows from financing activities
Proceeds from exercise of share options		68	661
Repurchase of ordinary shares	(214)	(7,574)	(10,687)
Net proceeds from issuance of ordinary shares upon subscription from Baozun Inc.			17,010
Net cash provided by/(used in) financing activities	(6,089)	(37,289)	24,743
Net (decrease)/increase in cash and cash equivalents and restricted cash	(26,502)	29,838	(17,320)
Parent Company \| Reportable legal entities
Cash flows from operating activities
Net cash used in operating activities	(5,105)	(7,754)	(3,217)
Cash flows from investing activities
Redemption of short-term investment	1,439
Redemption of time deposits			46
Capital contribution to subsidiaries			(53)
Amount due from subsidiaries	10,601	19,656
Acquisition of subsidiaries	(5,161)	(7,742)	(4,982)
Net cash used in investing activities	6,879	11,914	(4,989)
Cash flows from financing activities
Proceeds from exercise of share options		68	661
Repurchase of ordinary shares	(214)	(7,574)	(10,687)
Net proceeds from issuance of ordinary shares upon subscription from Baozun Inc.			17,010
Net cash provided by/(used in) financing activities	(214)	(7,506)	6,984
Net (decrease)/increase in cash and cash equivalents and restricted cash	$ 1,560	$ (3,346)	$ (1,222)

Repurchase of shares (Tables)

12 Months Ended

Dec. 31, 2023

Repurchase of shares

Schedule of the shares repurchased


	Maximum value of
	ordinary shares or ADSs of
Repurchase program	iClick Cayman to repurchase	Effective period
December 2020 Share Repurchase Program	25,000	Period from December 30, 2020 to December 31, 2021
December 2021 Share Repurchase Program	20,000	Year ended December 31, 2022
December 2022 Share Repurchase Program	5,000	Year ending December 31, 2023


	Total number of
	ADSs purchased
	as part of the	Average
	publicly	price paid
Period	announced plan	per ADS
December 2020 Share Repurchase Program
- For the year ended December 31, 2020	2,760	83.686
- For the year ended December 31, 2021	120,992	88.324
December 2021 Share Repurchase Program
- For the year ended December 31, 2022	731,881	10.349
December 2022 Share Repurchase Program
- For the year ended December 31, 2023	126,883	1.679

Lease accounting - Summary of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease accounting
Relating to the operating lease liabilities	$ 530	$ 2,835	$ 2,862
Relating to short-term leases	966	894	1,518
Total lease cost	$ 1,496	$ 3,729	$ 4,380

Principal accounting policies - Revenue recognition and cost of revenues - Practical expedients (Details)	12 Months Ended
	Dec. 31, 2023
Principal accounting policies
Practical expedients of transaction price allocated to the performance obligation	true
Practical expedients of payment terms and conditions vary by contract type	false
Practical expedients for general expenses sales commission incurred of amortization period	false

Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segments

summary of the Group's breakdown of net revenues by type of goods or services and operating segment results


	For the years ended December 31,
	2021	2022	2023
Net revenues:
Marketing Solutions
- Sales agent	4,195	2,549	1,818
- Cost-plus	26,062	8,909	4,761
- Specified actions	212,353	94,498	79,902
	242,610	105,956	86,481
Enterprise Solutions
- SaaS products and services	65,092	63,124	46,736
	307,702	169,080	133,217
Cost of revenues:
Marketing Solutions
- Specified actions	(194,912)	(138,140)	(67,115)
Enterprise Solutions
- SaaS products and services	(23,637)	(35,072)	(31,260)
	(218,549)	(173,212)	(98,375)
Gross profit/(loss):
Marketing Solutions
- Sales agent	4,195	2,549	1,818
- Cost-plus	26,062	8,909	4,761
- Specified actions	17,441	(43,642)	12,787
	47,698	(32,184)	19,366
Enterprise Solutions
- SaaS products and services	41,455	28,052	15,476
	89,153	(4,132)	34,842

Summary of revenue generated for the respective countries


	For the years ended December 31,
	2021	2022	2023
PRC	254,874	140,211	109,726
Hong Kong	52,599	28,661	23,028
Others	229	208	463
	307,702	169,080	133,217

Summary of long-lived assets


	As of December 31,
	2022	2023
PRC	—	—
Hong Kong	241	—
	241	—

Principal accounting policies - Sales and marketing expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Advertising expenses	$ 2,997	$ 6,769	$ 10,458

Other gains/(losses), net - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023
Other gains/(losses), net
Percentage of VAT super-credit subsidy from PRC government	10.00%

Lease accounting - Schedule of maturity of operating lease liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Lease accounting
2024	$ 1,762
2025	979
2026	285
Total operating lease payments (undiscounted)	3,026
Less: Imputed interest	(134)
Total operating lease liabilities (discounted)	$ 2,892

Cash and cash equivalents and time deposits - Cash on hand and cash held at bank (Details) ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 SGD ($)	Dec. 31, 2023 TWD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 SGD ($)	Dec. 31, 2022 TWD ($)
Cash and cash equivalents and time deposit
Cash on hand and cash held at bank	$ 51,024					$ 82,764
RMB
Cash and cash equivalents and time deposit
Cash on hand and cash held at bank	35,879		¥ 257,468			54,632		¥ 378,033
HK$
Cash and cash equivalents and time deposit
Cash on hand and cash held at bank	6,787	$ 52,602				10,059	$ 77,960
US$
Cash and cash equivalents and time deposit
Cash on hand and cash held at bank	6,324		6,324			17,323
Japanese Yen
Cash and cash equivalents and time deposit
Cash on hand and cash held at bank	1,519		¥ 235,432			91		¥ 11,764
Singapore dollars
Cash and cash equivalents and time deposit
Cash on hand and cash held at bank	184			$ 244		345			$ 471
New Taiwan dollars
Cash and cash equivalents and time deposit
Cash on hand and cash held at bank	91				$ 2,829	99				$ 3,066
Others
Cash and cash equivalents and time deposit
Cash on hand and cash held at bank	424					239
Cash and Cash Equivalents and Time Deposits	$ 240					$ 215

Certain risks and concentration - Schedule of Financial Data for VIEs on Aggregated Basis Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 50,766	$ 82,754	$ 41,443
Accounts receivable, net	56,752	64,556
Prepaid media costs	11,781	16,494
Amount due from an equity investee	6	312
Other current assets	6,755	8,047
Short-term investments	5,723	7,011
Other non-current assets	450	7,629
Total assets	163,704	221,782
Liabilities
Accounts payable	40,321	41,728
Deferred revenue	12,390	16,975	$ 22,802
Lease liabilities	2,892
Bank borrowings	38,406	44,283
Income tax payable	1,968	2,040
Accrued liabilities and other current liabilities	25,326	30,539
Deferred tax liabilities	1,111	1,326
Total liabilities	$ 122,452	$ 142,493
Related Party \| Subsidiaries of the Group
Liabilities
Other Liability, Current, Related Party, Type [Extensible Enumeration]	srt:SubsidiariesMember	srt:SubsidiariesMember
VIE
Assets
Cash and cash equivalents	$ 1,024	$ 1,497
Accounts receivable, net	2,338	2,625
Prepaid media costs	191	99
Other current assets	918	1,142
Short-term investments	1,536	1,737
Other non-current assets	10	10
Total assets	13,989	15,484
Liabilities
Accounts payable	1,065	2,008
Deferred revenue	0	29
Lease liabilities	112	135
Bank borrowings	1,951	1,590
Income tax payable	433	501
Accrued liabilities and other current liabilities	646	861
Deferred tax liabilities	26	64
Total liabilities	5,271	6,248
VIE \| Related Party \| Subsidiaries of the Group
Assets
Amount due from an equity investee	7,972	8,374
Liabilities
Amounts due to subsidiaries of the Group	$ 1,038	$ 1,060

Principal accounting policies - Uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Interest and penalties associated with uncertain tax positions	$ 0	$ 0	$ 0
Uncertain tax positions	$ 0	$ 0

Bank borrowings - Weighted average interest rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Bank borrowings
Weighted average interest rate for bank borrowings outstanding	3.97%	4.48%

Principal accounting policies - Basis of presentation (Details) $ in Thousands, ¥ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 CNY (¥)
Sale Of Stock [Line Items]
Net loss	$ (38,870)	$ (202,806)	$ (16,598)
Accumulated deficit	(460,802)	(422,112)
Net cash (used in)/provided by operating activities	(19,426)	71,104	(19,673)
Cash and cash equivalents	50,766	82,754	41,443
Time deposits	258	10
Restricted cash	26,756	22,543	$ 36,146
Bank borrowings	38,406	44,283
Net cash position	39,400	61
1-year revolving loan denominated in RMB
Sale Of Stock [Line Items]
Bank borrowings	10,452	18,411
One of the loan agreements
Sale Of Stock [Line Items]
Bank borrowings	20,000			¥ 114.5
Asset Pledged as Collateral
Sale Of Stock [Line Items]
Restricted cash pledge	$ 6,442	$ 41,235

Other assets (Tables)

12 Months Ended

Dec. 31, 2023

Other assets

Schedule of other assets


	As of December 31,
	2022	2023
Current
Deposits	1,928	1,293
Prepayments	2,917	1,009
Loans and interest receivable, net (Notes 2(j), 10(i))	726	1,672
Bank interest receivable	37	21
VAT recoverable	1,411	1,473
Others	1,028	1,287
	8,047	6,755
Non-current
Rental deposits	522	450
Loans receivable, net (Notes 2(j), 10(i))	6,073	—
Prepayment	1,034	—
	7,629	450

Note:

(i)

The loans were granted to an equity investee of the Company at an interest rate of 6% per annum. The loans and related interest receivable was secured by certain liquid assets of the equity investee. As of December 31, 2022, the net loans and related interest receivable was expected to be recovered beyond one year from the end of the reporting period. As of December 31, 2023, the net loans and related interest receivable was expected to be recovered within one year from the end of the reporting period.

Acquisitions - Parllay - Identifiable assets acquired and liabilities assumed (Details) - USD ($)	1 Months Ended
	Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2021
Acquisitions
Goodwill		$ 0	$ 81,674,000
Parllay
Acquisitions
Cash consideration	$ 1,825,000
Intangible assets	279,000
Deferred tax liabilities	(70,000)
Total identifiable net assets acquired	209,000
Goodwill	$ 1,616,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill.

Schedule of movements on goodwill


	Marketing	Enterprise
	Solutions	Solutions	Total
Balance as of January 1, 2022	53,024	28,650	81,674
Impairment (Note 2(q))	(53,024)	(27,113)	(80,137)
Exchange differences	—	(1,537)	(1,537)
Balance as of December 31, 2022 and 2023	—	—	—

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Accrued liabilities and other liabilities

12 Months Ended

Dec. 31, 2023

Accrued liabilities and other liabilities

Accrued liabilities and other liabilities

16	Accrued liabilities and other liabilities

Accrued liabilities and other liabilities consist of the following:


	As of December 31,
	2022	2023
Current
Rebates payable to customers	677	841
VAT and other taxes payable	8,597	8,394
Security deposit received from customers	822	789
Accrued employee benefits	10,567	9,690
Accrued professional fees	4,048	3,799
Accrued marketing and hosting expenses	1,257	1,250
Consideration payable (Note 4(b))	3,458	—
Advance from a former non-controlling interest shareholder (Note)	500	—
Others	613	563
	30,539	25,326


Non-current
Deferred other income	368	—
Consideration payable (Note 4(b))	1,703	—
Severance liabilities	—	38
	2,071	38

Note:

As of December 31, 2022, the amount represented an advance from the seller of Optimal, a former non-controlling interest of iClick Cayman, for the purpose of replenishment of working capital of certain subsidiaries of iClick Cayman, which was unsecured, interest-free, and repayable on demand. The amount was fully repaid during the year ended December 31, 2023.

Segments (Details) - segment	12 Months Ended
Segments (Details) - segment	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segments
Number of operating segments	2	2	2

Accounts receivables, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, net
Accounts receivable, gross	$ 85,915	$ 101,771
Less: allowance for credit losses	(29,163)	(37,215)
Accounts receivable, net	$ 56,752	$ 64,556

Share-based compensation

12 Months Ended

Dec. 31, 2023

Share-based compensation

Share-based compensation

20	Share-based compensation

(a)	Share option plan

iClick Cayman’s 2010 Share Option Plan provides for the grant of incentive share options to iClick Cayman’s employees, officers, directors or consultants. iClick Cayman’s board of directors administers the 2010 Share Option Plan, selects the individuals to whom options will be granted, determines the number of options to be granted, and the term and exercise price of each option.

During the years ended December 31, 2021, 2022 and 2023, no share options were granted to non-employees, employees, officers and directors of the Company. The following table summarizes the share option activities for the years ended December 31, 2021, 2022 and 2023:


				Weighted
		Weighted	Weighted	average
	Number of	average	average	remaining	Aggregate
	share	exercise	grant date	contractual	intrinsic
	options	price	fair value	life	value
		US$	US$	years	US$’000
At January 1, 2021	432,102	10.56	N/A	4.28	4,578
Exercised	(117,788)	5.61	N/A	N/A	N/A
At December 31, 2021	314,314	12.41	N/A	3.31	1,601
Vested and expected to vest at December 31, 2021	312,876	4.90	15.25	3.73	1,601
Exercisable to vest at December 31, 2021	314,204	4.95	15.23	3.73	1,601
At January 1, 2022	314,314	12.41	N/A	3.31	1,601
Exercised	(25,341)	2.69	N/A	N/A	N/A
Forfeited	(14,143)	19.95	N/A	N/A	N/A
At December 31, 2022	274,830	12.92	N/A	2.69	17
Vested and expected to vest at December 31, 2022	273,392	4.33	15.37	2.69	17
Exercisable to vest at December 31, 2022	274,720	4.39	15.35	2.69	17
At January 1, 2023	274,830	12.92	N/A	2.69	17
Forfeited	(780)	5.37	N/A	N/A	N/A
At December 31, 2023	274,050	12.95	N/A	1.69	16
Vested and expected to vest at December 31, 2023	272,612	4.33	15.38	1.69	16
Exercisable to vest at December 31, 2023	273,940	4.39	15.35	1.69	16

The aggregate intrinsic value in the table above represents the difference between the estimated fair values of iClick Cayman’s ordinary shares as of December 31, 2022 and 2023 and the exercise price.

All share-based payments to employees are measured based on their grant-date fair values. Compensation expense is recognized based on the vesting schedule over the requisite service period. Total fair values of options vested and recognized as expenses for the years ended December 31, 2021, 2022 and 2023 were US$4, US$nil and US$nil, respectively.

As of December 31, 2022 and 2023, there were no unrecognized share-based compensation expenses related to share options. To the extent the actual forfeiture rate is different from iClick Cayman’s estimate, the actual share-based compensation related to these awards may be different from the exception.

The binomial option pricing model is used to determine the fair value of the share options granted to employees and non-employees. There were no grant or modification of share options during the years ended December 31, 2021, 2022 and 2023.

20	Share-based compensation (Continued)

(b)	Post-IPO share incentive plan

iClick Cayman’s post-IPO share incentive plan provides for the grant of incentive share options and RSUs to iClick Cayman’s employees, officers, directors or consultants. iClick Cayman’s board of directors administers the post-IPO share incentive plan, selects the individuals to whom options and RSUs will be granted, determines the number of options and RSUs to be granted, and the term and exercise price of each option and RSU.

During the years ended December 31, 2021, 2022 and 2023, iClick Cayman granted RSUs to non-employees, employees, officers and directors of the Company. The following table summarizes the activity of the service-based RSUs for the year ended December 31, 2021, 2022 and 2023:


		Weighted
		average
	Number of	grant date
	RSUs	fair value
At January 1, 2021	634,505	8.11
Granted (with a vesting period of 0 to 4 years)	716,265	15.73
Vested	(1,049,007)	11.32
Forfeited/expired (Note (ii))	(74,186)	12.73
At December 31, 2021	227,577	17.65
Expected to vest at December 31, 2021	209,878	19.07

At January 1, 2022	227,577	17.65
Granted (with a vesting period of 0 to 4 years)	301,850	5.62
Vested	(414,314)	8.78
Forfeited/expired (Note (ii))	(4,650)	12.53
At December 31, 2022	110,463	18.26
Expected to vest at December 31, 2022	92,900	17.91

At January 1, 2023	110,463	18.26
Granted (with a vesting period of 0 to 4 years)	762,510	0.73
Vested	(208,558)	5.32
Forfeited/expired (Note (ii))	(3,875)	24.25
At December 31, 2023	660,540	2.07
Expected to vest at December 31, 2023	639,362	1.12

Note:

(i)

All share-based payments to employees are measured based on their grant-date fair values. Compensation expense is recognized based on the vesting schedule over the requisite service period. Total fair values and intrinsic value of RSUs vested and recognized as expenses for the years ended December 31, 2021, 2022 and 2023 were US$11,965, US$3,794 and US$1,082 respectively.

(ii)

Forfeitures are estimated at the time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates. Based upon iClick Cayman’s expected forfeitures for RSUs granted, the directors of iClick Cayman estimated that its future forfeiture rate would be 1% for employees and 0% for non-employees in 2021, 2022 and 2023, respectively.

20	Share-based compensation (Continued)

(c)	Issuance of shares to Baozun

Pursuant to the share subscription agreement entered into between Baozun Inc. and iClick (Note 1(c)), Baozun has subscribed for 649,349 newly issued Class B ordinary shares. The Class B ordinary shares were issued to Baozun at US$26.52 per share, which was at discount as compared to the fair value of US$28.88 (i.e. based on the closing stock price as of the date of share issuance). The discount of US$1,530 represented an incentive to Baozun to enter into the strategic cooperation framework agreement with iClick Cayman, which was recognized as share-based compensation expense in the consolidated statements of comprehensive loss during the year ended December 31, 2021.

(d)	Total share-based compensation costs

Total share-based compensation costs recognized for the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the years ended December 31,
	2021	2022	2023
Cost of revenues	12	18	7
Research and development	221	337	148
Sales and marketing	9,991	1,743	612
General and administrative	3,275	1,696	315
Total	13,499	3,794	1,082

Ordinary shares (Details)			12 Months Ended
Ordinary shares (Details)	Nov. 14, 2022 shares	Nov. 13, 2022 shares	Dec. 31, 2023 Vote $ / shares shares	Dec. 31, 2022 Vote $ / shares shares	Dec. 31, 2021 shares
Ordinary shares
Ordinary shares, shares authorized			100,000,000	100,000,000
Ordinary shares, par value \| $ / shares			$ 0.001	$ 0.001
Reverse ADS split ratio	0.1
Ordinary shares \| Arda Holdings Limited
Ordinary shares
Ordinary shares, par value \| $ / shares			$ 0.001
Ordinary shares \| 2010 Share Option Plan \| Arda Holdings Limited
Ordinary shares
Common stock, allotted			627,811
Additional shares allotted			0	0	0
Class A ordinary shares
Ordinary shares
Ordinary shares, shares authorized			80,000,000	80,000,000
Number of votes per share \| Vote			1	1
Number of American depositary share ("ADS") representing ordinary share ("Share")	5	0.5
Class B ordinary shares
Ordinary shares
Ordinary shares, shares authorized			20,000,000	20,000,000
Number of votes per share \| Vote			20	20

ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2023

ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Rules 12-04(a) and 4-08(e)(3) of Regulation S-X require condensed financial information as to the financial position, cash flows and results of operations of a parent company as of and for the same periods for which the audited consolidated financial statements have been presented when the restricted net assets of the consolidated subsidiaries together exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year.

The following condensed financial statements of iClick Cayman have been prepared using the same accounting policies as set out in iClick Cayman’s consolidated financial statements except that iClick Cayman used the equity method to account for its investment in its subsidiaries, VIE and VIE’s subsidiaries. Such investment is presented on the separate condensed balance sheets of iClick Cayman as “Investment in subsidiaries, VIE and VIE’s subsidiaries” and “Accumulated losses in excess of investment in subsidiaries, VIE and VIE’s subsidiaries.” iClick Cayman, its subsidiaries, VIE and VIE’s subsidiaries were included in the consolidated financial statements whereby the intercompany balances and transactions were eliminated upon consolidation. iClick Cayman’s share of income from its subsidiaries, VIE and VIE’s subsidiaries is reported as share of income from subsidiaries, VIE and VIE’s subsidiaries in the condensed financial statements.

iClick Cayman is a Cayman Islands company and, therefore, is not subjected to income taxes for all years presented. The footnote disclosures contain supplemental information relating to the operations of iClick Cayman and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of iClick Cayman. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

As of December 31, 2022 and 2023, there were no material commitments or contingencies, significant provisions for long-term obligations or guarantees of iClick Cayman, except for those which have been separately disclosed in the consolidated financial statements, if any.

Inter-company charges, share-based compensation and other miscellaneous expenses for the years ended December 31, 2021, 2022 and 2023, which were previously recognized at the parent company level, had been pushed down to the WFOE/VIE level given the majority of services were provided to the WFOE/VIE entities.

The condensed financial statements of the parent company should be read in conjunction with iClick Cayman’s consolidated financial statements and the accompanying notes thereto. For purposes of these condensed financial statements, iClick Cayman’s wholly owned and majority owned subsidiaries are recorded based upon its proportionate share of the subsidiaries’ net assets (similar to presenting them on the equity method).

iCLICK INTERACTIVE ASIA GROUP LIMITED

CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2022 AND 2023

(US$’000, except share data and per share data, or otherwise noted)


	As of December 31,
	2022	2023
Assets
Current assets
Cash and cash equivalents	1,100	2,660
Other short-term investments	1,021	—
Other current assets	161	218
Total current assets	2,282	2,878

Non-current assets
Investments in subsidiaries, VIE and VIE’s subsidiaries	80,015	35,923
Investment in an equity investee	279	218
Total non-current assets	80,294	36,141

Total assets	82,576	39,019

Liabilities and shareholders’ equity
Current liability
Accrued liabilities and other current liabilities	5,575	1,894
Total current liability	5,575	1,894

Non-current liability
Other liabilities	2,071	—
Total non-current liability	2,071	—

Total liabilities	7,646	1,894

Commitments and contingencies	—	—

Shareholders’ equity
Ordinary shares	49	50
Treasury shares	(28,457)	(28,656)
Other shareholders’ equity	103,338	65,731
Total shareholders’ equity	74,930	37,125

Total liabilities and shareholders’ equity	82,576	39,019

iCLICK INTERACTIVE ASIA GROUP LIMITED

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023

(US$’000, except share data and per share data, or otherwise noted)


	For the years ended December 31,
	2021	2022	2023
Operating expenses
General and administrative expenses	(17,574)	(7,160)	(5,445)
Total operating expenses	(17,574)	(7,160)	(5,445)

Operating loss	(17,574)	(7,160)	(5,445)
Other (losses)/gains, net	(242)	(7,925)	499
Interest expense	—	—	(192)
Share of profits/(losses) from subsidiaries, VIE and VIE’ subsidiaries	4,406	(185,431)	(33,491)
Loss before share of losses from an equity investee and income tax expense	(13,410)	(200,516)	(38,629)
Share of losses from an equity investee	(107)	(75)	(61)
Income tax expense	(114)	(284)	—
Net loss attributable to iClick Interactive Asia Group Limited’s ordinary shareholders	(13,631)	(200,875)	(38,690)
Net loss attributable to iClick Interactive Asia Group Limited	(13,631)	(200,875)	(38,690)
Other comprehensive loss:
Foreign currency translation adjustment, net of tax	3,340	(4,946)	49
Share of other comprehensive loss from subsidiaries, VIE and VIE’ subsidiaries	—	—	(32)
Comprehensive loss attributable to iClick Interactive Asia Group Limited	(10,291)	(205,821)	(38,673)

iCLICK INTERACTIVE ASIA GROUP LIMITED

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023

(US$’000, except share data and per share data, or otherwise noted)


	For the years ended December 31,
	2021	2022	2023
Cash flows from operating activities
Net cash used in operating activities	(3,217)	(7,754)	(5,105)

Cash flows from investing activities
Redemption of short-term investment	—	—	1,439
Redemption of time deposits	46	—	—
Capital contribution to subsidiaries	(53)	—	—
Amount due from subsidiaries	—	19,656	10,601
Acquisition of subsidiaries	(4,982)	(7,742)	(5,161)
Net cash (used in)/provided by investing activities	(4,989)	11,914	6,879

Cash flows from financing activities
Proceeds from exercise of share options	661	68	—
Repurchase of ordinary shares	(10,687)	(7,574)	(214)
Net proceeds from issuance of ordinary shares upon subscription from Baozun Inc.	17,010	—	—
Net cash provided by/(used in) financing activities	6,984	(7,506)	(214)

Net(decrease)/increase in cash and cash equivalents and restricted cash	(1,222)	(3,346)	1,560

Segments - Summary of long-lived assets (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Segments
Long-lived assets	$ 241
Hong Kong
Segments
Long-lived assets	$ 241

Principal accounting policies - Schedule of movement in allowance for credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Balance at the beginning of year	$ 37,215
Provision/(reversal) for the year	(1,431)	$ 18,542	$ 12,424
Balance at the end of year	29,163	37,215
Accounts receivable
Principal accounting policies
Balance at the beginning of year	37,215	22,786
Provision/(reversal) for the year	(1,431)	18,542
Accounts receivable written off	(5,923)	(1,978)
Exchange differences	(698)	(2,135)
Balance at the end of year	29,163	37,215	22,786
Loans and interest receivable
Principal accounting policies
Balance at the beginning of year	4,043	289
Provision/(reversal) for the year	4,486	3,661
Exchange differences	(145)	93
Balance at the end of year	$ 8,384	$ 4,043	$ 289

Property and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, net
Total cost	$ 8,442	$ 9,157
Less: Accumulated depreciation	(7,089)	(7,512)
Less: Accumulated impairment losses	(1,353)	(1,206)
Exchange differences		(198)
Property and equipment, net		241
Office equipment
Property and equipment, net
Total cost	5,025	5,065
Leasehold improvements
Property and equipment, net
Total cost	2,525	2,585
Furniture and fixtures
Property and equipment, net
Total cost	$ 892	1,494
Motor vehicles
Property and equipment, net
Total cost		$ 13

Restricted cash - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted cash
Fixed interest weighted average rate	3.14%	2.34%
Restricted cash	$ 26,756	$ 22,543	$ 36,146
US$
Restricted cash
Restricted cash	9,204	9,213
RMB
Restricted cash
Restricted cash	$ 17,552	$ 13,330

Principal accounting policies - Impairment of Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Principal accounting policies
Goodwill	$ 0	$ 81,674,000
Marketing solutions
Principal accounting policies
Impairment of goodwill	53,024,000
Enterprise solutions
Principal accounting policies
Impairment of goodwill	$ 27,113,000

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, net of allowance for credit losses	$ 29,163	$ 37,215
Other current assets, net of allowance for credit losses	8,384	0
Other assets, net of allowance for credit losses	0	4,043
Accounts payable	40,321	41,728
Deferred revenue	12,390	16,975
Accrued liabilities and other current liabilities	25,326	30,539
Lease liabilities, current	1,661	2,151
Bank borrowings	38,406	44,283
Income tax payable	1,968	2,040
Lease liabilities, non current	1,231	1,380
Deferred tax liabilities	$ 1,111	$ 1,326
Ordinary shares, par value	$ 0.001	$ 0.001
Ordinary shares, shares authorized	100,000,000	100,000,000
Treasury shares	6,398,616	5,843,335
VIE
Accounts payable	$ 1,065	$ 2,008
Deferred revenue	0	29
Accrued liabilities and other current liabilities	646	861
Lease liabilities, current	64	111
Bank borrowings	1,951	1,590
Income tax payable	433	501
Lease liabilities, non current	48	24
Deferred tax liabilities	$ 26	$ 64
Class A ordinary shares
Ordinary shares, shares authorized	80,000,000	80,000,000
Ordinary shares, shares issued	44,477,356	43,736,801
Ordinary shares, shares outstanding	44,477,356	43,736,801
Class B ordinary shares
Ordinary shares, shares authorized	20,000,000	20,000,000
Ordinary shares, shares issued	5,034,427	5,034,427
Ordinary shares, shares outstanding	5,034,427	5,034,427

Segments - Summary of Group's Breakdown of Net Revenues by Type of Good or Service and Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segments
Net revenues	$ 133,217	$ 169,080	$ 307,702
Cost of revenues	(98,375)	(173,212)	(218,549)
Gross profit	34,842	(4,132)	89,153
Marketing solutions
Segments
Net revenues	86,481	105,956	242,610
Gross profit	19,366	(32,184)	47,698
Marketing solutions \| Sales agent
Segments
Net revenues	1,818	2,549	4,195
Gross profit	1,818	2,549	4,195
Marketing solutions \| Cost-plus
Segments
Net revenues	4,761	8,909	26,062
Gross profit	4,761	8,909	26,062
Marketing solutions \| Specified actions
Segments
Net revenues	79,902	94,498	212,353
Cost of revenues	(67,115)	(138,140)	(194,912)
Gross profit	12,787	(43,642)	17,441
Enterprise solutions \| SaaS Products and Services
Segments
Net revenues	46,736	63,124	65,092
Cost of revenues	(31,260)	(35,072)	(23,637)
Gross profit	$ 15,476	$ 28,052	$ 41,455

Acquisitions - Sky Gem International Limited - Additional Information (Details) - Sky Gem International Limited - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021
Acquisitions
Equity interest (as a percent)	51.00%	1.00%
Fair value of cash consideration transferred	$ 3,200	$ 3,200

Income tax (Tables)

12 Months Ended

Dec. 31, 2023

Income tax

Schedule of current and deferred portions of income tax expense


	For the years ended December 31,
	2021	2022	2023
Current income tax expense	3,445	375	141
Deferred tax (benefits)/expense	(905)	(11,557)	506
Income tax expense/(credit)	2,540	(11,182)	647

Schedule of deferred tax assets and liabilities


	As of December 31,
	2022	2023
Deferred tax assets
Tax losses carried forward (Note (i))	9,438	14,400
Share-based payments	720	—
Less: Valuation allowance (Note (ii))	(9,438)	(14,400)
	720	—
Deferred tax liabilities
Acquired intangible assets	(158)	—
Outside basis difference (Note (iii))	(1,140)	(1,084)
Others	(28)	(27)
	(1,326)	(1,111)

(i)

Tax loss carried forward (Continued)

In accordance with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to claw back underpaid tax plus penalties and interest for PRC entities’ tax filings. In the case of tax evasion, which is not clearly defined in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities’ tax years from 2018 to 2022 remain subject to examination by the tax authorities. There were no ongoing examinations by tax authorities as of December 31, 2022 and 2023.

(ii)

Valuation allowance

Valuation allowance is provided against deferred tax assets when the Company determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Company considered factors including future taxable income exclusive of reversing temporary differences and tax loss carryforwards. Valuation allowance was provided for net operating loss carryforwards because it was more likely than not that such deferred tax assets will not be realized based on the Company’s estimate of its future taxable income. If events occur in the future that allow the Company to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.

(iii)

Outside basis difference

The deferred tax liabilities are recorded for the undistributed earnings in the Company’s VIE and its subsidiaries in the PRC of US$4,558 and US$4,335 as of December 31, 2022 and 2023, respectively.

Schedule of operating tax loss carry forwards expiring years


2024		724
2025		4,681
2026		7,888
2027		18,936
2028		22,743
Tax loss with no expiry		13,171
		68,143

Schedule of movement of valuation allowance


	For the years ended December 31,
	2021	2022	2023
Beginning balance	4,365	4,410	9,438
Additions	2,768	6,105	6,102
Reversals (Note)	(2,723)	(1,077)	(1,140)
Ending balance	4,410	9,438	14,400

Schedule of reconciliation between expense of income taxes


	For the years ended December 31,
	2021	2022	2023
Tax benefit calculated at statutory tax rates (Note i)	(3,488)	(53,491)	(9,540)
Effect of differences between statutory tax rates and foreign effective tax rates	1,746	7,759	2,249
Non-taxable other income	(348)	(249)	(414)
Non-deductible expenses (Note ii)	4,783	29,167	3,395
Valuation allowance	44	5,028	4,962
Outside basis difference (Note iii)	(186)	783	(56)
Additional deduction of research and development expenses (Note iv)	(125)	(465)	—
Others	114	286	51
Income tax expense/(credit)	2,540	(11,182)	647

Note:

(i)

The Company’s major operation was conducted out of the PRC. Accordingly, the Company prepared its tax rate reconciliation starting with the PRC statutory tax rate during the years ended December 31, 2021, 2022 and 2023.

(ii)

Non-deductible expenses were mainly related to allowance for credit losses, share-based compensation expenses, impairment on long-term investments, impairment on goodwill and long-lived assets.

(iii)

Outside basis difference is related to undistributed earnings in the Company’s VIE and its subsidiaries in the PRC (Note 22(e)(iii)).

(iv)

According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, companies engaged in research and development activities are entitled to claim ranging from 150% to 175% of the research and development expenses so incurred in a period as tax deductible expenses in determining its tax assessable profits for that period. Certain PRC subsidiaries of iClick Cayman have applied such additional deduction for the year ended December 31, 2021 and 2022.

Acquisitions - CMRS Group - Identifiable assets acquired and liabilities assumed (Details) $ in Thousands, $ in Thousands	1 Months Ended			12 Months Ended
	Aug. 31, 2022 USD ($)	Oct. 31, 2020 USD ($) shares	Oct. 31, 2020 HKD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Acquisitions
Consideration Payable Current					$ 3,458
Issuance of ordinary shares upon settlement for contingent consideration payable							$ 2,060
Cash settled				$ 5,161	7,742		10,007
Amount settled					$ 722
Class A ordinary shares
Acquisitions
Acquisition, No of shares \| shares				44,477,356	43,736,801
Class A ordinary shares of the Company	$ 1,577
CMRS Group Holding Limited
Acquisitions
Equity interest (as a percent)		100.00%
Fair value of cash consideration transferred		$ 4,335	$ 33,594		$ 12,903	$ 100,000	2,024	$ 4,335
Business acquisition contingent consideration		7,674
Fair value of cash consideration transferred		14,449
Cash		$ 4,335
Consideration Payable Current								$ 959
Remaining balance of cash consideration settled							$ 3,376
Business acquisition contingent consideration, percentage		4.32%	4.32%
Issuance of ordinary shares upon settlement for contingent consideration payable (in shares) \| shares							183,740
Issuance of ordinary shares upon settlement for contingent consideration payable							$ 2,060
Change in fair value recorded in consolidated statement of comprehensive loss under other gains, net					8,396		$ 418
Cash settled				$ 5,161	$ 7,742
CMRS Group Holding Limited \| Class A ordinary shares
Acquisitions
Acquisition, No of shares \| shares		182,950
Fair value of cash consideration transferred		$ 2,440
Class A ordinary shares of the Company		$ 2,440

Restricted net assets - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted net assets
Percentage of net after-tax income of Group's subsidiary and VIE required to be annually appropriated to the statutory general reserve fund prior to payment of any dividends	10.00%
Limit of statutory reserve fund as a percentage of registered capital, after which allocations to statutory reserve fund are no longer required	50.00%
Restricted net assets	$ 21,303	$ 32,239

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current
Deposits	$ 1,293	$ 1,928
Prepayments	1,009	2,917
Loans and interest receivable, net	1,672	726
Bank interest receivable	21	37
VAT recoverable	1,473	1,411
Others	1,287	1,028
Total other current assets	6,755	8,047
Non-current
Rental deposits	450	522
Loans receivable, net		6,073
Prepayment		1,034
Total other non-current assets	$ 450	$ 7,629

Certain risks and concentration (Tables)

12 Months Ended

Dec. 31, 2023

Certain risks and concentration

Schedule of financial data for VIEs on aggregated basis


	As of December 31,
	2022	2023
Assets
Cash and cash equivalents	1,497	1,024
Accounts receivable, net	2,625	2,338
Prepaid media costs	99	191
Amounts due from subsidiaries of the Company	8,374	7,972
Other current assets	1,142	918
Short-term investment	1,737	1,536
Other non-current assets	10	10
Total assets	15,484	13,989

Liabilities
Accounts payable	2,008	1,065
Deferred revenue	29	—
Lease liabilities	135	112
Bank borrowings	1,590	1,951
Income tax payable	501	433
Amounts due to subsidiaries of the Company	1,060	1,038
Accrued liabilities and other current liabilities	861	646
Deferred tax liabilities	64	26
Total liabilities	6,248	5,271


	For the years ended December 31,
	2021	2022	2023
Net revenues
From subsidiaries of the Company (Note)	1,028	601	2
From third parties	22,837	21,462	12,981
	23,865	22,063	12,983

Net loss (Note)	(900)	(1,367)	(216)


	For the years ended December 31,
	2021	2022	2023
Net cash provided by/(used in) operating activities
From subsidiaries of the Company	772	153	—
From third parties	(2,453)	(1,127)	(1,217)
	(1,681)	(974)	(1,217)

Net cash (used in)/provided by investing activities	(14)	—	146

Net cash provided by/(used in) financing activities
Receipts of advances from group companies	1,588	124	402
Repayments for advances from group companies	(554)	—	(22)
Other financing activities	1,161	(214)	300
	2,195	(90)	680

Note:

Services from VIE and VIE’s subsidiaries to other group companies

The VIE and VIE’s subsidiaries provide online advertising service to other group companies. For the years ended December 31, 2021, 2022 and 2023, the intercompany online advertising service revenues recognized by VIE and VIE’s subsidiaries were US$911, US$291 and US$2, respectively. These transactions are eliminated at the consolidation level.

The VIE and VIE’s subsidiaries also provide other marketing services to other group companies. For the years ended December 31, 2021, 2022 and 2023, the intercompany other marketing service revenues recognized by VIE and VIE’s subsidiaries were US$117, US$310 and US$nil, respectively. These transactions are eliminated at the consolidation level.

Services from other group companies to VIE and VIE’s subsidiaries

WFOE as primary beneficiary and other subsidiaries of the Company provide online advertising service and SaaS services to VIE and VIE’s subsidiaries. For the years ended December 31, 2021, 2022 and 2023, the intercompany online advertising and SaaS service revenues from VIE and VIE’s subsidiaries recognized by WFOE as primary beneficiary and other subsidiaries of the Company were US$49, US$285 and US$5, respectively. These transactions are eliminated at the consolidation level.

Schedule of estimated fair values of financial assets and liabilities


	Fair value measurements using
	Quoted
	prices
	in active	Significant
	markets for	other	Significant
	identical	observable	unobservable
	assets	inputs	inputs	Total fair
	(Level 1)	(Level 2)	(Level 3)	value
As of December 31, 2022
Short-term investment - wealth management	—	1,737	—	1,737
Short-term investments - listed equity securities	1,609	—	—	1,609
Other long-term investment - Available-for-sale debt investment	—	—	3,000	3,000
Other long-term equity investments	—	—	2,970	2,970
	1,609	1,737	5,970	9,316
As of December 31, 2023
Short-term investment - wealth management	—	1,536	—	1,536
Short-term investments - listed equity securities	403	—	—	403
Other long-term investment - Available-for-sale debt investment	—	—	3,179	3,179
	403	1,536	3,179	5,118

Summary of changes in Level 3 financial liabilities for convertible notes and derivative liability


	Contingent consideration
	payable
	For the years ended
	December 31,
	2022	2023
Balance at the beginning of year	4,507	—
Transfer to accrued liabilities	(4,507)	—
Balance at the end of year	—	—

Summary of changes in Level 3 financial assets for debt investment-convertible note


	Available-for-sale debt investments
	For the years ended December 31,
	2022	2023
Balance at the beginning of year	2,550	3,000
Acquisition	3,000	—
Fair value changes	(2,550)	179
Balance at the end of year	3,000	3,179

Summary of changes In financial asset measured using Level 3 input on a non-recurring basis


	Other long-term equity investments
	For the years ended December 31,
	2022	2023
Balance at the beginning of year	12,114	2,970
Investments made/transferred from prepayments	3,500	—
Disposal during the year	—	(1,936)
Transfer to short-term investments - listed equity securities (Note)	(1,510)	—
Impairment on investments	(10,805)	(1,034)
Exchange differences	(329)	—
Balance at the end of year	2,970	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Accounts receivable, net

12 Months Ended

Dec. 31, 2023

Accounts receivable, net

Accounts receivable, net

9	Accounts receivable, net


	As of December 31,
	2022	2023
Accounts receivable, gross	101,771	85,915
Less: allowance for credit losses (Note 2(j))	(37,215)	(29,163)
Accounts receivable, net	64,556	56,752

Property and equipment, net - Depreciation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and equipment, net
Depreciation expense recognized	$ 137	$ 842	$ 648
Cost of revenues
Property and equipment, net
Depreciation expense recognized		11	7
Research and development expenses
Property and equipment, net
Depreciation expense recognized		220	152
Sales and marketing expenses
Property and equipment, net
Depreciation expense recognized	125	219	171
General and administrative expenses
Property and equipment, net
Depreciation expense recognized	$ 12	$ 392	$ 318

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2023
Subsequent events
Subsequent events	The Company evaluated subsequent events from December 31, 2023 through the date when the consolidated financial statements were issued, and concluded that no subsequent events have occurred that would require recognition or disclose in the consolidated financial statements.

Lease accounting (Tables)

12 Months Ended

Dec. 31, 2023

Lease accounting

Schedule of maturity of operating lease liabilities

The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023.


2024		1,762
2025		979
2026		285
Total operating lease payments (undiscounted)		3,026
Less: Imputed interest		(134)
Total operating lease liabilities (discounted)		2,892

Schedule of lease cost


	For the years ended December 31,
	2021	2022	2023
Relating to the operating lease liabilities	2,862	2,835	530
Relating to short-term leases	1,518	894	966
	4,380	3,729	1,496

Schedule of supplemental cash flow information related to operating leases


	For the years ended December 31,
	2021	2022	2023
Cash paid for the rentals included in the lease liabilities	2,781	2,776	2,548
Right-of-use assets obtained in exchange for operating lease liabilities	3,163	2,988	1,782

Intangible assets, net

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Intangible assets, net

12	Intangible assets, net

Intangible assets consist of the following:


	As of December 31,
	2022	2023
Cost:
Computer software	23,802	23,819
Developed technologies	117	117
Customer relationship	2,135	2,135
Brand name	1,162	1,162
Contract backlog	585	585
Advertising contract	53,287	53,287
Total cost	81,088	81,105
Less: Accumulated amortization	(30,326)	(30,909)
Less: Accumulated impairment losses (Note 2(r))	(49,778)	(50,219)
Exchange differences	7	23
Intangible assets, net	991	—

12	Intangible assets, net (Continued)

Amortization expense recognized for the years ended December 31, 2021, 2022 and 2023 are summarized as follows:


	For the years ended December 31,
	2021	2022	2023
Cost of revenues	3,070	2,783	548
Sales and marketing expenses	12	22	13
General and administrative expenses	156	185	5
	3,238	2,990	566

Share-based compensation - Share option activities (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation
Weighted average remaining contractual life years	1 year 8 months 8 days	2 years 8 months 8 days	3 years 3 months 21 days	4 years 3 months 10 days
Weighted average remaining contractual life years, Vested and expected to vest	1 year 8 months 8 days	2 years 8 months 8 days	3 years 8 months 23 days
Weighted average remaining contractual life years, Exercisable to vest	1 year 8 months 8 days	2 years 8 months 8 days	3 years 8 months 23 days
Aggregate intrinsic value	$ 16	$ 17	$ 1,601	$ 4,578
Aggregate intrinsic value, Vested and expected to vest	16	17	1,601
Aggregate intrinsic value, Exercisable to vest	$ 16	$ 17	$ 1,601
Number of Share options , Beginning balance	274,830	314,314	432,102
Number of Share options, Exercised		(25,341)	(117,788)
Number of Share options, Forfeited	(780)	(14,143)
Number of Share options, Ending balance	274,050	274,830	314,314	432,102
Number of Share options, Vested and expected to vest	272,612	273,392	312,876
Number of Share options, Exercisable to vest	273,940	274,720	314,204
Weighted average exercise price, Beginning balance	$ 12.92	$ 12.41	$ 10.56
Weighted average exercise price, Exercised		2.69	5.61
Weighted average exercise price, Forfeited	5.37	19.95
Weighted average exercise price, Ending balance	12.95	12.92	12.41	$ 10.56
Weighted average exercise price, Vested and expected to vest	4.33	4.33	4.90
Weighted average exercise price, Exercisable to vest	4.39	4.39	4.95
Weighted average grant date fair value, Vested and expected to vest	15.38	15.37	15.25
Weighted average grant date fair value, Exercisable to vest	$ 15.35	$ 15.35	$ 15.23

Income tax - Current and deferred portions of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Current income tax expense	$ 141	$ 375	$ 3,445
Deferred tax benefits	506	(11,557)	(905)
Income tax expense/(credit)	$ 647	$ (11,182)	$ 2,540

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Other assets

12 Months Ended

Dec. 31, 2023

Other assets

Other assets

10	Other assets

Other assets consist of the following:


	As of December 31,
	2022	2023
Current
Deposits	1,928	1,293
Prepayments	2,917	1,009
Loans and interest receivable, net (Notes 2(j), 10(i))	726	1,672
Bank interest receivable	37	21
VAT recoverable	1,411	1,473
Others	1,028	1,287
	8,047	6,755
Non-current
Rental deposits	522	450
Loans receivable, net (Notes 2(j), 10(i))	6,073	—
Prepayment	1,034	—
	7,629	450

Note:

(i)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary shares	Treasury shares	Additional paid-in capital	Accumulated deficit	Statutory reserves	Accumulated other comprehensive losses	Total iClick Interactive Asia Group Limited shareholders' equity	Non-controlling interests	Total
Beginning balance at Dec. 31, 2020	$ 46		$ 492,400	$ (207,606)	$ 81	$ (2,478)	$ 272,102	$ 6,986	$ 279,088
Beginning balance (in shares) at Dec. 31, 2020	45,816,823
Treasury shares, beginning (in shares) at Dec. 31, 2020		2,396,372
Treasury shares, beginning at Dec. 31, 2020		$ (10,341)
Reissuance of treasury shares upon exercise of employee share options and vesting of RSUs	$ 1	$ 120	540				661		661
Reissuance of treasury shares upon exercise of employee share options and vesting of restricted share units ("RSUs") (in shares)	677,530	(677,530)
Share-based compensation expense			11,969				11,969		11,969
Issuance of shares upon vesting of RSUs (in shares)	572,500
Repurchase of ordinary shares		$ (10,687)					(10,687)		(10,687)
Repurchase of ordinary shares (in shares)		604,960
Issuance of ordinary shares upon subscription from Baozun Inc.	$ 1		18,539				18,540		18,540
Issuance of ordinary shares upon subscription from Baozun Inc. (in shares)	649,349
Issuance of ordinary shares upon settlement for contingent consideration payable			2,060				2,060		2,060
Issuance of ordinary shares upon settlement for contingent consideration payable (in shares)	183,740
Business combination								3,072	3,072
Net loss for the year				(13,631)			(13,631)	(2,967)	(16,598)
Foreign currency translation						3,338	3,338	146	3,484
Ending balance at Dec. 31, 2021	$ 48		525,508	(221,237)	81	860	284,352	7,237	291,589
Ending balance (in shares) at Dec. 31, 2021	47,899,942
Treasury shares, ending (in shares) at Dec. 31, 2021		2,323,802
Treasury shares, ending at Dec. 31, 2021		$ (20,908)
Reissuance of treasury shares upon exercise of employee share options and vesting of RSUs		$ 25	43				68		68
Reissuance of treasury shares upon exercise of employee share options and vesting of restricted share units ("RSUs") (in shares)	139,871	(139,871)
Share-based compensation expense			3,794				3,794		3,794
Issuance of shares upon vesting of RSUs (in shares)	345,000
Repurchase of ordinary shares		$ (7,574)					(7,574)		(7,574)
Repurchase of ordinary shares (in shares)		3,659,404
Purchase of interests in subsidiaries from non-controlling interests	$ 1		110				111	(833)	(722)
Purchase of interests in subsidiaries from non-controlling interests (in shares)	386,415
Net loss for the year				(200,875)			(200,875)	(1,931)	(202,806)
Foreign currency translation						(4,946)	(4,946)	(114)	(5,060)
Ending balance at Dec. 31, 2022	$ 49		529,455	(422,112)	81	(4,086)	74,930	4,359	$ 79,289
Ending balance (in shares) at Dec. 31, 2022	48,771,228
Treasury shares, ending (in shares) at Dec. 31, 2022		5,843,335							5,843,335
Treasury shares, ending at Dec. 31, 2022		$ (28,457)							$ (28,457)
Reissuance of treasury shares upon exercise of employee share options and vesting of RSUs		$ 15	(15)
Reissuance of treasury shares upon exercise of employee share options and vesting of restricted share units ("RSUs") (in shares)	79,136	(79,136)
Share-based compensation expense			1,082				1,082		1,082
Issuance of shares upon vesting of RSUs (in shares)	275,000
Repurchase of ordinary shares		$ (214)					(214)		(214)
Repurchase of ordinary shares (in shares)		634,415
Purchase of interests in subsidiaries from non-controlling interests	$ 1		(1)
Purchase of interests in subsidiaries from non-controlling interests (in shares)	(386,419)
Net loss for the year				(38,690)			(38,690)	(180)	(38,870)
Change in net retirement benefits plan - prior service cost						(32)	(32)		(32)
Foreign currency translation						49	49	(52)	(3)
Ending balance at Dec. 31, 2023	$ 50		$ 530,521	$ (460,802)	$ 81	$ (4,069)	$ 37,125	$ 4,127	$ 41,252
Ending balance (in shares) at Dec. 31, 2023	49,511,783
Treasury shares, ending (in shares) at Dec. 31, 2023		(6,398,614)							6,398,616
Treasury shares, ending at Dec. 31, 2023		$ (28,656)							$ (28,656)

Other gains/(losses), net

12 Months Ended

Dec. 31, 2023

Other gains/(losses), net

Other gains/(losses), net

21	Other gains/(losses), net


	For the years ended December 31,
	2021	2022	2023
Net exchange gain/(loss)	622	(3,183)	(1,222)
Forfeiture of advances from customers (Note (i))	1,654	1,552	1,933
Government subsidy income (Note (ii))	3,281	4,458	1,277
Fair value (losses)/gains on short-term investments	(316)	(2,368)	566
Fair value gain on long-term investment	—	—	179
Impairment on long-term investments	(4,038)	(10,805)	(1,034)
Fair value change in contingent consideration payable	418	(8,396)	—
ADR reimbursement from depositary bank	410	(169)	—
Others	172	(254)	343
Total	2,203	(19,165)	2,042

Note:

(i)

The forfeited advances from customers are recognized as other gains when the contractual obligation of iClick Cayman to provide the agreed services no longer existed legally due to passage of time.

(ii)

Government subsidy income mainly includes an additional 10% VAT super-credit subsidy from the PRC government to offset against VAT payable for the period from April 1, 2019 to December 31, 2023.

Share-based compensation - RSUs Activity (Parenthetical) (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
Share-based compensation
Vesting period (year)	0 years	0 years	0 years
Maximum
Share-based compensation
Vesting period (year)	4 years	4 years	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Organization and principal activities - Subsidiaries and Consolidated VIE's (Parenthetical) (Details) $ in Thousands	1 Months Ended	12 Months Ended		24 Months Ended
	Aug. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) item shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2025 shares	Dec. 31, 2021	Nov. 30, 2018
Ownership:
Non-controlling interests		$ 4,127	$ 4,359
Changyi (Shanghai) Information Technology Ltd. ("Changyi")
Ownership:
Equity interest, percentage	100.00%				59.84%
Total cash as paid-up capital	$ 722
Class A ordinary shares
Ownership:
Purchase of interests in subsidiaries from non-controlling interests, fair market value	$ 1,577
Class A ordinary shares \| Changyi (Shanghai) Information Technology Ltd. ("Changyi")
Ownership:
Non-controlling interest transferred to additional paid in capital due to purchase of interest in subsidiary			$ 833
Changyi (Shanghai) Information Technology Ltd. ("Changyi")
Ownership:
Equity interest acquired	40.16%
Changyi (Shanghai) Information Technology Ltd. ("Changyi") \| Class A ordinary shares
Ownership:
Purchase of interests in subsidiaries from non-controlling interests, shares \| shares	1,545,663	386,419	386,415	772,829
Number of installments for issuance of remaining shares \| item		2
Shanghai Myhayo Technology Co Ltd \| Maximum
Ownership:
Equity ownership interest						50.00%
Changyi (Shanghai) Information Technology Ltd. ("Changyi")
Ownership:
Equity ownership interest		100.00%
Optimal Power Limited
Ownership:
Equity ownership interest		100.00%

Organization and principal activities - OptAim (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated VIE and VIE's subsidiary
Total assets	$ 163,704	$ 221,782
Total Liabilities	122,452	142,493
OptAim VIE
Consolidated VIE and VIE's subsidiary
Total assets	6,017	7,110
Total Liabilities	4,233	5,188
Registered capital and statutory reserve	$ 2,081	$ 2,081
OptAim VIE \| Mr Jian Tang
Consolidated VIE and VIE's subsidiary
VIE direct or indirect ownership (as a percent)	30.00%

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Principal accounting policies - Revenue recognition and cost of revenues - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Net revenues	$ 133,217	$ 169,080	$ 307,702
Other revenue	126,638	157,622	277,445
Revenue from sales agent and cost-plus
Disaggregation Of Revenue [Line Items]
Other revenue	$ 6,579	$ 11,458	$ 30,257

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

+ Details

Principal accounting policies - Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Dividends declared	$ 0	$ 0	$ 0

Acquisitions - Sky Gem International Limited - Identifiable assets acquired and liabilities assumed (Details) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2023
Acquisitions
Goodwill		$ 81,674,000	$ 0
Sky Gem International Limited
Acquisitions
Fair value of cash consideration transferred	$ 3,200,000	$ 3,200,000
Other assets	2,000,000
Other liabilities	(17,000)
Non-controlling interests	(3,072,000)
Total identifiable net assets acquired, net of non-controlling interests	(1,089,000)
Goodwill	$ 4,289,000

- Definition

+ References + Details

Basic and diluted net loss per share - Computation of diluted net loss per ordinary share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share options, RSUs and warrants
Basic and diluted net loss per share
Ordinary shares equivalent excluded from computation of diluted net loss per ordinary share	16	385	2,613

Income tax (Details) $ in Thousands, $ in Millions	12 Months Ended
Income tax (Details) $ in Thousands, $ in Millions	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Dec. 31, 2023 USD ($)
Income tax
Deferred tax liabilities, undistributed earnings from subsidiaries		$ 1,140		$ 1,084
Minimum
Income tax
Entitled percentage of research and development expense claimed as tax deductible expense	150.00%
Maximum
Income tax
Entitled percentage of research and development expense claimed as tax deductible expense	175.00%
Hong Kong
Income tax
Assessable profits for tax rate 8.25%	$ 2
Tax rate for assessable profits less than 2000000	8.25%
Tax rate for assessable profits more than 2000000	16.50%
Statutory income tax rate	16.50%
PRC
Income tax
Statutory income tax rate	25.00%	25.00%	25.00%
Preferential enterprise tax rate	15.00%	15.00%	15.00%
Statutory withholding tax rate	10.00%	10.00%	10.00%
Tax arrangements between the PRC government and the government of other jurisdiction	5.00%	5.00%	5.00%
Undistributed earnings from subsidiaries		$ 1,087		354
Estimated foreign withholding taxes that would be due if these earnings were remitted as dividends		54		18
Deferred tax liabilities, undistributed earnings from subsidiaries		$ 4,558		$ 4,335

Other Long-term investments - Summary of Movement of Other Long-term Investments and Prepayments for Long-term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other long-term investments
Balance at the beginning of year	$ 2,970	$ 12,114
Investments made/transferred from prepayments		3,500
Disposal during the year	(1,936)
Transfer to short-term investments		(1,510)
Impairment	$ (1,034)	(10,805)
Exchange differences		(329)
Balance at the end of year		$ 2,970

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Foreign currency translation adjustment	$ 0	$ 0	$ 0

Bank borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Bank borrowings

Schedule of bank borrowings


	As of December 31,
	2022	2023
1-year revolving loans denominated in RMB at interest rates ranging from 3.60% to 4.85% (2022: 5.22%) per annum	18,411	10,452
Half-year revolving loans denominated in RMB at interest rates of 3.00% (2022: 3.00% to 5.00%) per annum	15,896	15,956
Revolving service trade loans denominated in HK$ at interest rates of 9.52% (2022: 8.60% to 8.64%) per annum	4	14
3-month revolving loan denominated in RMB at an interest rate of 4.70% (2022: 3.00%) per annum	7,876	11,148
1-year term loans denominated in RMB at interest rates ranging from 3.60% to 4.40% (2022: 3.65% to 4.00%) per annum	2,096	836
	44,283	38,406

Income tax - Operating tax loss carry forwards expiring years (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Income tax
Operating loss carry forwards	$ 68,143
Underpaid tax claw back period	5 years
2024
Income tax
Operating loss carry forwards	$ 724
2025
Income tax
Operating loss carry forwards	4,681
2026
Income tax
Operating loss carry forwards	7,888
2027
Income tax
Operating loss carry forwards	18,936
2028
Income tax
Operating loss carry forwards	22,743
Tax loss with no expiry
Income tax
Operating loss carry forwards	$ 13,171

Organization and principal activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization and principal activities

Schedule of subsidiaries of company and consolidated VIE'S


		Effective interest held
		through equity
		ownership/ contractual		Date of	Place of
		arrangements		incorporation/	incorporation/
Name	Relationship	(Note (i))		establishment	establishment	Principal activities
Tetris Media Limited	Subsidiary	100	%	July 2007	Hong Kong	Investment holding
iClick Interactive Asia Limited	Subsidiary	100	%	December 2008	Hong Kong	Online advertising, SaaS products and services
China Search (Asia) Limited	Subsidiary	100	%	September 2010	Hong Kong	Online advertising
iClick Interactive (Singapore) Pte. Ltd.	Subsidiary	100	%	January 2011	Singapore	Online advertising
iClick Data Technology (Beijing) Limited (“Beijing WFOE”)	Subsidiary	100	%	January 2011	The PRC	Online advertising, SaaS products and services
Search Asia Technology (Shenzhen) Co., Ltd.	Subsidiary	100	%	January 2011	The PRC	Online advertising
Performance Media Group Limited	Subsidiary	100	%	January 2013	Hong Kong	Online advertising
CMRS Digital Solutions Limited	Subsidiary	100	%	April 2008	Hong Kong	Online advertising, SaaS products and services
Beyond Digital Solutions Limited	Subsidiary	100	%	April 2010	Hong Kong	Online advertising, SaaS products and services
CruiSo Digital Solutions Limited	Subsidiary	100	%	May 2011	Hong Kong	Online advertising, SaaS products and services
Tetris Information Technology (Shanghai) Co., Ltd.	Subsidiary	100	%	April 2008	The PRC	Online advertising, SaaS products and services
OptAim (Beijing) Information Technology Co., Ltd. (“OptAim WFOE”)	Subsidiary	100	%	November 2014	The PRC	Online advertising, SaaS products and services


		Effective interest held
		through
		equity ownership/
		contractual		Date of	Place of
		arrangements		incorporation/	incorporation/
Name	Relationship	(Note (i))		establishment	establishment	Principal activities
Anhui Zhiyunzhong Information Technology Co., Ltd. (“OptAim Anhui”)	Subsidiary	100	%	November 2017	The PRC	Online advertising, SaaS products and services
Tetris (Shanghai) Data Technology Co., Ltd.	Subsidiary	100	%	October 2020	The PRC	Online advertising, SaaS products and services
Zhiyunzhong (Shanghai) Technology Co., Ltd. (“Shanghai OptAim”)	Subsidiary	100	%	September 2014	The PRC	Online advertising
Beijing OptAim Network Technology Co., Ltd. (“Beijing OptAim”)	VIE	100	%	September 2012	The PRC	Online advertising
Shanghai Myhayo Technology Co., Ltd. (“Myhayo”) (Note (ii))	VIE’s subsidiary	36.8	%	May 2017	The PRC	Mobile content aggregator and online advertising
Anhui Myhayo Technology Co., Ltd. (“Anhui Myhayo”) (Note (ii))	VIE’s subsidiary	36.8	%	September 2018	The PRC	Mobile content aggregator and online advertising
Changyi (Shanghai) Information Technology Ltd. (“Changyi”) (Note (iii))	Subsidiary	100	%	January 2014	The PRC	SaaS products and services
Xi’an Changzhan Information Technology Ltd. (“Xian Changyi”)	Subsidiary	100	%	August 2019	The PRC	SaaS products and services
Optimal Power Limited (“Optimal”)	Subsidiary	100	%	September 2019	BVI	Investment holding

Note:

(i)

Save for the impacts from the transactions detailed in Note (iii) below, there was no change in iClick Cayman’s effective interest held through equity ownership/ contractual arrangements over the principal subsidiaries and consolidated VIE and the VIE’s subsidiaries during the years ended December 31, 2021, 2022 and 2023.

(ii)

Although iClick Cayman owns less than 50% ownership in these entities, these entities are consolidated as iClick Cayman obtains control with its controlling voting right at the level of both shareholders and board of directors pursuant to agreements with other investors of these entities.

(iii)

As of and during the year ended December 31, 2021, iClick Cayman held 59.84% equity interest of Changyi. In August 2022, iClick Cayman acquired the remaining 40.16% equity interest of Changyi from non-controlling interests using cash consideration of US$722 and 1,545,663 class A ordinary shares of iClick Cayman with a fair market value of US$1,577, resulting in a transfer of non-controlling interests of US$833 to additional paid-in capital for the year ended December 31, 2022. Out of the 1,545,663 consideration ordinary shares, 386,415 and 386,419 shares were issued in 2022 and 2023, respectively. The remaining 772,829 shares will be issued by two instalments in 2024 and 2025. Upon completion of this transaction in 2022, iClick Cayman owns 100% equity interests in Changyi.

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies

Commitments and contingencies

26	Commitments and contingencies

(a)	Litigation

In the ordinary course of the business, the Company is subject to periodic legal or administrative proceedings. As of December 31, 2023, the Company is not a party to any legal or administrative proceedings which will have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.

(b)	Capital commitments

As of December 31, 2023 and 2022, the Company had no capital commitments.

Related party transactions

12 Months Ended

Dec. 31, 2023

Related party transactions

Related party transactions

24	Related party transactions

Save as disclosed elsewhere in these consolidated financial statements, there were no transactions nor balances with related parties as of and for the years ended December 31, 2021, 2022 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Accrued liabilities and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current
Rebates payable to customers	$ 841	$ 677
VAT and other taxes payable	8,394	8,597
Security deposit received from customers	789	822
Accrued employee benefits	9,690	10,567
Accrued professional fees	3,799	4,048
Accrued marketing and hosting expense	1,250	1,257
Consideration payable		3,458
Advance from a former non-controlling interest shareholder		500
Others	563	613
Accrued liabilities and other current liabilities	25,326	30,539
Non-current
Deferred other income		368
Consideration payable		1,703
Severance liabilities	38
Accrued liabilities and other non current liabilities	$ 38	$ 2,071

Basic and diluted net loss per share (Tables)

12 Months Ended

Dec. 31, 2023

Basic and diluted net loss per share

Summary of basic and diluted net loss per share


	For the years ended December 31,
	2021	2022	2023
Numerator:
Net loss attributable to ordinary shareholders of iClick Cayman	(13,631)	(200,875)	(38,690)
Numerator for basic and diluted net loss per share	(13,631)	(200,875)	(38,690)
Denominator:
Denominator for basic and diluted net loss per share - weighted average shares outstanding	48,187,235	50,420,225	51,118,300
Basic net loss per share	(0.28)	(3.98)	(0.75)
Diluted net loss per share	(0.28)	(3.98)	(0.75)

Computation of diluted net loss per ordinary share

Bank borrowings - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Bank borrowings
Accounts receivable, net	$ 56,752	$ 64,556
Available banking facilities	55,692	165,288
Utilized banking facilities	38,406	44,283
Bank borrowings	10,431	97,420
Pledged Assets
Bank borrowings
Restricted cash pledge	6,442	41,235
Service Trade
Bank borrowings
Bank borrowings	4,486	18,093
Term Loan Facilities
Bank borrowings
Bank borrowings	2,369	5,492
Corporate Guarantee
Bank borrowings
Bank deposits	26,756	22,543
Accounts receivable, net	$ 18	$ 5

Certain risks and concentration - Fair value measurement - Equity securities without readily determinable fair value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Certain risks and concentration
Impairment charges to investments \| $	$ 1,034	$ 10,805	$ 4,038
Discount for lack of marketability		0.20
Price-to-sales multiples		7.6
Fair value of investments in equity securities \| item		1

Equity investment - Summary of investment in V-Click (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity investment
Balance at the beginning of year	$ 279	$ 354
Share of losses	(61)	(75)
Balance at the end of year	$ 218	$ 279

Principal accounting policies - Current expected credit losses upon adoption of ASC 326 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Principal accounting policies
Provision for credit losses in respect of individually assessed receivables	$ 15,092	$ 20,233

Cash and cash equivalents and time deposits

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents and time deposits

Cash and cash equivalents and time deposits

5	Cash and cash equivalents and time deposits

Cash and cash equivalents represent cash on hand, cash held at banks, and short-term deposits placed with banks or other financial institutions, which have original maturities of three months or less.

As of December 31, 2023, the Company had time deposits of US$258 (2022: US$10) with an average original maturity of 91-95 days (2022: 5 months) which are denominated in US$ (2022: same).

Cash and cash equivalents and time deposits as of December 31, 2022 and 2023 primarily consist of the following currencies:


	As of December 31,
	2022		2023
	Amount in	US$	Amount in	US$
	thousand	equivalent	thousand	equivalent
RMB	378,033	54,632	257,468	35,879
HK$	77,960	10,059	52,602	6,787
US$	17,323	17,323	6,324	6,324
Japanese Yen	11,764	91	235,432	1,519
Singapore dollars	471	345	244	184
New Taiwan dollars	3,066	99	2,829	91
Others	239	215	424	240
		82,764		51,024

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based compensation

Schedule of share option activities


				Weighted
		Weighted	Weighted	average
	Number of	average	average	remaining	Aggregate
	share	exercise	grant date	contractual	intrinsic
	options	price	fair value	life	value
		US$	US$	years	US$’000
At January 1, 2021	432,102	10.56	N/A	4.28	4,578
Exercised	(117,788)	5.61	N/A	N/A	N/A
At December 31, 2021	314,314	12.41	N/A	3.31	1,601
Vested and expected to vest at December 31, 2021	312,876	4.90	15.25	3.73	1,601
Exercisable to vest at December 31, 2021	314,204	4.95	15.23	3.73	1,601
At January 1, 2022	314,314	12.41	N/A	3.31	1,601
Exercised	(25,341)	2.69	N/A	N/A	N/A
Forfeited	(14,143)	19.95	N/A	N/A	N/A
At December 31, 2022	274,830	12.92	N/A	2.69	17
Vested and expected to vest at December 31, 2022	273,392	4.33	15.37	2.69	17
Exercisable to vest at December 31, 2022	274,720	4.39	15.35	2.69	17
At January 1, 2023	274,830	12.92	N/A	2.69	17
Forfeited	(780)	5.37	N/A	N/A	N/A
At December 31, 2023	274,050	12.95	N/A	1.69	16
Vested and expected to vest at December 31, 2023	272,612	4.33	15.38	1.69	16
Exercisable to vest at December 31, 2023	273,940	4.39	15.35	1.69	16

Schedule of RSUs activity


		Weighted
		average
	Number of	grant date
	RSUs	fair value
At January 1, 2021	634,505	8.11
Granted (with a vesting period of 0 to 4 years)	716,265	15.73
Vested	(1,049,007)	11.32
Forfeited/expired (Note (ii))	(74,186)	12.73
At December 31, 2021	227,577	17.65
Expected to vest at December 31, 2021	209,878	19.07

At January 1, 2022	227,577	17.65
Granted (with a vesting period of 0 to 4 years)	301,850	5.62
Vested	(414,314)	8.78
Forfeited/expired (Note (ii))	(4,650)	12.53
At December 31, 2022	110,463	18.26
Expected to vest at December 31, 2022	92,900	17.91

At January 1, 2023	110,463	18.26
Granted (with a vesting period of 0 to 4 years)	762,510	0.73
Vested	(208,558)	5.32
Forfeited/expired (Note (ii))	(3,875)	24.25
At December 31, 2023	660,540	2.07
Expected to vest at December 31, 2023	639,362	1.12

Note:

(i)

All share-based payments to employees are measured based on their grant-date fair values. Compensation expense is recognized based on the vesting schedule over the requisite service period. Total fair values and intrinsic value of RSUs vested and recognized as expenses for the years ended December 31, 2021, 2022 and 2023 were US$11,965, US$3,794 and US$1,082 respectively.

(ii)

Schedule of compensation costs recognized


	For the years ended December 31,
	2021	2022	2023
Cost of revenues	12	18	7
Research and development	221	337	148
Sales and marketing	9,991	1,743	612
General and administrative	3,275	1,696	315
Total	13,499	3,794	1,082

Other assets - Additional Information (Details)	12 Months Ended
Other assets - Additional Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Other assets
Maturity description	the end of the reporting period.	one year from the end of the reporting period
Equity Investees [Member]
Other assets
Fixed interest rate of loans receivable	6.00%

Principal accounting policies - Research and development expenses (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Principal accounting policies
Capitalized development costs related to ERP software as intangible assets	$ 111

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2023

Accounts receivable, net

Summary of accounts receivable


	As of December 31,
	2022	2023
Accounts receivable, gross	101,771	85,915
Less: allowance for credit losses (Note 2(j))	(37,215)	(29,163)
Accounts receivable, net	64,556	56,752

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 50,766,000	$ 82,754,000
Time deposits	258,000	10,000
Restricted cash	26,756,000	22,543,000
Short-term investments	5,723,000	7,011,000
Amount due from an equity investee	6,000	312,000
Accounts receivable, net of allowance for credit losses of US$37,215 and US$29,163 as of December 31, 2022 and 2023, respectively	56,752,000	64,556,000
Rebates receivable	1,006,000	2,933,000
Prepaid media costs	11,781,000	16,494,000
Other current assets, net of allowance for credit losses of US$nil and US$8,384 as of December 31, 2022 and 2023, respectively	6,755,000	8,047,000
Total current assets	159,803,000	204,660,000
Non-current assets
Deferred tax assets		720,000
Property and equipment, net		241,000
Investment in an equity investee	218,000	279,000
Other long-term investments	3,179,000	5,970,000
Intangible assets, net		991,000
Goodwill	0
Right-of-use assets, net	54,000	1,292,000
Other assets, net of allowance for credit losses of US$4,043 and US$nil as of December 31, 2022 and 2023, respectively	450,000	7,629,000
Total non-current assets	3,901,000	17,122,000
Total assets	163,704,000	221,782,000
Current liabilities
Accounts payable (including accounts payable of the consolidated variable interest entity ("VIE") and its subsidiaries without recourse to the Company of US$2,008 and US$1,065 as of December 31, 2022 and 2023, respectively)	40,321,000	41,728,000
Deferred revenue (including deferred revenue of the consolidated VIE and its subsidiaries without recourse to the Company of US$29 and US$nil as of December 31, 2022 and 2023, respectively)	12,390,000	16,975,000
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated VIE and its subsidiaries without recourse to the Company of US$861 and US$646 as of December 31, 2022 and 2023, respectively)	25,326,000	30,539,000
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the Company of US$111 and US$64 as of December 31, 2022 and 2023, respectively)	1,661,000	2,151,000
Bank borrowings (including bank borrowing of the consolidated VIE and its subsidiaries without recourse to the Company of US$1,590 and US$1,951 as of December 31, 2022 and 2023, respectively)	38,406,000	44,283,000
Income tax payable (including income tax payable of the consolidated VIE and its subsidiaries without recourse to the Company of US$501 and US$433 as of December 31, 2022 and 2023, respectively)	1,968,000	2,040,000
Total current liabilities	120,072,000	137,716,000
Non-current liabilities
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the Company of US$24 and US$48 as of December 31, 2022 and 2023, respectively)	1,231,000	1,380,000
Deferred tax liabilities (including deferred liabilities of the consolidated VIE and its subsidiaries without recourse to the Company of US$64 and US$26 as of December 31, 2022 and 2023, respectively)	1,111,000	1,326,000
Accrued liabilities and other liabilities	38,000	2,071,000
Total non-current liabilities	2,380,000	4,777,000
Total liabilities	122,452,000	142,493,000
Commitments and contingencies
Equity
Treasury shares (5,843,335 and 6,398,616 shares as of December 31, 2022 and 2023, respectively)	(28,656,000)	(28,457,000)
Additional paid-in capital	530,521,000	529,455,000
Statutory reserves	81,000	81,000
Accumulated other comprehensive losses	(4,069,000)	(4,086,000)
Accumulated deficit	(460,802,000)	(422,112,000)
Total iClick Interactive Asia Group Limited shareholders' equity	37,125,000	74,930,000
Non-controlling interests	4,127,000	4,359,000
Total equity	41,252,000	79,289,000
Total liabilities and equity	163,704,000	221,782,000
Class A ordinary shares
Equity
Ordinary shares	45,000	44,000
Class B ordinary shares
Equity
Ordinary shares	$ 5,000	$ 5,000

Share-based compensation - Summary of compensation costs recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Compensation costs
Compensation cost recognized	$ 1,082	$ 3,794	$ 13,499
Cost of revenues
Compensation costs
Compensation cost recognized	7	18	12
Research and development
Compensation costs
Compensation cost recognized	148	337	221
Sales and marketing
Compensation costs
Compensation cost recognized	612	1,743	9,991
General and administrative
Compensation costs
Compensation cost recognized	$ 315	$ 1,696	$ 3,275

Principal accounting policies - Other long-term investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Impairment losses recognized	$ 1,034	$ 10,805	$ 4,038

Other Long-term investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other long-term investments
Impairment charges for investments without readily determinable fair value	$ 1,034	$ 10,805	$ 4,038

Certain risks and concentration

12 Months Ended

Dec. 31, 2023

Certain risks and concentration

Certain risks and concentration

3	Certain risks and concentration

(a)	PRC regulations

The China market in which the Company operates poses certain macro-economic and regulatory risks and uncertainties. These uncertainties extend to the ability of the Company to engage in online advertising businesses through contractual arrangements in the PRC since the internet and marketing services industries remain regulated. The Company conducts certain of its operations in the PRC through its variable interest entity, which it consolidates as a result of a series contractual arrangements enacted. Though the PRC has, since 1978, implemented a wide range of market-oriented economic reforms, continued reforms and progress towards a full market-oriented economy are uncertain. In addition, the telecommunication, information, and media industries remain highly regulated. Restrictions are currently in place and are unclear with respect to which segments of these industries foreign owned entities, like the Company, may operate. The Chinese government may issue from time to time new laws or new interpretations on existing laws to regulate areas such as telecommunication, information and media. Regulatory risk also encompasses the interpretation by the tax authorities of current tax laws, and the Company’s legal structure and scope of operations in the PRC, which could be subject to further restrictions resulting in limitations on the Company’s ability to conduct business in the PRC.

There are uncertainties regarding the interpretation and application of current and future PRC laws, rules and regulations, including but not limited to the laws, rules and regulations governing the validity and enforcement of the contractual arrangements with consolidated VIE. The Company believes that the structure for operating its business in the PRC (including the ownership structure and the contractual arrangements with the consolidated VIE is in compliance with all applicable existing PRC laws, rules and regulations, and does not violate, breach, contravene or otherwise conflict with any applicable PRC laws, rules or regulations. However, the Company cannot assure that the PRC regulatory authorities will not adopt any new regulation to restrict or prohibit foreign investments in the online advertising business through contractual arrangements in the future or that it will not determine that the ownership structure and contractual arrangements violate PRC laws, rules or regulations.

3	Certain risks and concentration (Continued)

(a)

PRC regulations (Continued)

If iClick Cayman and its consolidated VIE are found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, including:

●

revoking the business licenses of such entities;

●

discontinuing or restricting the conduct of any transactions between iClick Cayman’s PRC subsidiaries and OptAim VIE;

●

imposing fines, confiscating the income of OptAim VIE or iClick Cayman’s PRC subsidiaries, or imposing other requirements with which iClick Cayman or its PRC subsidiaries and OptAim VIE may not be able to comply;

●

requiring iClick Cayman to restructure its ownership structure or operations, including terminating the contractual arrangements with OptAim VIE and deregistering the equity pledges of OptAim VIE, which in turn would affect its ability to consolidate, derive economic interests from, or exert effective control over OptAim VIE; or

●

restricting or prohibiting its use of the proceeds of any offering to finance its business and operations in the PRC.

If the imposition of any of these penalties precludes the Company from operating its business, it would no longer be in a position to generate revenue or cash from it. If the imposition of any of these penalties causes iClick Cayman to lose its rights to direct the activities of its consolidated VIE or its rights to receive its economic benefits, iClick Cayman would no longer be able to consolidate these entities, and its financial statements would no longer reflect the results of operations from the business conducted by VIE except to the extent that iClick Cayman receives payments from VIE under the contractual arrangements. Either of these results, or any other significant penalties that might be imposed on iClick Cayman in this event, would have a material adverse effect on its financial condition and results of operations.

On January 19, 2015, the Ministry of Commerce (“MOFCOM”), released for public comment a proposed PRC law, the Draft Foreign Investment Law, that appeared to include VIEs within the scope of entities that could be considered to be foreign investment enterprises (“FIEs”), that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. The National People’s Congress approved the Foreign Investment Law on March 15, 2019, effective on January 1, 2020. The Foreign Investment Law removes all references to the terms of “de facto control” or “contractual control” as defined in the draft published in 2015. However, the Foreign Investment Law has a catch-all provision under the definition of “foreign investment” which includes investments made by foreign investors in China through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. In the event that the State Council in the future promulgates laws and regulations that deem investments made by foreign investors through contractual arrangements as “foreign investment” the Company’s ability to use the contractual arrangements with its VIE and the Company ability to conduct business through the VIE could be severely limited.

3	Certain risks and concentration (Continued)

(a)	PRC regulations (Continued)

Furthermore, on December 19, 2020, the NDRC and MOFCOM promulgated the Foreign Investment Security Review Measures, which took effect on January 18, 2021. Under the Foreign Investment Security Review Measures, investments in military, national defense-related areas or in locations in proximity to military facilities, or investments that would result in acquiring the actual control of assets in certain key sectors, such as critical agricultural products, energy and resources, equipment manufacturing, infrastructure, transport, cultural products and services, IT, Internet products and services, financial services and technology sectors, are required to be approved by designated governmental authorities in advance. Although the term “investment through other means” is not clearly defined under the Foreign Investment Security Review Measures, iClick Cayman cannot rule out the possibility that control through contractual arrangement may be regarded as a form of actual control and therefore require approval from the competent governmental authority. As the Foreign Investment Security Review Measures were recently promulgated, there are great uncertainties with respect to its interpretation and implementation. Accordingly, there are substantial uncertainties as to whether the Company’s VIE structure may be deemed as a method of foreign investment in the future. If the VIE structure were to be deemed as a method of foreign investment under any future laws, regulations and rules, and if any of the Company’s business operations were to fall under the “negative list” for foreign investment, we would need to take further actions in order to comply with these laws, regulations and rules, which may materially and adversely affect our current corporate structure, business, financial condition and results of operations.

iClick Cayman’s ability to control the VIE also depends on the powers of attorney the founders have to vote on all matters requiring shareholder approval in the VIE. As noted above, these powers of attorney are believed to be legally enforceable but may not be as effective as direct equity ownership.

OptAim VIE holds assets that are important to the operation of the Company’s business, including patents for proprietary technology and trademarks. If OptAim VIE falls into bankruptcy and all or part of its assets become subject to liens or rights of third-party creditors, the Company may be unable to conduct major part of its business activities in the PRC, which could have a material adverse effect on the Company’s future financial position, results of operations or cash flows. However, the Company believes this is a normal business risk many companies face. The Company will continue to closely monitor the financial conditions of OptAim VIE.

OptAim VIE’s assets comprise both recognized and unrecognized revenue-producing assets. The recognized revenue-producing assets include leasehold improvements, computers and network equipment and computer software which are recognized in the Company’s consolidated balance sheet. The unrecognized revenue-producing assets mainly consist of patents, trademarks and assembled workforce which are not recorded in the financial statements of OptAim VIE as it did not meet the recognition criteria set in ASC 350-30-25.

3	Certain risks and concentration (Continued)

(a)

PRC regulations (Continued)

The following table sets forth the financial data for the VIE and VIE’s subsidiaries on an aggregated basis. For purposes of this presentation, activities within and between the VIE and VIE’s subsidiaries have been eliminated, but transactions with other entities within the consolidated group have been included without elimination.


	As of December 31,
	2022	2023
Assets
Cash and cash equivalents	1,497	1,024
Accounts receivable, net	2,625	2,338
Prepaid media costs	99	191
Amounts due from subsidiaries of the Company	8,374	7,972
Other current assets	1,142	918
Short-term investment	1,737	1,536
Other non-current assets	10	10
Total assets	15,484	13,989

Liabilities
Accounts payable	2,008	1,065
Deferred revenue	29	—
Lease liabilities	135	112
Bank borrowings	1,590	1,951
Income tax payable	501	433
Amounts due to subsidiaries of the Company	1,060	1,038
Accrued liabilities and other current liabilities	861	646
Deferred tax liabilities	64	26
Total liabilities	6,248	5,271


	For the years ended December 31,
	2021	2022	2023
Net revenues
From subsidiaries of the Company (Note)	1,028	601	2
From third parties	22,837	21,462	12,981
	23,865	22,063	12,983

Net loss (Note)	(900)	(1,367)	(216)

3	Certain risks and concentration (Continued)

(a)

PRC regulations (Continued)


	For the years ended December 31,
	2021	2022	2023
Net cash provided by/(used in) operating activities
From subsidiaries of the Company	772	153	—
From third parties	(2,453)	(1,127)	(1,217)
	(1,681)	(974)	(1,217)

Net cash (used in)/provided by investing activities	(14)	—	146

Net cash provided by/(used in) financing activities
Receipts of advances from group companies	1,588	124	402
Repayments for advances from group companies	(554)	—	(22)
Other financing activities	1,161	(214)	300
	2,195	(90)	680

Note:

Services from VIE and VIE’s subsidiaries to other group companies

Services from other group companies to VIE and VIE’s subsidiaries

As of December 31, 2022 and 2023, there were no balances for management fees charged to VIE and VIE’s subsidiaries.

In accordance with the VIE arrangements, the Company has the power to direct activities of OptAim VIE, and can have assets transferred out of OptAim VIE. Therefore, the Company considers that there are no assets of OptAim VIE that can be used only to settle their obligations.

(b)	Foreign exchange risk

Assets and liabilities of non-US$ functional currency entities are translated into US$ using the applicable exchange rates at the balance sheet date. Items in the statements of comprehensive loss are translated into US$ using the average exchange rate during the period. Equity accounts were translated at their historical exchange rates. The resulting translation adjustments are accumulated as a component of accumulated other comprehensive income on the consolidated statements of shareholders’ equity.

3	Certain risks and concentration (Continued)

(b)	Foreign exchange risk (Continued)

Certain of the Company’s operating activities are transacted in Renminbi (“RMB”), which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China.

The revenues and expenses of the Company’s subsidiaries, VIE and VIE’s subsidiaries in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies, and remittances of foreign currencies into the PRC and exchange of foreign currencies into RMB require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market.

Certain of the Company’s operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Company considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.

(c)	Fair value measurement

(i)

Financial assets and liabilities measured at fair value on a recurring basis

The following table sets forth, by level within the fair value hierarchy (Note 2(e)), financial assets and liabilities measured at fair value as of December 31, 2022 and 2023. As required by ASC 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.


	Fair value measurements using
	Quoted
	prices
	in active	Significant
	markets for	other	Significant
	identical	observable	unobservable
	assets	inputs	inputs	Total fair
	(Level 1)	(Level 2)	(Level 3)	value
As of December 31, 2022
Short-term investment - wealth management	—	1,737	—	1,737
Short-term investments - listed equity securities	1,609	—	—	1,609
Other long-term investment - Available-for-sale debt investment	—	—	3,000	3,000
Other long-term equity investments	—	—	2,970	2,970
	1,609	1,737	5,970	9,316
As of December 31, 2023
Short-term investment - wealth management	—	1,536	—	1,536
Short-term investments - listed equity securities	403	—	—	403
Other long-term investment - Available-for-sale debt investment	—	—	3,179	3,179
	403	1,536	3,179	5,118

3	Certain risks and concentration (Continued)

(c)	Fair value measurement (Continued)

(i)

Financial assets and liabilities measured at fair value on a recurring basis (Continued)

The following table presents the changes in Level 3 financial liabilities for the years ended December 31, 2022 and 2023.


	Contingent consideration
	payable
	For the years ended
	December 31,
	2022	2023
Balance at the beginning of year	4,507	—
Transfer to accrued liabilities	(4,507)	—
Balance at the end of year	—	—

The following table presents the changes in Level 3 financial assets for the years ended December 31, 2022 and 2023.


	Available-for-sale debt investments
	For the years ended December 31,
	2022	2023
Balance at the beginning of year	2,550	3,000
Acquisition	3,000	—
Fair value changes	(2,550)	179
Balance at the end of year	3,000	3,179

(ii)

Fair value measurement on a non-recurring basis

Equity securities without readily determinable fair value accounted for using the measurement alternative are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. These non-recurring fair value measurements use significant unobservable inputs (Level 3). The Company uses market approach based on the Company’s best estimate to determine the fair value of these investments. An observable price change is usually resulting from new rounds of financing of the investees. The Company determines whether the securities offered in new rounds of financing are similar to the equity securities held by the Company by comparing the rights and obligations of the securities. When the securities offered in new rounds of financing are determined to be similar to the securities held by the Company, the Company adjusts the observable price of the similar security to determine the amount that should be recorded as an adjustment in the carrying value of the security to reflect the current fair value of the security held by the Company. There were no fair value changes related to such equity securities due to the observable price change of the investment without readily determinable fair value in the consolidated balance sheets for the years ended December 31, 2022 and 2023.

3	Certain risks and concentration (Continued)

(c)	Fair value measurement (Continued)

(ii)

Fair value measurement on a non-recurring basis (Continued)

The Company assesses the existence of indicators for other-than-temporary impairment of the investments by considering factors as detailed in Note 2(m). The Company recognized US$4,038, US$10,805 and US$1,034 impairment charges to investments in equity securities without readily determinable fair value classified as other long-term investments for the years ended December 31, 2021, 2022 and 2023, respectively.

As of December 31, 2022, in determining the fair value of one investment in equity securities over which the Company identified impairment indicators, market multiple method was used, with significant input including (i) a discount for lack of marketability of 20%, and (ii) price-to-sales multiples of comparable companies of price - to - sales multiples of comparable companies of 7.6. As of December 31, 2023, in determining the fair value of two investments in equity securities, the Company assessed the investees’ financial performance to be unsatisfied with no obvious upturn or potential financing solutions in the foreseeable future, and the Company determined the fair value of these investments was less than their carrying value.

The following table presents the changes in financial assets measured using Level 3 input on a non-recurring basis for the years ended December 31, 2022 and 2023.


	Other long-term equity investments
	For the years ended December 31,
	2022	2023
Balance at the beginning of year	12,114	2,970
Investments made/transferred from prepayments	3,500	—
Disposal during the year	—	(1,936)
Transfer to short-term investments - listed equity securities (Note)	(1,510)	—
Impairment on investments	(10,805)	(1,034)
Exchange differences	(329)	—
Balance at the end of year	2,970	—

Note:

The fair value hierarchy of an equity investment was transferred from level 3 to level 1 due to the public listing of the investee during the year ended December 31, 2022.

(d)	Concentration risk

(i)

Concentration of revenues

For the years ended December 31, 2021 and 2022, no individual customer accounted for more than 10% of the net revenues. For the year ended December 31, 2023, one customer accounted for 11% of the net revenues.

3	Certain risks and concentration (Continued)

(d)	Concentration risk (Continued)

(ii)

Concentration of accounts receivable

The Company conducts credit evaluations on its customers and generally does not require collateral or other security from such customers. The Company generally grants up to 180 days of credit term to customers and periodically evaluates the creditworthiness of the existing customers in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers.

As of December 31, 2022 and 2023, no individual customer accounted for more than 10% of the consolidated accounts receivable. The top 10 accounts receivable accounted for 59% and 42% of the consolidated accounts receivable as of December 31, 2022 and 2023, respectively.

(iii)

Credit risk

As of December 31, 2022 and 2023, substantially all of the Company’s cash and cash equivalents, time deposits and restricted cash were mainly placed with financial institutions in Hong Kong and the PRC. Management chooses these institutions because of their reputations and track records for stability, and their known large cash reserves, and management periodically reviews these institutions’ reputations, track records, and reported reserves. Management expects that any additional institutions that the Company uses for its cash and bank deposits will be chosen with similar criteria for soundness. The balances in the PRC are not insured since it is not a market practice in the PRC. Nevertheless under the PRC law, it is required that a commercial bank in the PRC that holds third party cash deposits should maintain a certain percentage of total customer deposits taken in a statutory reserve fund for protecting the depositors’ rights over their interests in deposited money. PRC banks are subject to a series of risk control regulatory standards; PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. The Company believes that it is not exposed to unusual risks as these financial institutions are PRC banks with high credit quality. The Company had not experienced any losses on its cash and cash equivalents, time deposits and restricted cash during the years ended December 31, 2021, 2022 and 2023 and believes that its credit risk to be minimal.

Basic and diluted net loss per share

12 Months Ended

Dec. 31, 2023

Basic and diluted net loss per share

Basic and diluted net loss per share

23	Basic and diluted net loss per share

Basic and diluted net loss per share for the years ended December 31, 2021, 2022 and 2023 are calculated as follows:


	For the years ended December 31,
	2021	2022	2023
Numerator:
Net loss attributable to ordinary shareholders of iClick Cayman	(13,631)	(200,875)	(38,690)
Numerator for basic and diluted net loss per share	(13,631)	(200,875)	(38,690)
Denominator:
Denominator for basic and diluted net loss per share - weighted average shares outstanding	48,187,235	50,420,225	51,118,300
Basic net loss per share	(0.28)	(3.98)	(0.75)
Diluted net loss per share	(0.28)	(3.98)	(0.75)

23	Basic and diluted net loss per share (Continued)

The share options and RSUs were excluded from the computation of diluted net loss per ordinary share for the years presented because including them would have had an anti-dilutive effect.

The following ordinary share equivalents were excluded from the computation of diluted net loss per ordinary share for the years presented because including them would have had an anti-dilutive effect:

Certain risks and concentration - Fair value measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value measurement
Other long-term investments	$ 3,179	$ 5,970
Available-for-sale debt investment
Fair value measurement
Other long-term investments	3,179	3,000
Equity investments
Fair value measurement
Other long-term investments		2,970
Level 3
Fair value measurement
Other long-term investments		2,970	$ 12,114
Fair Value Measurements Recurring
Fair value measurement
Short-term investments	1,536	1,737
Debt investment	403	1,609
Other long-term investments	3,179
Financial asset measured using Level 3 input	5,118	9,316
Fair Value Measurements Recurring \| Available-for-sale debt investment
Fair value measurement
Other long-term investments		3,000
Fair Value Measurements Recurring \| Equity investments
Fair value measurement
Other long-term investments		2,970
Fair Value Measurements Recurring \| Level 1
Fair value measurement
Debt investment	403	1,609
Financial asset measured using Level 3 input	403	1,609
Fair Value Measurements Recurring \| Level 2
Fair value measurement
Short-term investments	1,536	1,737
Financial asset measured using Level 3 input	1,536	1,737
Fair Value Measurements Recurring \| Level 3
Fair value measurement
Other long-term investments	3,179
Financial asset measured using Level 3 input	$ 3,179	5,970
Fair Value Measurements Recurring \| Level 3 \| Available-for-sale debt investment
Fair value measurement
Other long-term investments		3,000
Fair Value Measurements Recurring \| Level 3 \| Equity investments
Fair value measurement
Other long-term investments		$ 2,970

Income tax - Reconciliation between expense of income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Tax benefit calculated at statutory tax rates	$ (9,540)	$ (53,491)	$ (3,488)
Effect of differences between statutory tax rates and foreign effective tax rates	2,249	7,759	1,746
Non-taxable other income	(414)	(249)	(348)
Non-deductible expenses	3,395	29,167	4,783
Valuation allowance	4,962	5,028	44
Outside basis difference	(56)	783	(186)
Additional deduction of research and development expenses		(465)	(125)
Others	51	286	114
Income tax expense/(credit)	$ 647	$ (11,182)	$ 2,540

Bank borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Bank borrowings
Bank borrowings	$ 38,406	$ 44,283
1-year revolving loan denominated in RMB
Bank borrowings
Bank borrowings	10,452	18,411
Half-year revolving loans denominated in RMB
Bank borrowings
Bank borrowings	15,956	15,896
Revolving service trade loan denominated in HK$
Bank borrowings
Bank borrowings	14	4
3-month revolving loan denominated in RMB
Bank borrowings
Bank borrowings	11,148	7,876
1-year term loans denominated in RMB
Bank borrowings
Bank borrowings	$ 836	$ 2,096

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (f)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 50,766	$ 82,754	$ 41,443
Restricted cash	26,756	22,543	36,146
Other current assets	6,755	8,047
Total current assets	159,803	204,660
Non-current assets
Deferred tax assets		720
Other long-term investments	3,179	5,970
Investment in an equity investee	218	279	$ 354
Total non-current assets	3,901	17,122
Total assets	163,704	221,782
Current liability
Accrued liabilities and other current liabilities	25,326	30,539
Total current liabilities	120,072	137,716
Non-current liability
Other liabilities	38	2,071
Total non-current liabilities	2,380	4,777
Total liabilities	122,452	142,493
Commitments and contingencies
Shareholders' equity
Treasury shares	(28,656)	(28,457)
Total iClick Interactive Asia Group Limited shareholders' equity	37,125	74,930
Total liabilities and equity	163,704	221,782
Parent Company \| Reportable legal entities
Current assets
Cash and cash equivalents	2,660	1,100
Other short-term investments		1,021
Other current assets	218	161
Total current assets	2,878	2,282
Non-current assets
Investments in subsidiaries, VIE and VIE's subsidiaries	35,923	80,015
Investment in an equity investee	218	279
Total non-current assets	36,141	80,294
Total assets	39,019	82,576
Current liability
Accrued liabilities and other current liabilities	1,894	5,575
Total current liabilities	1,894	5,575
Non-current liability
Other liabilities		2,071
Total non-current liabilities		2,071
Total liabilities	1,894	7,646
Commitments and contingencies
Shareholders' equity
Ordinary shares	50	49
Treasury shares	(28,656)	(28,457)
Other shareholders' equity	65,731	103,338
Total iClick Interactive Asia Group Limited shareholders' equity	37,125	74,930
Total liabilities and equity	$ 39,019	$ 82,576

Principal accounting policies - Impairment of long lived assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 49,778	$ 53,349
Impairment of intangible assets (other than goodwill)	1,206	53,349
Impairment of property and equipment	2,365	3,248
Impairment of right-of-use assets	3,248	48,946
Impairments of assets	439	4,403
Cost of revenues
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of assets	185	411
Operating expenses
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of assets	$ 2,624	$ 2,837

Income tax - Movement of valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Beginning balance	$ 9,438	$ 4,410	$ 4,365
Additions	6,102	6,105	2,768
Reversals	(1,140)	(1,077)	(2,723)
Ending balance	$ 14,400	$ 9,438	$ 4,410

Certain risks and concentration - Summary of Changes in Level 3 Financial Assets for Debt Investment-Convertible Note (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value measurement
Balance at the beginning of year	$ 9,316
Balance at the end of year	5,118	$ 9,316
Level 3
Fair value measurement
Balance at the beginning of year	5,970
Balance at the end of year	3,179	5,970
Debt Securities
Fair value measurement
Balance at the beginning of year	3,000	2,550
Acquisition		3,000
Fair value changes	179	(2,550)
Balance at the end of year	$ 3,179	$ 3,000

Segments - Summary of revenue generated for the respective countries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segments
Net revenues	$ 133,217	$ 169,080	$ 307,702
PRC
Segments
Net revenues	109,726	140,211	254,874
Hong Kong
Segments
Net revenues	23,028	28,661	52,599
Others
Segments
Net revenues	$ 463	$ 208	$ 229

- Definition

+ References

+ Details

Principal accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Principal accounting policies

Going concern and basis of preparation

(a)	Going concern and basis of preparation

The consolidated financial statements have been prepared in accordance with the U.S. GAAP. Significant accounting policies followed by iClick Cayman in the preparation of the accompanying consolidated financial statements are summarized below.

Effective from November 14, 2022, iClick Cayman changed the ratio of the ADS representing its Class A ordinary shares from one ADS representing one-half of one Class A ordinary share to one ADS representing five Class A ordinary shares.

Liquidity and Capital Resources

The Company had continuing losses from operations since inception. The Company incurred net loss of US$16,598, US$202,806 and US$38,870 for the years ended December 31, 2021, 2022 and 2023, respectively. Accumulated deficit was amounted to US$422,112 and US$460,802 as of December 31, 2022 and 2023, respectively. Cash flows from operating activities were a net outflow of US$19,673, a net inflow of US$71,104 and a net outflow of US$19,426 for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2023, certain financial covenant as set out in one of the loan agreements related to outstanding bank borrowings of RMB114.5 million (equivalent to US$20.0 million) due for repayment in March 2024 (which was subsequently extended to June 2024) was breached (see note 17) and the Company has subsequently obtained a waiver letter such that the bank would not demand early repayment from the Company before maturity of the borrowings. Net cash position (as calculated by the total of (i) cash and cash equivalents, (ii) time deposits, and (iii) restricted cash, net off with (i) bank borrowings) decreased significantly from US$61.0 million as of December 31, 2022 to US$39.4 million as of December 31, 2023. Such conditions and events raised substantial doubt about the Company’s ability to continue as a going concern.

Management has developed a business plan to maintain the Company’s gross profit, control operating costs and manage working capital going forward. Based on this plan, management prepared a cash flow projection covering a period of next twelve months from the date of issuance of the consolidated financial statements (“Projection Period”), which has taken into account the anticipated cash flows to be generated from the Company’s future operations and existing balance of cash and cash equivalents, time deposits, and restricted cash as at December 31, 2023.

Based on management’s cash flow projection and liquidity assessment, management is of the opinion that the Company has sufficient funds to meet its obligations or liabilities when they become due, and provide the required working capital and liquidity for continuous operation over the next twelve months from the date of issuance of these consolidated financial statements, despite the fact that the liquidity may continue to deteriorate shortly after the Projection Period. As a result, management concluded that the business plan, when implemented effectively, will alleviate the substantial doubt on the Company’s ability to continue as a going concern over the next twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations.

Use of estimates

(b)	Use of estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates.

The Company believes that revenue recognition in determining whether iClick Cayman is the principal or an agent to the arrangements with merchants, allowance for credit losses on accounts receivable, impairment assessment of goodwill and long-lived assets, fair value determination related to the accounting for business combinations, and impairment assessment of investments in equity securities without readily determinable fair value reflect more significant judgments and estimates used in the preparation of its consolidated financial statements.

Management bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the consolidated financial statements that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from these estimates.

Consolidation

(c)	Consolidation

The Company’s consolidated financial statements include the financial statements of iClick Cayman, its subsidiaries, its VIE and a VIE’s subsidiaries for which iClick Cayman or its subsidiary is the primary beneficiary. All transactions and balances among iClick Cayman, its subsidiaries, its VIE and a VIE’s subsidiaries have been eliminated upon consolidation.

A subsidiary is an entity in which iClick Cayman, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A VIE is an entity in which iClick Cayman, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity. In determining whether iClick Cayman or its subsidiaries are the primary beneficiary, iClick Cayman considered whether it has the power to direct activities that are significant to the VIE’s economic performance, and also the Company’s obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Beijing WFOE and ultimately iClick Cayman hold all the variable interests of the VIE and its subsidiaries, and has been determined to be the primary beneficiary of the VIE.

Non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to iClick Cayman as the controlling shareholder. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of comprehensive loss, statement of changes in equity and balance sheet, respectively.

Foreign currency translation

(d)	Foreign currency translation

The reporting currency of iClick Cayman is the United States dollars (“US$”). iClick Cayman is a holding company engaged in capital raising and financing activities denominated in US$. As such, iClick Cayman’s functional currency has been determined to be the US$. The functional currency of iClick Cayman’s subsidiaries is the local currency of the country in which they are domiciled.

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange existing at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing at the transaction date. Transaction gains and losses are recognized in “other gains/(losses), net”. Assets and liabilities denominated in foreign currencies are translated at the exchange rates at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive loss in the consolidated statements of changes in shareholders’ equity and comprehensive loss.

Fair value of financial instruments

(e)

Fair value of financial instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When available, iClick Cayman uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Company will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

Fair value measurements are based on a fair value hierarchy, based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that iClick Cayman has the ability to access at the measurement date.

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets and liabilities; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

(i)

Fair value measurement on a recurring basis

Observable inputs are based on market data obtained from independent sources. iClick Cayman uses a combination of valuation methodologies, including market and income approaches based on iClick Cayman’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees, future cash flow forecasts, liquidity factors and multiples of a selection of comparable companies. iClick Cayman’s contingent consideration (Note 4 (a)), and debt investments (Note 2(k)) are measured using unobservable inputs that require a high level of judgment to determine fair value, and thus classified as Level 3 (Note 3(c)).

iClick Cayman values its investments in wealth management products issued by banks classified as short-term investments in the consolidated balance sheets (Note 2(k)) using quoted subscription or redemption prices published by the banks and financial institution. Accordingly, iClick Cayman classifies the valuation techniques that use these inputs as Level 2.

The carrying amounts of cash and cash equivalents, time deposits, restricted cash, accounts receivable, amount due from an equity investee, rebates receivable, accounts payable, other financial assets and liabilities approximate their fair values due to the short-term nature of these instruments. Based on the borrowing rates currently available to the Company for debt with similar terms, the carrying amounts of the short-term bank borrowings approximate their fair values (using Level 2 inputs).

The Company values its listed equity securities using quoted prices for the underlying securities in active markets. Accordingly, the Company classifies the valuation techniques that use these inputs as Level 1.

(ii)

Fair value measurement on a non-recurring basis

The Company measures an equity investment accounted for using the equity method at fair value on a non-recurring basis only if an impairment charge were to be recognized. For the years ended December 31, 2021, 2022 and 2023, no impairments were recorded on the investment in an equity investee which would require fair value measurement on a non-recurring basis.

Equity investments accounted for using the net asset value per share as a practical expedient (Note 2(k)(i)) and measurement alternative (Note 2(m)) are generally not categorized in the fair value hierarchy. However, if equity investments without readily determinable fair values accounted for using the measurement alternative were re-measured during the year, they would be classified within Level 3 in the fair value hierarchy because the Company estimated the value of the investments based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs. See Note 2(m) for details.

Cash, cash equivalents and restricted cash

(f)	Cash, cash equivalents and restricted cash

Cash and cash equivalents include cash on hand, cash in bank and time deposits placed with banks or other financial institutions, which have original maturities of three months or less and are readily convertible to known amounts of cash.

Restricted cash represented bank deposits in accounts that are restricted as to withdrawal or usage. For restriction which is expected to be released within one year of the balance sheet date, the respective restricted cash balance is classified as current. As of December 31, 2022 and 2023, the Company’s restricted cash mainly represents balance held in restricted bank accounts as required by certain loan agreements and escrow amount deposited for a business acquisition.

Time deposits

(g)	Time deposits

Time deposits represent demand deposits placed with banks with original maturities of more than three months but less than one year. Interest income is recognized using the effective interest method in the consolidated statements of comprehensive loss during the periods. Time deposits are valued based on the prevailing interest rates in the market.

Accounts receivable, net

(h)	Accounts receivable, net

Accounts receivable are presented net of allowance for credit losses. The Company evaluates its accounts receivable for expected credit losses on a regular basis. The Company maintains an estimated allowance for credit losses which reflects its best estimate of amounts that potentially will not be collected. See Note 2(j) for details of current expected credit losses on accounts receivable.

Rebates receivable

(i)	Rebates receivable

Rebates receivable represent sales rebates that have already been earned but not received from third party publishers. The Company earns its rebates from purchasing advertising spaces from these website publishers.

Current expected credit losses

(j)	Current expected credit losses

The Company’s cash and cash equivalents, time deposits, restricted cash, accounts receivable, amount due from an equity investee, rebates receivable, other current assets and other assets are within the scope of current expected credit losses assessment. The Company has identified the relevant risk characteristics of its customers and the related receivables and other current assets which include size, type of the services the Company provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools for collective evaluation. Receivables that do not share similar risk characteristics are evaluated on an individual basis and are not included in the collective evaluation. For each pool for collective evaluation, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Company’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on specific facts and circumstances.

The Company estimated the allowance for credit losses on loans and interest receivable as included in other current assets (2022: other assets) on the consolidated balance sheets not sharing similar risk characteristics on an individual basis. The key factors considered when determining the above allowances for credit losses include the estimated loan collection schedule under different scenarios and their corresponding probability of occurrence, discount rate, financial condition and performance data of the borrowers and their cash flow forecasts considering current and future economic conditions.

(j)	Current expected credit losses (Continued)

The following table presents the movement in the allowance for credit losses for the years ended December 31, 2022 and 2023.


	Accounts receivable		Loans and interest receivable
	(Note)
	For the years ended		For the years ended
	December 31,		December 31,
	2022	2023	2022	2023
Balance at the beginning of year	22,786	37,215	289	4,043
Provision/(reversal) for the year	18,542	(1,431)	3,661	4,486
Accounts receivable written off	(1,978)	(5,923)	—	—
Exchange differences	(2,135)	(698)	93	(145)
Balance at the end of year	37,215	29,163	4,043	8,384

Note:

Allowance for credit losses on accounts receivable are estimated by grouping accounts receivable into pools based on relevant credit risk characteristics of the debtors. Accounts receivable relating to debtors with known financial difficulties or significant doubt on collection of receivables are assessed individually for specific provision for impairment allowance. As of December 31, 2022 and 2023, the balance of specific provision for credit losses in respect of these individually assessed receivables was US$20,233 and US$15,092, respectively. Accounts receivable relating to other debtors are assessed collectively for the risk of default, taking into account the nature of the debtor, its geographical location and its ageing category, and applying the expected credit loss rates to the respective gross carrying amounts of accounts receivable. The expected credit loss rates of each pool are determined based on historical loss experience as adjusted with current and forward-looking information such as macroeconomic factors affecting the ability of the debtors to settle the receivables.

Investments

(k)	Investments


	As of December 31,
	2022	2023
Short-term investments under current assets
Fund investments (Note (i))	3,665	3,784
Listed equity securities (Note (ii))	1,609	403
Wealth management products (Note (iii))	1,737	1,536
	7,011	5,723

Other long-term investments under non-current assets
Available-for-sale debt investments (Note (iv))	3,000	3,179
Equity investments (Note 2(m))	2,970	—
	5,970	3,179

(i)

Fund investments

Fund investments over which the Company does not have the ability to exercise significant influence, are required to be measured at fair value under ASC 321 “Investments—Equity Securities” (“ASC 321”). The Company has adopted the practical expedient in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of these investments which were without readily determinable fair value. Fund investments included in the consolidated balance sheet as short-term investments as of December 31, 2022 and 2023 amounted to US$3,665 and US$3,784 respectively and the change in fair value recorded in consolidated statement of comprehensive loss. Fair value change of US$452, US$17 and US$119 were recognized under “other gains/(losses), net” for the years ended December 31, 2021, 2022 and 2023 respectively.

(ii)

Listed equity securities

Investments in listed equity securities are reported at fair value in the consolidated balance sheets and the fair value gains and losses are recorded in the consolidated statements of comprehensive loss under ASU 2016 - 01. Listed equity securities recorded in the consolidated balance sheet as short-term investments as of December 31, 2022 and 2023 amounted to US$1,609 and US$403, respectively, and the fair value gain for the years ended December 31, 2021, 2022 and 2023 recorded in the consolidated statement of comprehensive loss under “other gains/(losses), net” amounted to US$127, US$100 and US$448, respectively.

(iii)

Wealth management products

Wealth management products are issued by banks in the PRC which are redeemable by the Company at any time. They are unsecured with variable interest rates and primarily invested in debt securities issued by the PRC government, corporate debt securities and central bank bills. The Company measures these investments at fair value using the quoted subscription or redemption prices published by the bank. Wealth management products recorded in the consolidated balance sheet as short-term investments as of December 31, 2022 and 2023 amounted to US$1,737 and US$1,536 respectively, the fair value gain for the years ended December 31, 2021, 2022 and the fair value loss the years ended December 31, 2023 recorded in the consolidated statement of comprehensive loss under “other gains/(losses), net” amounted to US$9, US$65 and US$1, respectively.

(iv)

Available-for-sale debt investments

Available-for-sale debt investments of the Company include investments in convertible notes issued by two private companies as accounted for under the fair value option, for which the total fair values as of December 31, 2022 and 2023 were US$3,000 and US$3,179, respectively. Interest income and all other changes in the carrying amount of this debt investment are recognized in earnings. The Company recorded fair value gain on debt investments of US$179 (2022: fair value losses of US$2,550) for the year ended December 31, 2023.

Investment in an equity investee

(l)	Investment in an equity investee

Investment in an equity investee represents the Company’s investment in a privately held company. The Company applies the equity method to account for an equity investment in common stock or in-substance common stock, according to Accounting Standards Codification (“ASC”) 323 “Investment — Equity Method and Joint Ventures,” over which it has significant influence but does not own a majority equity interest or otherwise control.

Under the equity method, the Company initially records the investments at cost and the difference between the cost of the equity investee and the fair value of the underlying net assets of the equity investee is recognized as equity method goodwill and intangible assets acquired, which is included in the equity method investments on the consolidated balance sheets. The Company subsequently adjusts the carrying amount of the investments to recognize its (i) proportionate share of each equity investee’s post-acquisition net income or loss into earnings, (ii) share of post-acquisition movements in accumulated other comprehensive income into other comprehensive income, and (iii) cash distributions from investees, after the date of investment. When the Company’s share of loss in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further loss, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee.

The Company evaluates its equity method investment for impairment under ASC 323-10. An impairment loss on the equity method investment is recognized in the consolidated statement of comprehensive loss when the decline in value is determined to be other-than-temporary. No impairment loss has been recorded during the years ended December 31, 2021, 2022 and 2023.

Other long-term equity investments

(m)	Other long-term equity investments

The Company’s other long-term equity investments as of December 31, 2022 and 2023 consist of equity securities without readily determinable fair value.

In accordance with ASC 321 “Investments—Equity Securities”, the Company is required to measure its equity investments at fair value and any changes in fair value are recognized in earnings. For equity investments without readily determinable fair value and does not qualify for the existing practical expedient in ASC 820 to estimate fair value using the net asset value per share (or its equivalent) of the investments, the Company has elected to use the measurement alternative to measure its equity investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Significant judgments are required to determine (i) whether observable price changes are orderly transactions and identical or similar to an investment held by iClick Cayman; and (ii) the selection of appropriate valuation methodologies and underlying assumptions, including expected volatility and the probability of exit events as it relates to liquidation and redemption features used to measure the price adjustments for the difference in rights and obligations between instruments.

Management makes a qualitative assessment as to whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, management estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, iClick Cayman recognizes an impairment loss in net loss equal to the difference between the carrying value and fair value. Management applied judgment in (i) determining whether the investment is impaired, (ii) estimating the impairment amount if an impairment exists, and (iii) determining valuation methods and key valuation assumptions and data used in estimating the impairment amounts. These judgments consider various factors and events including a) adverse performance of investees; b) adverse industry developments affecting investees; and c) adverse regulatory, social, economic or other developments affecting investees. These judgements include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used, comprising selection of comparable companies and multiples, and discount for lack of marketability. iClick Cayman recognized impairment losses of US$4,038, US$10,805 and US$1,034 for the years ended December 31, 2021, 2022 and 2023 respectively.

Property and equipment, net

(n)	Property and equipment, net

Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. The estimated useful lives are as follows:


Leasehold improvements		Over the shorter of lease term or 2 – 5 years
Furniture and fixtures		2 – 5 years
Office equipment		3 – 5 years
Motor Vehicles		3 – 5 years

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statement of comprehensive loss.

Business combinations

(o)	Business combinations

The Company accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations” (“ASC 805”). The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations as of the acquisition date. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss as gain on bargain purchase. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive loss.

Intangible assets, net

(p)	Intangible assets, net

Intangible assets mainly consist of computer software licenses purchased from external parties and computer software and systems, developed technologies, customer relationship, brand name, contract backlog and advertising contract acquired through the acquisitions of subsidiaries. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Amortization of finite lived intangible assets is computed using the straight-line method over the following estimated useful lives, which are as follows:


Computer software and systems		2 – 5 years
Developed technologies		5 years
Customer relationship		4 – 5 years
Brand name		4 years
Contract backlog		3 years
Advertising contract		30 years

Impairment of goodwill and Impairment of long-lived assets

(q)	Impairment of goodwill

Goodwill represents the excess of the purchase consideration over the fair value of assets and liabilities of businesses acquired. Goodwill is not subject to regular periodic amortization. Instead, management conducts a goodwill impairment test at the reporting unit level annually in the fourth quarter, or more frequently when events or circumstances occur indicating that the recorded goodwill may be impaired.

A reporting unit is an operating segment or a component of an operating segment which is a business and for which discrete financial information is available and reviewed by a segment manager. The Company’s reporting units include (i) the Marketing Solutions and (ii) the Enterprise Solutions.

In accordance with the guidance from ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment, for the purpose of the goodwill impairment test, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, an additional quantitative evaluation is performed. Alternatively, the Company may elect to proceed directly to the quantitative goodwill impairment test. As part of the quantitative goodwill impairment test, the Company compares the fair value of each reporting unit to its carrying value, with an impairment charge recorded for the amount by which the carrying amount exceeds the reporting unit’s fair value up to a maximum amount of the goodwill balance for the reporting unit.

For evaluation of reporting units using a quantitative assessment, the Company determines the fair values of the Marketing Solutions reporting unit and the Enterprise Solutions reporting unit as of December 31, 2022 based on an income approach. Under the income approach, the Company estimates the fair value of the reporting units based on discounted cash flow method derived from the reporting unit’s long-term forecasts which included a five-year future cash flow projection and an estimated terminal value. The cash flow projection is based on management’s most recent view of the long-term outlook for the reporting units in order to come up with revenue growth rates, gross margin, the estimated terminal value using a terminal year long-term future growth rate, discount rates, and other assumptions deemed reasonable by management.

Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and estimating the fair value of each reporting unit. Estimating fair value of individual reporting units requires the exercise of significant management judgment, including judgment in an income approach about appropriate revenue growth rates, gross margin, an estimated terminal value using a terminal year long-term future growth rate and a discount rate for the reporting units. Changes in these estimates and assumptions could materially affect the estimation of fair value for each reporting unit.

As of December 31, 2022, the Company determined that there were sufficient indicators to trigger a quantitative goodwill impairment analysis. The indicators included, among others: (1) the underperformance against plan of the Company’s reporting units due to the negative impact of the COVID-19 outbreak to the macroeconomy of the PRC, (2) a revision of the Company’s forecasted future earnings due to intensified industry competition, and (3) a decline in iClick Cayman’s market capitalization in 2022. The Company’s annual quantitative goodwill impairment analysis as of December 31, 2022 indicated that both Marketing Solutions and Enterprise Solutions reporting units were fully impaired. Accordingly, the Company recognized an impairment charge of US$53,024 and US$27,113 for the Marketing Solutions reporting unit and the Enterprise Solutions reporting unit, respectively, for the year ended December 31, 2022. There was no goodwill during the year ended and as of December 31, 2023.

(r)	Impairment of long-lived assets

Long-lived assets of the Company including property and equipment, intangible assets (other than goodwill) and right-of-use-assets which are held and used are reviewed for impairment when events or changes in the circumstances indicate that the carrying value of an asset or asset group may no longer be recoverable. For an asset or asset group that is held and used, the asset or asset group represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or asset groups. Factors considered by the Company in its impairment assessments of long-lived assets that are held and used include, but are not limited to, significant underperformance relative to historical or projected operating results; significant changes in the manner of use of the acquired assets or asset groups or the strategy for the overall business; and significant negative industry or economic trends. When the carrying value of a long-lived asset or asset group that is held and use may not be recoverable based upon the existence of one or more of the above indicators of impairment, the Company estimates the future undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition. If the sum of the expected future undiscounted cash flows and eventual disposition is less than the carrying amount of the asset or asset group, the Company recognizes an impairment loss. An impairment loss is reflected as the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group, based on the fair value if available, or discounted cash flows, if fair value is not available. The discounted cash flow model on which the fair value of the asset or asset group as part of the Company’s impairment tests is based includes significant assumptions relating to revenue growth rates, gross margin, and other controllable expenses.

The Company identified certain long-lived asset groups which were held and used that were subject to indicators (which were similar to the indicators for goodwill impairment as explained in Note 2(q)) to trigger quantitative impairment assessments as of December 31, 2022 and 2023. Based on the Company’s impairment assessments on those long-lived asset groups as of December 31, 2022 and 2023, the Company recorded impairment of long-lived assets of US$53,349 (out of which US$49,778, US$1,206 and US$2,365 were related to intangible assets (other than goodwill), property and equipment, and right-of-use assets, respectively) and US$3,248 (out of which US$439, US$185 and US$2,624 were related to intangible assets (other than goodwill), property and equipment, and right-of-use assets, respectively) during the years ended December 31, 2022 and 2023, respectively. Out of the total impairment charges of (i) US$53,349 and (ii) US$3,248 during the years ended December 31, 2022 and 2023, respectively, (i) US$48,946 and US$4,403 and (ii) US$411 and US$2,837 were recorded in (i) cost of revenues and (ii) operating expenses, respectively.

Lease accounting

(s)	Lease accounting

The Company determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Company recognizes right-of-use assets (“ROU assets”) and lease liabilities based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. The Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

The Company records rent expense for operating leases, including leases of office premises, on a straight-line basis over the lease term. The Company begins recognition of rent expense on the commencement date, which is generally the date that the asset is made available for use. The lease liability is included in lease liabilities, current and lease liabilities, non-current within the consolidated balance sheets, which are reduced as lease related payments are made. The ROU asset is amortized on a periodic basis over the expected term of the lease. See Note 14 for additional information.

Deferred revenue

(t)	Deferred revenue

The Company receives prepayments for services in advance of service performance from certain customers. The amounts received in advance are recorded as deferred revenue and recognized as revenue in the period which the corresponding services are performed.

Treasury shares

(u)	Treasury shares

iClick Cayman accounted for those shares repurchased as treasury shares at cost in accordance with ASC 505-30, and the treasury shares acquired are shown separately in shareholders’ equity as iClick Cayman has not yet decided on the ultimate disposition of those shares. If and when iClick Cayman cancels the treasury shares, the difference between the original issuance price and the repurchase price will be debited into additional paid-in capital.

Revenue recognition and cost of revenues

(v)	Revenue recognition and cost of revenues

The following table presents our revenue recognized from contracts with customers disaggregated by the four types of pricing models:


	For the years ended December 31,
	2021	2022	2023
Recognized over time
- Sales agent	4,195	2,549	1,818
- Cost-plus	26,062	8,909	4,761
- SaaS products and services	57,756	62,207	45,860
	88,013	73,665	52,439

Recognized at point in time
- Specified actions	212,353	94,498	79,902
- SaaS products and services	7,336	917	876
	219,689	95,415	80,778
Total	307,702	169,080	133,217

The Company’s Marketing Solutions service offerings are the provisions of online advertising services. The Company utilizes a combination of pricing models and revenue is recognized when the related services are delivered based on the specific terms of the contract, which are commonly based on (i) agreed incentive to be earned for being a sales agent of a publisher, (ii) cost-plus or (iii) specified actions (e.g. cost per impression (“CPM”) and cost per click (“CPC”)) and related campaign budgets, depending on the customers’ preferences and their campaigns launched. The Company also offers the Enterprise Solutions via the offering of SaaS products and services.

The Company recognizes revenue when the Company satisfies a performance obligation by transferring a promised service to a customer. The Company considers the following when determining if a contract exists under which the performance obligations have been satisfied: (i) contract approval by all parties, (ii) identification of each party’s rights regarding the goods or services to be transferred, (iii) specified payment terms, (iv) commercial substance of the contract, and (v) collectability of substantially all of the consideration is probable. Collectability is assessed based on a number of factors, including the creditworthiness of a customer, the size and nature of a customer’s business and transaction history. Revenues are recorded net of value-added taxes.

(v)	Revenue recognition and cost of revenues (Continued)

The Company follows the guidance provided in ASC 606, Revenue from Contracts with Customers, for determining whether the Company is the principal or an agent in arrangements with customers that involve another party that contributes to providing a specified service to a customer. In these instances, the Company determines whether it has promised to provide the specified service itself (as principal) or to arrange for the specified service to be provided by another party (as an agent). This determination depends on the facts and circumstances of each arrangement and, in some instances, involves significant judgment. The Company recognizes revenue from sales agent and cost-plus arrangement amounting to US$30,257, US$11,458, and US$6,579 for the years ended December 31, 2021, 2022 and 2023, respectively, on a net basis as the Company is not primarily responsible for the fulfillment considering iClick Cayman only acts as an intermediary in executing transactions between the publishers and the customers, does not have control of the promised service as iClick Cayman only places orders based on specification set out by the customers, and does not have full discretion in establishing prices and therefore is the agent in the arrangement with customers. All other revenue of US$277,445, US$157,622 and US$126,638 for the years ended December 31, 2021, 2022 and 2023, respectively, are reported on a gross basis, as the Company has determined it is the principal in the arrangement.

Sales agent

In the arrangement with a particular publisher, the Company acts as a sales agent for this publisher in selling marketing spaces to marketing clients. In return, the Company earns incentives from this publisher based on contractually stipulated amounts when certain spending thresholds are achieved. The Company considers this particular publisher as a customer and record such incentives as net revenues. Incentives from this publisher are calculated on both a quarterly and an annual basis in accordance with the terms as set out in the arrangement.

Revenue under this arrangement is recognized over time given the Company considers this particular publisher simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. In other words, when the Company purchases marketing spaces on behalf of the marketing clients throughout the marketing campaigns as requested by them, this particular publisher simultaneously receives and consumes the benefit of the marketing spaces being purchased and therefore the Company is entitled to incentive payment from this publisher.

The Company grants rebates to marketing clients under the sales agent arrangement. The majority of marketing clients under this arrangement are not customers under either the cost-plus arrangement or specified actions arrangement. The Company records rebates granted to such marketing clients as reduction of revenue.

Cost-plus

For cost-plus advertisement campaigns, sales are recognized at the fair value of the amount received. Discounts granted to marketing clients under cost-plus marketing campaigns are recorded as a reduction of revenue. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company is acting as the principal or an agent in the transactions. In the normal course of business, the Company acts as an intermediary in executing transactions between website publishers and marketing clients. The specified service in the cost-plus arrangement is the provision of marketing space, which is controlled by the website publishers, rather than the Company. The Company assists the marketing clients to place orders with specific website publishers based on specification set out the marketing clients. The Company does not have the ability to direct the use of marketing space and does not have any inventory risk. Pricing is generally based on the actual advertising spending incurred by the marketing clients plus a margin. Accordingly, the Company concludes that it is not the principal in these arrangements and reports revenue earned and costs incurred related to these transactions on a net basis.

(v)	Revenue recognition and cost of revenues (Continued)

Cost-plus (Continued)

Revenue under this arrangement is recognized over time as the Company considers its customers simultaneously receive and consume the benefits provided by the Company’s performance. At the time the Company purchases marketing spaces during the contract term for its customers, the customers’ advertisements could be placed throughout the marketing campaign. Revenue recognition under this arrangement is not based on an occurrence of significant act or milestone method.

Throughout the various services delivered to clients under the cost-plus arrangements, the Company earns rebates from publishers and grant rebates to marketing clients. The rebates that the Company grants to marketing clients under cost-plus arrangement are recorded as reduction of revenue, based on the spending amount the marketing clients would actually incur to earn the corresponding level of rebates. The rebates that the Company receives from publishers under the cost-plus arrangements are recorded as revenue. These rebates are recognized when a particular milestone is achieved (i.e. applying the relevant rebates based on the level of spending threshold actually achieved) and spending has actually occurred.

Specified actions

The Company also generates revenue from performing specified actions (e.g a CPM and CPC basis). Revenue is recognized on a CPM or CPC basis as impressions or clicks are delivered while revenue is recognized once agreed actions are performed. For the specified actions advertisement campaigns, the Company is the principal as it has the obligation to deliver successful actions requested by marketing clients. Also, the Company will only be paid if successful actions can be delivered and is exposed to risk of loss. In terms of pricing, the Company has complete latitude in establishing the selling prices of each of the CPM and CPC pricing model. The Company’s margin may vary as the costs incurred to deliver successful actions may vary and is therefore exposed to risk of loss whereby validating its degree of responsibility to its customers. Although the inventory risk under specified actions arrangement is considered to be low, the Company concludes that it is the principal in such arrangement as it is the principal ultimately responsible for delivering successful actions and in charge of establishing the price per action. Accordingly, the Company reports revenue earned and costs incurred related to these transactions on a gross basis.

Revenues under this arrangement is recognized at point-in-time when the Company is able to deliver the specified actions as requested by the customers. Upon the occurrence of the specified actions, the customers take control of the specified actions and this is when the Company recognizes the corresponding revenue. Unlike the cost-plus arrangement, when the Company purchases marketing spaces in order to deliver the specified actions, the customers do not receive and consume the benefit as the benefit to be received by the customers is the occurrence of the specified actions. Also, the Company does not create or enhance an asset that the customers control as the marketing spaces ultimately belong to the publishers. The Company does not have any right to payment for simply purchasing the marketing spaces and would only be compensated upon delivery of the specified actions.

The Company also grants rebates to marketing clients under the specified actions arrangement. Same as the treatment under cost-plus arrangement, the rebates that the Company grants to marketing clients under cost-plus arrangement are recorded as reduction of revenue and are recorded based on the amount the marketing clients would actually incur to earn the corresponding level of rebates. The rebates that the Company receives from publishers under the specified actions arrangement are recorded as a reduction of cost of revenues. These rebates are recognized when a particular milestone is achieved (i.e. applying the relevant rebates based on the level of spending threshold actually achieved) and spending has actually occurred.

(v) Revenue recognition and cost of revenues (Continued)

(v)	Revenue recognition and cost of revenues (Continued)

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenue recognized prior to invoicing when the Company has satisfied its performance obligations and has the unconditional right to payment. The Company normally does not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time.

Deferred revenue represents contract liabilities which related to unsatisfied performance obligations at the end of the period. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. Revenue recognized during the years ended December 31, 2022 and 2023, respectively, relating to deferred revenue as of January 1, 2022 and 2023 was US$13,108 and US$8,767, respectively. For the amount remained as deferred revenue as of January 1, 2022 and 2023, respectively, but not recognized as revenue during the years ended December 31, 2022 and 2023, respectively, there is still a contractual obligation for the Company to provide service whereby the Company is not obliged to make any refund of the amount received from customers. Such amount will be recognized as revenue when all of the revenue recognition criteria are met.

Practical Expedients

The Company has used the following practical expedients as allowed under ASC 606:

(i)

The transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, has not been disclosed as substantially all of the Company’s contracts have a duration of one year or less.

(ii)

Payment terms and conditions vary by contract type, although terms generally include a requirement of prepayment or payment within one year or less. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts generally do not include a significant financing component.

(iii)

The Company generally expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within sales and marketing expenses.

Prepaid media costs

(w)

Prepaid media costs

Prepaid media costs represent prepayments for online space paid by the Company to third party publishers of websites. Upon utilization, media costs are recognized in cost of revenues when the Company is determined as acting as the principal. However, when the Company is determined as acting as the agent, those costs are recognized as deduction to revenue by the Company. These prepayments are classified as current considering the corresponding online spaces are expected to be purchased and utilized within twelve months from the date of payments.

Research and development expenses

(x)	Research and development expenses

Research and development expenses consist primarily of (i) salary and welfare for research and development personnel, (ii) leases expenses and (iii) depreciation of office premise and servers utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred.

The Company accounts for internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software’s application development stage and to expense costs as they are incurred during the preliminary project and post implementation/operation stages.

The Company incurred development costs in connection with an internal-use enterprise resource planning (“ERP”) software to further enhance management to monitor the business. While internal and external costs incurred during the preliminary project stage are expensed as incurred, costs relating to activities during the application development stages have been capitalized. For the years ended December 31, 2021, 2022 and 2023, the Company has capitalized development costs related to ERP software of US$111, US$nil and US$nil, respectively, as intangible assets. In addition, the Company incurred other research and development costs in relation to other internal use software used to support its operations. Any development costs qualified for capitalization were immaterial for the periods presented. For the years ended December 31, 2021, 2022 and 2023, the Company has not capitalized any other costs related to internal use software other than the ERP software.

Sales and marketing expenses

(y)	Sales and marketing expenses

Sales and marketing expenses consist primarily of (i) advertising and marketing expenses, and (ii) salary and welfare for sales and marketing personnel. Advertising expenses are recorded as sales and marketing expenses when incurred, and totaled US$10,458, US$6,769 and US$2,997 for the years ended December 31, 2021, 2022 and 2023, respectively.

General and administrative expenses

(z)	General and administrative expenses

General and administrative expenses consist primarily of (i) salary and welfare for general and administrative personnel, (ii) professional service fees, and (iii) allowance for credit losses.

Employee social security and welfare benefits

(aa)	Employee social security and welfare benefits

Employees of the Company in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Company is required to contribute to the plan based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government.

The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Company’s obligations are limited to the amounts contributed and no legal obligation beyond the contributions made.

The Company also makes payments to other defined contribution plans for employees employed by subsidiaries outside the PRC. iClick Cayman and subsidiaries incorporated in Hong Kong are required to make contributions to Mandatory Provident Funds under the Hong Kong Mandatory Provident Fund Schemes Ordinance. Such contributions are recognized as an expense in profit or loss as incurred.

2	Principal accounting policies (Continued)

(aa)	Employee social security and welfare benefits (Continued)

Pursuant to the policies of iClick Cayman’s subsidiaries in Hong Kong in accordance with applicable labor protection laws in Hong Kong, all employees of such subsidiaries with more than 5 years of service are entitled to severance payment upon forced termination or retrenchment or in the event that the employee reaches the retirement age of 65. The entitlement to severance payment is determined according to several factors including but not limited to age, length of service and remuneration, and is subject to a maximum amount of Hong Kong dollars ("HK$") 390,000. The Company accounts for such severance liabilities based on an actuarial valuation using the projected unit credit method. There are no separate plan assets held in respect to these liabilities.

Non-controlling interests

(ab)	Non-controlling interests

The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of iClick Cayman. Non-controlling interests are presented on the face of the consolidated statement of comprehensive loss as an allocation of the total income or loss for the year between non-controlling interests holders and the shareholders of iClick Cayman.

Income taxes

(ac)	Income taxes

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.

Uncertain tax positions

The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Company’s uncertain tax positions and determining its provision for income taxes. The Company recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheets and under other expenses in its statements of comprehensive loss. The Company did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2021, 2022 and 2023. As of December 31, 2022 and 2023, the Company did not have any significant unrecognized uncertain tax positions.

Share-based compensation

(ad)	Share-based compensation

iClick Cayman grants stock-based awards, including share options, restricted share units and warrants of iClick Cayman, to eligible employees, officers, directors, and non-employee consultants. The Company accounts for share-based awards granted to employees in accordance with ASC 718, “Compensation - Stock Compensation” and share-based awards granted to non-employees in accordance with ASC subtopic, 505-50 (“ASC 505-50”), “Equity-Based Payments to Non-Employees”. ASC 505. On January 1, 2019, the Company adopted ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvement to Nonemployee Share-based Payment Accounting to amend the accounting for share-based payment awards issued to non-employees. Under ASU 2018-07, the accounting for awards to non-employees are similar to the model for employee awards.

Option and RSUs granted to employees

Under the fair value recognition provisions of ASC 718-10, share-based compensation costs are measured at the grant date. The share-based compensation expenses have been categorized as either general and administrative expenses, sales and marketing expenses or research and development expenses, depending on the job functions of the grantees. For the options and RSUs granted to employees, the compensation expense is recognized using the graded-vesting attribution approach over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently to the extent they differ from the estimate. In determining the fair value of iClick Cayman’s share options, the binomial option pricing model has been applied. The fair value of RSUs is determined with reference to the fair value of the underlying shares.

Option modification

According to ASC 718, a change in any of the terms or conditions of equity based awards shall be accounted for as a modification of the award. Therefore, the Company calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified. For vested options, the Company would recognize incremental compensation costs on the date of modification and for unvested options, the Company would recognize, prospectively and over the remaining requisite service period, the sum of the incremental compensation costs and the remaining unrecognized compensation costs for the original award.

Option, RSUs and warrants granted to non-employees

Pursuant to ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), stock-based awards granted to consultants and non-employees are accounted for in the same manner as awards granted to employees as described above.

Options and warrants of iClick Cayman issued to non-employees are measured based on fair value of the options and warrants which are determined by using the binomial option pricing model and RSUs of iClick Cayman issued to non-employees are measured based on fair value of the RSUs which are determined with reference to the fair value of the underlying shares.

Government subsidies

(ae)	Government subsidies

The Company receives subsidies from Hong Kong and the local PRC government for general use. General-use subsidies which are not subject to any conditions or specific use requirements are recorded as subsidy income in the consolidated statements of comprehensive loss.

Statutory reserves

2	Principal accounting policies (Continued)

(af)	Statutory reserves

iClick Cayman’s subsidiaries, a consolidated VIE and subsidiaries incorporated in the PRC, are required on an annual basis to make appropriations of retained earnings set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (“PRC GAAP”).

Appropriation to the statutory general reserve should be at least 10% of the after tax net income determined in accordance with the legal requirements in the PRC until the reserve is equal to 50% of the entities’ registered capital. The Company is not required to make appropriation to other reserve funds and the Company does not have any intentions to make appropriations to any other reserve funds.

The general reserve fund can only be used for specific purposes, such as setting off the accumulated losses, enterprise expansion or increasing the registered capital. Appropriations to the general reserve funds are classified in the consolidated balance sheets as statutory reserves.

There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Company was not done so.

Relevant laws and regulations permit payments of dividends by the PRC subsidiaries and affiliated companies only out of their retained earnings, if any, as determined in accordance with respective accounting standards and regulations. Accordingly, the above balances are not allowed to be transferred to iClick Cayman in terms of cash dividends, loans or advances.

Related parties

(ag)	Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

Dividends

(ah)

Dividends

Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2021, 2022 and 2023, respectively. The Company does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Company currently intends to retain the available funds and any future earnings to operate and expand its business.

Loss per share

(ai)	Loss per share

Basic loss per share is computed by dividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year using the two class method. The Company uses the two-class method to calculate net loss per share though both classes share the same rights in dividends. Therefore, basic and diluted loss per share are the same for both classes of ordinary shares. Using the two class method, net loss is allocated between ordinary shares based on their participating rights.

Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Ordinary share equivalents consist of ordinary shares issuable upon the conversion of the stock options and warrants and vesting of RSUs, using the treasury stock method.

Comprehensive income/loss

2	Principal accounting policies (Continued)

(aj)	Comprehensive income/loss

Comprehensive income/loss is defined as the change in shareholders’ equity of the Company during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders.

Comprehensive income/loss is reported in the consolidated statements of comprehensive loss. Accumulated other comprehensive income/losses of the Company include the foreign currency translation adjustments.

Segment reporting

(ak)	Segment reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The CODM is comprised of certain members of iClick Cayman’s management team.

The Company’s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but are not limited to, customer base, homogeneity of products and technology. The Company’s operating segments are based on this organizational structure and information reviewed by the Company’s CODM to evaluate the operating segment results.

The Company reports two operating segments: 1) Marketing Solutions, and 2) Enterprise Solutions. This segment reporting aligns with the manner in which the Company’s CODM currently receives and uses financial information to allocate resources and evaluate the performance of reporting segments.

Recently issued accounting pronouncements

(al)	Recently issued accounting pronouncements

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the amendments is permitted. The Company did not early adopt and is currently evaluating the impact of adopting this ASU on its consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The FASB issued the new guidance primarily to provide financial statement users with more disaggregated expense information about a public entity’s reportable segments. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be adopted retrospectively unless impracticable. Early adoption is permitted.

2	Principal accounting policies (Continued)

(al)	Recently issued accounting pronouncements (Continued)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The Board is issuing the amendments in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The Board decided that the amendments should be effective for public business entities for annual periods beginning after December 15, 2024.

In March, 2024, the SEC adopted its rules covering climate-related disclosures which require registrants to provide certain climate-related disclosures in registrants’ SEC filings. The rules require registrants to disclose strategy, governance, risk management, targets and goals, greenhouse gas emissions, and financial statement effects. The rules provide phased effective dates and transition provisions, with some entities required to adopt most elements of the new rules as early as 2025.

The Company is currently evaluating the impact of the above new accounting pronouncements or guidance on the consolidated financial statements.

Principal accounting policies - Statutory reserves (Details)	12 Months Ended
	Dec. 31, 2023
Principal accounting policies
Percentage of after tax net income transferred to statutory general reserve	10.00%
Limit of statutory reserve fund as a percentage of registered capital, after which allocations to statutory reserve fund are no longer required	50.00%

Organization and principal activities

12 Months Ended

Dec. 31, 2023

Organization and principal activities

Organization and principal activities

1	Organization and principal activities

(a)	Organization and nature of operation

iClick Interactive Asia Group Limited (“iClick Cayman”) and its subsidiaries are collectively referred to as the Company. iClick Cayman was incorporated under the law of Cayman Islands as a limited company on February 3, 2010. The Company is principally engaged in (i) the provision of online advertising services (“Marketing Solutions”) and (ii) the provision of software and data analytical tool licenses, customer relationship management solutions, and digitalized operational solutions (“Enterprise Solutions”). The Company’s principal operations and geographic market are in Greater China and have offices in Hong Kong and The People’s Republic of China (“the PRC”). There are also sales teams in Singapore and the United Kingdom.

The accompanying consolidated financial statements include the financial statements of iClick Cayman, its principal subsidiaries and consolidated VIE and the VIE’s subsidiaries (defined in Note 1(b)) as follows:


		Effective interest held
		through equity
		ownership/ contractual		Date of	Place of
		arrangements		incorporation/	incorporation/
Name	Relationship	(Note (i))		establishment	establishment	Principal activities
Tetris Media Limited	Subsidiary	100	%	July 2007	Hong Kong	Investment holding
iClick Interactive Asia Limited	Subsidiary	100	%	December 2008	Hong Kong	Online advertising, SaaS products and services
China Search (Asia) Limited	Subsidiary	100	%	September 2010	Hong Kong	Online advertising
iClick Interactive (Singapore) Pte. Ltd.	Subsidiary	100	%	January 2011	Singapore	Online advertising
iClick Data Technology (Beijing) Limited (“Beijing WFOE”)	Subsidiary	100	%	January 2011	The PRC	Online advertising, SaaS products and services
Search Asia Technology (Shenzhen) Co., Ltd.	Subsidiary	100	%	January 2011	The PRC	Online advertising
Performance Media Group Limited	Subsidiary	100	%	January 2013	Hong Kong	Online advertising
CMRS Digital Solutions Limited	Subsidiary	100	%	April 2008	Hong Kong	Online advertising, SaaS products and services
Beyond Digital Solutions Limited	Subsidiary	100	%	April 2010	Hong Kong	Online advertising, SaaS products and services
CruiSo Digital Solutions Limited	Subsidiary	100	%	May 2011	Hong Kong	Online advertising, SaaS products and services
Tetris Information Technology (Shanghai) Co., Ltd.	Subsidiary	100	%	April 2008	The PRC	Online advertising, SaaS products and services
OptAim (Beijing) Information Technology Co., Ltd. (“OptAim WFOE”)	Subsidiary	100	%	November 2014	The PRC	Online advertising, SaaS products and services

1	Organization and principal activities (Continued)

(a)	Organization and nature of operation (Continued)


		Effective interest held
		through
		equity ownership/
		contractual		Date of	Place of
		arrangements		incorporation/	incorporation/
Name	Relationship	(Note (i))		establishment	establishment	Principal activities
Anhui Zhiyunzhong Information Technology Co., Ltd. (“OptAim Anhui”)	Subsidiary	100	%	November 2017	The PRC	Online advertising, SaaS products and services
Tetris (Shanghai) Data Technology Co., Ltd.	Subsidiary	100	%	October 2020	The PRC	Online advertising, SaaS products and services
Zhiyunzhong (Shanghai) Technology Co., Ltd. (“Shanghai OptAim”)	Subsidiary	100	%	September 2014	The PRC	Online advertising
Beijing OptAim Network Technology Co., Ltd. (“Beijing OptAim”)	VIE	100	%	September 2012	The PRC	Online advertising
Shanghai Myhayo Technology Co., Ltd. (“Myhayo”) (Note (ii))	VIE’s subsidiary	36.8	%	May 2017	The PRC	Mobile content aggregator and online advertising
Anhui Myhayo Technology Co., Ltd. (“Anhui Myhayo”) (Note (ii))	VIE’s subsidiary	36.8	%	September 2018	The PRC	Mobile content aggregator and online advertising
Changyi (Shanghai) Information Technology Ltd. (“Changyi”) (Note (iii))	Subsidiary	100	%	January 2014	The PRC	SaaS products and services
Xi’an Changzhan Information Technology Ltd. (“Xian Changyi”)	Subsidiary	100	%	August 2019	The PRC	SaaS products and services
Optimal Power Limited (“Optimal”)	Subsidiary	100	%	September 2019	BVI	Investment holding

Note:

(i)

(ii)

(iii)

1	Organization and principal activities (Continued)

(b)	Consolidated VIE and VIE’s subsidiaries

When iClick Cayman acquired OptAim WFOE in July 2015, OptAim WFOE is considered as a foreign invested enterprise and any foreign ownership in advertising business was subject to certain restrictions under the PRC laws and regulations at that time. To comply with the then-effective PRC laws and regulations, certain of the Company’s operations are conducted through Beijing OptAim and its subsidiaries (together, “OptAim VIE”). OptAim WFOE, a wholly-owned subsidiary of iClick Cayman, or a wholly foreign owned enterprise (“WFOE”) of iClick Cayman, entered into a series of contractual agreements among Beijing OptAim and Beijing OptAim’s legal shareholders.

Management evaluated the contractual relationships among iClick Cayman, OptAim WFOE and OptAim VIE as detailed below, and concluded that OptAim WFOE is the primary beneficiary of OptAim VIE. As a result, OptAim VIE’s results of operations, assets and liabilities have been included in the Company’s consolidated financial statements.

As a result of an internal restructuring within the Company in 2021 to move the VIE structure from OptAim WFOE to Beijing WFOE (being another wholly-owned subsidiary of iClick Cayman in the PRC), on November 1, 2021, the VIE contractual agreements as detailed below were amended and restated, which were to provide Beijing WFOE with the power, rights and obligations equivalent in all material respects to those it would possess as the principal equity holder of OptAim VIE by signing such contractual agreements among Beijing OptAim and Beijing OptAim’s legal shareholders to have Beijing WFOE replacing OptAim WFOE as the primary beneficiary of OptAim VIE.

OptAim VIE

iClick Cayman’s relationships with Beijing OptAim and its shareholders are governed by the following contractual arrangements:

●

Cooperative Agreement

Under the cooperative agreement between OptAim WFOE/Beijing WFOE and Beijing OptAim, OptAim WFOE/Beijing WFOE has the exclusive right to provide to Beijing OptAim, among others, technical consulting, technical support, business consulting, and appointment and dismissal of employees. OptAim WFOE/Beijing WFOE will collect a fee from Beijing OptAim to be determined at the sole discretion of OptAim WFOE/Beijing WFOE. The term of this agreement will not expire unless OptAim WFOE/Beijing WFOE provides prior written notice to Beijing OptAim.

●

Purchase Option Agreement

The parties to the purchase option agreement are OptAim WFOE/Beijing WFOE, Beijing OptAim and each of the shareholders of Beijing OptAim. Under the purchase option agreement, each of the shareholders of Beijing OptAim irrevocably granted OptAim WFOE/Beijing WFOE or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of its equity interests in Beijing OptAim. OptAim WFOE/Beijing WFOE or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without prior written consent from OptAim WFOE/Beijing WFOE, Beijing OptAim’s shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Beijing OptAim. The agreement will not expire until all shares of Beijing OptAim are transferred to OptAim WFOE/Beijing WFOE or its designated representative(s).

1	Organization and principal activities (Continued)

(b)	Consolidated VIE and VIE’s subsidiaries (Continued)

●

Power of Attorney

Pursuant to the irrevocable power of attorney executed by the shareholders of Beijing OptAim, Beijing OptAim appointed OptAim WFOE/Beijing WFOE as its attorney-in-fact to exercise all shareholders’ rights in Beijing OptAim, including, without limitation, the power to vote on all matters of Beijing OptAim.

Beijing OptAim requires shareholder approval under PRC laws and regulations and the articles of association of Beijing OptAim. The power of attorney will remain in force until OptAim WFOE/Beijing WFOE provides prior written notice to Beijing OptAim.

●

Pledge Agreement

Pursuant to the pledge agreement between OptAim WFOE/Beijing WFOE and the shareholders of Beijing OptAim, the shareholders of Beijing OptAim have pledged all of their equity interests in Beijing OptAim to OptAim WFOE/Beijing WFOE to guarantee the performance by Beijing OptAim under the cooperative agreement, purchase option agreement, and powers of attorney. If Beijing OptAim and/or its shareholders breach their contractual obligations under those agreements, OptAim WFOE/Beijing WFOE, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. Under the pledge agreement, the shareholders of Beijing OptAim are not able to provide any other guarantee by pledging the shares of Beijing OptAim, transfer or sell their pledged shares to other individual, change share capital of Beijing OptAim or transfer or sell the assets out of Beijing OptAim. The shareholders of Beijing OptAim have completed the registration of the equity pledge with the relevant office of the Administration for Industry and Commerce in accordance with the PRC Property Rights Law on June 21, 2017.

Through the aforementioned contractual agreements, OptAim VIE is considered VIE in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) because iClick Cayman, through OptAim WFOE/Beijing WFOE, has the ability to:

●

exercise effective control over OptAim VIE whereby having the power to direct OptAim VIE’s activities that most significantly drive the economic results of OptAim VIE;

●

receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks and expected losses from OptAim VIE as if it was their sole shareholder; and

●

have an exclusive option to purchase all of the equity interests in OptAim VIE.

As of December 31, 2022 and 2023, the total assets of OptAim VIE (excluding amounts due from subsidiaries of the Company) were US$7,110 and US$6,017, respectively, mainly comprising cash and cash equivalents, accounts receivable, prepaid media costs, property and equipment, intangible assets, right-of-use assets, other long-term investment and other assets. As of December 31, 2022 and 2023, the total liabilities of OptAim VIE (excluding amounts due to subsidiaries of the Company) were US$5,188 and US$4,233 respectively, mainly comprising accounts payable, deferred revenue, lease liabilities, bank borrowings, income tax payable, accrued liabilities and other current liabilities, and deferred tax liabilities.

1	Organization and principal activities (Continued)

(b)	Consolidated VIE and VIE’s subsidiaries (Continued)

In accordance with the aforementioned agreements, iClick Cayman has the power to direct activities of OptAim VIE, and can have assets transferred out of OptAim VIE. Therefore iClick Cayman considers that there is no asset in OptAim VIE that can be used only to settle obligations of OptAim VIE, except for registered capital and PRC statutory reserves of OptAim VIE amounting to US$2,081 and US$2,081, respectively, as of December 31, 2022 and 2023. As Beijing OptAim and its subsidiaries were incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to the general credit of iClick Cayman for all the liabilities of OptAim VIE. Currently there is no contractual arrangement that could require iClick Cayman to provide additional financial support to OptAim VIE.

As iClick Cayman is conducting its PRC online advertising services business through OptAim VIE, iClick Cayman will, if needed, provide such support on a discretion basis in the future, which could expose iClick Cayman to a loss.

There is no VIE where iClick Cayman has variable interest but is not the primary beneficiary.

In the opinion of iClick Cayman’s management, the contractual arrangements among its subsidiary, the VIE and the nominee shareholder are in compliance with current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit iClick Cayman’s ability to enforce these contractual arrangements. In addition, the nominee shareholder of the VIE is Mr. Jian Tang, the chairman of our board of directors and our chief executive officer, who controls around 30% of iClick Cayman in terms of voting power. Therefore, the enforceability of the contractual agreements between iClick Cayman’s subsidiary, the VIE and its nominee shareholder depends on whether the shareholder will fulfil these contractual agreements. As a result, iClick Cayman may be unable to consolidate the VIE and VIE’s subsidiaries in the consolidated financial statements.

iClick Cayman’s ability to control OptAim VIE also depends on the power of attorney and the effect of the share pledge under the Pledge Agreement and OptAim WFOE/Beijing WFOE has to vote on all matters requiring shareholder approval in OptAim VIE. As noted above, iClick Cayman believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership.

(c)	Issuance of shares to a new investor in 2021

Pursuant to a share subscription agreement entered into between iClick Cayman and a new investor Baozun Inc. (“Baozun”) in January 2021, iClick Cayman has issued a total of 649,349 Class B ordinary shares to Baozun for net cash proceeds received by iClick Cayman, after deducting an incremental cost of US$213, of US$17,010.

Cash proceeds received by iClick Cayman from the issuance of Class B ordinary shares to Baozun were calculated at US$26.52 per share, which was at discount as compared to the fair value of US$28.88 as determined based on the closing stock price as of the date of share issuance. The total discount of this share issuance amounting to US$1,530 represented an incentive to Baozun to enter into the strategic cooperation framework agreement with iClick Cayman, which was recognized as share-based compensation expenses in the consolidated during the year ended December 31, 2021.

Certain risks and concentration - Financial Data for VIEs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Revenues recognized by VIE and VIE's subsidiaries	$ 133,217	$ 169,080	$ 307,702
Cost of revenues to WFOE	98,375	173,212	218,549
VIE
Variable Interest Entity [Line Items]
Revenues recognized by VIE and VIE's subsidiaries	12,983	22,063	23,865
Balance for management fee charged to VIEs	0	0
VIE \| Online advertising services
Variable Interest Entity [Line Items]
Revenues recognized by VIE and VIE's subsidiaries	2	291	911
VIE \| Other marketing services
Variable Interest Entity [Line Items]
Revenues recognized by VIE and VIE's subsidiaries		310	117
VIE \| Online advertising services and SaaS services
Variable Interest Entity [Line Items]
Cost of revenues to WFOE	$ 5	$ 285	$ 49

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisitions - Parllay - Additional Information (Details) - Parllay - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2021
Acquisitions
Fair value of cash consideration transferred	$ 1,825	$ 1,825
Maximum net revenue (loss) as a percent of consolidated net revenue (loss)		5.00%
Income approach
Acquisitions
Estimated useful life	5 years
Income approach \| Terminal growth rate
Acquisitions
Intangible asset measurement input	32.00%
Income approach \| Fair value inputs discount rate
Acquisitions
Intangible asset measurement input	22.70%

Basic and diluted net loss per share - Summary of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net Income (Loss) Attributable to Parent	$ (38,690)	$ (200,875)	$ (13,631)
Numerator for basic net loss per share	$ (38,690)	$ (200,875)	$ (13,631)
Denominator:
Denominator for basic net loss per share - weighted average shares outstanding	51,118,300	50,420,225	48,187,235
Denominator for diluted net loss per share - weighted average shares outstanding	51,118,300	50,420,225	48,187,235
Basic net loss per share	$ (0.75)	$ (3.98)	$ (0.28)
Diluted net loss per share	$ (0.75)	$ (3.98)	$ (0.28)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

Certain risks and concentration - Summary of Changes in Level 3 Financial Liabilities for Convertible Notes and Derivative Liability (Details) - Fair Value Measurements Recurring - Contingent Consideration Payable $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair value measurement
Balance at the beginning of year	$ 4,507
Transfer to accrued liabilities	$ (4,507)

Repurchase of shares

12 Months Ended

Dec. 31, 2023

Repurchase of shares

Repurchase of shares

19	Repurchase of shares

The board of directors of iClick Cayman authorized certain share repurchase programs December 2020 (the “December 2020 Share Repurchase Program”), December 2020 (the “December 2020 Share Repurchase Program”) December 2021 (the “December 2021 Share Repurchase Program”) and December 2022 (the “December 2022 Share Repurchase Program”), respectively, as detailed in the below table.


	Maximum value of
	ordinary shares or ADSs of
Repurchase program	iClick Cayman to repurchase	Effective period
December 2020 Share Repurchase Program	25,000	Period from December 30, 2020 to December 31, 2021
December 2021 Share Repurchase Program	20,000	Year ended December 31, 2022
December 2022 Share Repurchase Program	5,000	Year ending December 31, 2023

The share repurchases may be made on the open market at prevailing market prices, in negotiated transactions off the market, and/or in other legally permissible means from time to time as market conditions warrant in compliance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, at times and in such amounts as iClick Cayman deems appropriate.

The following table is a summary of the shares repurchased by iClick Cayman during 2021, 2022 and 2023 under the repurchase programs. All shares were purchased through publicly purchasing from the open market.


	Total number of
	ADSs purchased
	as part of the	Average
	publicly	price paid
Period	announced plan	per ADS
December 2020 Share Repurchase Program
- For the year ended December 31, 2020	2,760	83.686
- For the year ended December 31, 2021	120,992	88.324
December 2021 Share Repurchase Program
- For the year ended December 31, 2022	731,881	10.349
December 2022 Share Repurchase Program
- For the year ended December 31, 2023	126,883	1.679

Other long-term investments

12 Months Ended

Dec. 31, 2023

Other long-term investments

Other long-term investments

8	Other long-term investments


	As of December 31,
	2022	2023
Available-for-sale debt investment (Note 2(k))	3,000	3,000
Investments in equity securities without readily determinable fair values, gross	14,104	14,104
Accumulated impairment	(11,134)	(14,104)
Investments in equity securities without readily determinable fair values, net	2,970	—
Total other long-term investments	5,970	3,179

The Company’s other long-term investments consist of (i) available-for-sale debt investments (see Note 2(k)), and (ii) securities without readily determinable fair value and over which the Company has neither significant influence nor control through investments in common stock or in-substance common stock.

Movement of investments in equity securities without readily determinable fair values for the years ended December 31, 2022 and 2023 is as follows:


	For the years ended
	December 31,
	2022	2023
Balance at the beginning of year	12,114	2,970
Investments made/transferred from prepayments	3,500	—
Disposal during the year	—	(1,936)
Transfer to short-term investments	(1,510)	—
Impairment	(10,805)	(1,034)
Exchange differences	(329)	—
Balance at the end of year	2,970	—

The Company used measurement alternative for recording equity investments without readily determinable fair values at cost, less impairment, adjusted for subsequent observable price changes. Based on ASU 2016-01, entities that elect the measurement alternative will report changes in the carrying value of the equity investments in current earnings. If measurement alternative is used, changes in the carrying value of the equity investment will be recognized whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer, and impairment charges will be recorded when any impairment indicators are noted and the fair value is lower than the carrying value.

8	Other long-term investments (Continued)

The Company, with the assistance of an independent valuer, assessed the fair value of certain investments as of the balance sheet date, using significant unobservable input including price-to-sales multiples of comparable companies and a discount for lack of marketability (the “DLOM”). The Company concluded that impairment was warranted for certain investments as of December 31, 2021, 2022 and 2023 and recognized impairment charges for investments without readily determinable fair value of US$4,038, US$10,805 and US$1,034 for the years ended December 31, 2021, 2022 and 2023, respectively, which are related to investees in sports nutrition products business, e-commerce platforms business, publishing and logistics business, information technology business, gaming business, advertising business whose financial performance was unsatisfactory with no obvious upturn or potential financing solutions in the foreseeable future.

Principal accounting policies - Intangible assets, net (Details)	Dec. 31, 2023
Computer software and systems \| Minimum
Principal accounting policies
Useful life (in years)	2 years
Computer software and systems \| Maximum
Principal accounting policies
Useful life (in years)	5 years
Developed technologies
Principal accounting policies
Useful life (in years)	5 years
Customer relationship \| Minimum
Principal accounting policies
Useful life (in years)	4 years
Customer relationship \| Maximum
Principal accounting policies
Useful life (in years)	5 years
Brand name
Principal accounting policies
Useful life (in years)	4 years
Contract backlog
Principal accounting policies
Useful life (in years)	3 years
Advertising contract
Principal accounting policies
Useful life (in years)	30 years

Principal accounting policies - Property and equipment, net (Details)	Dec. 31, 2023
Leasehold improvements \| Minimum
Principal accounting policies
Estimated useful life (in years)	2 years
Leasehold improvements \| Maximum
Principal accounting policies
Estimated useful life (in years)	5 years
Furniture and fixtures \| Minimum
Principal accounting policies
Estimated useful life (in years)	2 years
Furniture and fixtures \| Maximum
Principal accounting policies
Estimated useful life (in years)	5 years
Office equipment \| Minimum
Principal accounting policies
Estimated useful life (in years)	3 years
Office equipment \| Maximum
Principal accounting policies
Estimated useful life (in years)	5 years
Motor vehicles \| Minimum
Principal accounting policies
Estimated useful life (in years)	3 years
Motor vehicles \| Maximum
Principal accounting policies
Estimated useful life (in years)	5 years

Equity investment

12 Months Ended

Dec. 31, 2023

Equity investment

Equity investment

7	Equity investment

On May 31, 2019, iClick Cayman and VGI Global Media PLC (“VGI”), an online-to-offline solutions provider across advertising, payment and logistics platforms in Thailand, jointly established a new company namely V-Click Technology Company Limited (“V-Click”). VGI holds a majority stake of 51% in V-Click and iClick Cayman holds the remaining 49% stake. The investment was accounted for as an equity-method investment due to the significant influence iClick Cayman has over the operating and financial policies of V-Click.

(a)	Investment in an equity investee

Movements on the Company’s investment in V-Click during the years ended December 31, 2022 and 2023 were as follows:


	For the years ended
	December 31,
	2022	2023
Balance at the beginning of year	354	279
Share of losses	(75)	(61)
Balance at the end of year	279	218

7	Equity investment (Continued)

(a)	Investment in an equity investee (Continued)

The Company recognized its share of the equity investee’s loss of US$75 and US$61 for the years ended December 31, 2022 and 2023, respectively. There was no indicator of impairment noted for this equity-method investment as of December 31, 2022 and 2023.

(b)	Amount due from an equity investee

As of December 31, 2022 and 2023, the amount was due from V-Click in relation to cash advances of US$312 and US$6, respectively, which was unsecured, interest-free and repayable on demand.

Other gains/(losses), net (Tables)

12 Months Ended

Dec. 31, 2023

Other gains/(losses), net

Schedule of other gains/(losses), net


	For the years ended December 31,
	2021	2022	2023
Net exchange gain/(loss)	622	(3,183)	(1,222)
Forfeiture of advances from customers (Note (i))	1,654	1,552	1,933
Government subsidy income (Note (ii))	3,281	4,458	1,277
Fair value (losses)/gains on short-term investments	(316)	(2,368)	566
Fair value gain on long-term investment	—	—	179
Impairment on long-term investments	(4,038)	(10,805)	(1,034)
Fair value change in contingent consideration payable	418	(8,396)	—
ADR reimbursement from depositary bank	410	(169)	—
Others	172	(254)	343
Total	2,203	(19,165)	2,042

Note:

(i)

The forfeited advances from customers are recognized as other gains when the contractual obligation of iClick Cayman to provide the agreed services no longer existed legally due to passage of time.

(ii)

Government subsidy income mainly includes an additional 10% VAT super-credit subsidy from the PRC government to offset against VAT payable for the period from April 1, 2019 to December 31, 2023.

Deferred revenue - Changes in deferred revenue balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred revenue
Balance at the beginning of year	$ 16,975	$ 22,802
Additions to deferred revenue	32,152	72,300
Recognition of deferred revenue as revenues	(36,455)	(77,887)
Exchange differences	(282)	(240)
Balance at the end of year	$ 12,390	$ 16,975

Principal accounting policies - Revenue recognition and cost of revenues - Disaggregation by pricing models (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Net revenues	$ 133,217	$ 169,080	$ 307,702
Recognized over time
Principal accounting policies
Net revenues	52,439	73,665	88,013
Recognized over time \| Sales agent
Principal accounting policies
Net revenues	1,818	2,549	4,195
Recognized over time \| Cost-plus
Principal accounting policies
Net revenues	4,761	8,909	26,062
Recognized over time \| SaaS Products and Services
Principal accounting policies
Net revenues	45,860	62,207	57,756
Recognized at point in time
Principal accounting policies
Net revenues	80,778	95,415	219,689
Recognized at point in time \| SaaS Products and Services
Principal accounting policies
Net revenues	876	917	7,336
Recognized at point in time \| Specified actions
Principal accounting policies
Net revenues	$ 79,902	$ 94,498	$ 212,353

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Organization and principal activities - Subsidiaries and Consolidated VIE's (Details)	12 Months Ended
	Dec. 31, 2023
Zhiyunzhong (Shanghai) Technology Co., Ltd. ("Shanghai OptAim")
Ownership:
VIE direct or indirect ownership (as a percent)	100.00%
Shanghai Myhayo Technology Co., Ltd. ("Myhayo")
Ownership:
VIE direct or indirect ownership (as a percent)	36.80%
Anhui Myhayo Technology Co., Ltd. ("Anhui Myhayo")
Ownership:
VIE direct or indirect ownership (as a percent)	36.80%
Tetris Media Limited
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
iClick Interactive Asia Limited
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
China Search (Asia) Limited
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
iClick Interactive (Singapore) Pte. Ltd.
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
iClick Data Technology (Beijing) Limited ("Beijing WFOE")
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
Search Asia Technology (Shenzhen) Co., Ltd.
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
Performance Media Group Limited
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
CMRS Digital Solutions Limited
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
Beyond Digital Solutions Limited
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
CruiSo Digital Solutions Limited
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
Tetris Information Technology (Shanghai) Co., Ltd.
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
OptAim (Beijing) Information Technology Co., Ltd. ("OptAim WFOE")
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
VIE direct or indirect ownership (as a percent)	100.00%
Anhui Zhiyunzhong Information Technology Co., Ltd. ("OptAim Anhui")
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
Tetris (Shanghai) Data Technology Co., Ltd.
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
Changyi (Shanghai) Information Technology Ltd. ("Changyi")
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
Xi'an Changzhan Information Technology Ltd. ("Xian Changyi")
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%
Optimal Power Limited
Ownership:
Subsidiary direct or indirect ownership (as a percent)	100.00%

Intangible assets, net - Amortization expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets, net
Amortization expense	$ 566	$ 2,990	$ 3,238
Cost of revenues
Intangible assets, net
Amortization expense	548	2,783	3,070
Sales and marketing expenses
Intangible assets, net
Amortization expense	13	22	12
General and administrative expenses
Intangible assets, net
Amortization expense	$ 5	$ 185	$ 156

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (38,870)	$ (202,806)	$ (16,598)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of property and equipment	137	842	648
Amortization of intangible assets	566	2,990	3,238
Amortization of right-of-use assets	478	2,650	2,785
Gains on disposals of property and equipment	(15)	(40)	(16)
Allowance for/(reversal of) credit losses on accounts receivable	(1,431)	18,542	12,424
Allowance for credit losses on loans and interest receivable	4,486	3,661	289
Share-based compensation expenses in relation to ordinary shares subscription from Baozun Inc.			1,530
Other share-based compensation expenses	1,082	3,794	11,969
Fair value losses/(gains) on short-term investments	(566)	2,368	316
Fair value gain on long-term investment	(179)
Impairment of goodwill		80,137
Impairment of intangible assets	439	49,778
Impairment of long-term investments	1,034	10,805	4,038
Impairment of property and equipment	185	1,206
Impairment of right-of-use assets	2,624	2,365
Fair value changes on contingent consideration payables		8,396	(418)
Deferred tax	506	(11,557)	(905)
Share of losses from an equity investee	61	75	107
Changes in operating assets and liabilities, net
Accounts receivable	9,962	102,028	(60,284)
Prepayments and other assets	2,915	8,478	3,333
Rebates receivables	1,927	2,642	5,626
Prepaid media costs	4,713	17,515	(1,463)
Accounts payable	(764)	(24,859)	23,447
Accrued liabilities and other current liabilities	(1,967)	3,999	(1,504)
Deferred revenue	(4,296)	(6,935)	(5,323)
Income tax payable	(72)	(1,839)	(80)
Income tax recoverable	(148)	(319)	7
Lease liabilities	(2,503)	(2,776)	(2,781)
Amount due from an equity investee	270	(36)	(58)
Net cash (used in)/provided by operating activities	(19,426)	71,104	(19,673)
Cash flows from investing activities
Purchase of property and equipment	(83)	(506)	(1,386)
Purchase of intangible assets	(14)		(203)
Redemption/(purchase) of short-term investments	1,585	(99)	15,633
(Purchase)/disposal of other long-term investments	1,936	(6,500)	(4,108)
Prepayment for long-term investment costs			(394)
(Purchase)/redemption of time deposits	(248)	11,118	(11,039)
Acquisition of businesses, net of cash received	(5,161)	(7,742)	(10,007)
Purchase of interest in a subsidiary from non-controlling interests		(722)
Loan to third parties			(17,303)
Repayment of loan from third parties	981	434	6,400
Proceeds from disposals of property and equipment	17	40	17
Net cash used in investing activities	(987)	(3,977)	(22,390)
Cash flows from financing activities
Proceeds from exercise of share options		68	661
Proceeds from bank borrowings	59,035	180,006	248,784
Repayments of bank borrowings	(64,910)	(209,789)	(231,025)
Repurchase of ordinary shares	(214)	(7,574)	(10,687)
Net proceeds from issuance of ordinary shares upon subscription from Baozun Inc.			17,010
Net cash provided by/(used in) financing activities	(6,089)	(37,289)	24,743
Net (decrease)/increase in cash and cash equivalents and restricted cash	(26,502)	29,838	(17,320)
Cash and cash equivalents and restricted cash at the beginning of year	105,297	77,589	94,377
Effect on exchange rate changes on cash and cash equivalents and restricted cash	(1,273)	(2,130)	532
Cash and cash equivalents and restricted cash at the end of year	77,522	105,297	77,589
Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:
Cash and cash equivalents	50,766	82,754	41,443
Restricted cash, current	26,756	22,543	36,146
Cash and cash equivalents and restricted cash	77,522	105,297	77,589
Supplemental disclosure of cash flow information:
Interests paid	(1,431)	(2,114)	(3,922)
Cash paid for income taxes	$ (341)	(1,949)	(3,677)
Supplemental schedule of non-cash investing and financing activities:
Issuance of ordinary shares upon acquisition of interest in a subsidiary from non-controlling interests		$ 1,577
Issuance of ordinary shares upon settlement for contingent consideration payable			2,060
Transfer of prepayments for long-term investments to other long-term investments			$ 7,023

Principal accounting policies

12 Months Ended

Dec. 31, 2023

Principal accounting policies

Principal accounting policies

2	Principal accounting policies

(a)	Going concern and basis of preparation

Liquidity and Capital Resources

2	Principal accounting policies (Continued)

(b)	Use of estimates

(c)	Consolidation

2	Principal accounting policies (Continued)

(d)	Foreign currency translation

(e)

Fair value of financial instruments

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that iClick Cayman has the ability to access at the measurement date.

Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

(i)

Fair value measurement on a recurring basis

2	Principal accounting policies (Continued)

(e)	Fair value of financial instruments (Continued)

(ii)

Fair value measurement on a non-recurring basis

(f)	Cash, cash equivalents and restricted cash

(g)	Time deposits

2	Principal accounting policies (Continued)

(h)	Accounts receivable, net

(i)	Rebates receivable

(j)	Current expected credit losses

2	Principal accounting policies (Continued)

(j)	Current expected credit losses (Continued)

The following table presents the movement in the allowance for credit losses for the years ended December 31, 2022 and 2023.


	Accounts receivable		Loans and interest receivable
	(Note)
	For the years ended		For the years ended
	December 31,		December 31,
	2022	2023	2022	2023
Balance at the beginning of year	22,786	37,215	289	4,043
Provision/(reversal) for the year	18,542	(1,431)	3,661	4,486
Accounts receivable written off	(1,978)	(5,923)	—	—
Exchange differences	(2,135)	(698)	93	(145)
Balance at the end of year	37,215	29,163	4,043	8,384

Note:

(k)	Investments


	As of December 31,
	2022	2023
Short-term investments under current assets
Fund investments (Note (i))	3,665	3,784
Listed equity securities (Note (ii))	1,609	403
Wealth management products (Note (iii))	1,737	1,536
	7,011	5,723

Other long-term investments under non-current assets
Available-for-sale debt investments (Note (iv))	3,000	3,179
Equity investments (Note 2(m))	2,970	—
	5,970	3,179

2	Principal accounting policies (Continued)

(k)	Investments (Continued)

(i)

Fund investments

(ii)

Listed equity securities

(iii)

Wealth management products

(iv)

Available-for-sale debt investments

2	Principal accounting policies (Continued)

(l)	Investment in an equity investee

(m)	Other long-term equity investments

The Company’s other long-term equity investments as of December 31, 2022 and 2023 consist of equity securities without readily determinable fair value.

2	Principal accounting policies (Continued)

(n)	Property and equipment, net


Leasehold improvements		Over the shorter of lease term or 2 – 5 years
Furniture and fixtures		2 – 5 years
Office equipment		3 – 5 years
Motor Vehicles		3 – 5 years

(o)	Business combinations

(p)	Intangible assets, net


Computer software and systems		2 – 5 years
Developed technologies		5 years
Customer relationship		4 – 5 years
Brand name		4 years
Contract backlog		3 years
Advertising contract		30 years

2	Principal accounting policies (Continued)

(q)	Impairment of goodwill

2	Principal accounting policies (Continued)

(r)	Impairment of long-lived assets

(s)	Lease accounting

2	Principal accounting policies (Continued)

(t)	Deferred revenue

(u)	Treasury shares

(v)	Revenue recognition and cost of revenues

The following table presents our revenue recognized from contracts with customers disaggregated by the four types of pricing models:


	For the years ended December 31,
	2021	2022	2023
Recognized over time
- Sales agent	4,195	2,549	1,818
- Cost-plus	26,062	8,909	4,761
- SaaS products and services	57,756	62,207	45,860
	88,013	73,665	52,439

Recognized at point in time
- Specified actions	212,353	94,498	79,902
- SaaS products and services	7,336	917	876
	219,689	95,415	80,778
Total	307,702	169,080	133,217

2	Principal accounting policies (Continued)

(v)	Revenue recognition and cost of revenues (Continued)

Sales agent

Cost-plus

2	Principal accounting policies (Continued)

(v)	Revenue recognition and cost of revenues (Continued)

Cost-plus (Continued)

Specified actions

2	Principal accounting policies (Continued)

(v) Revenue recognition and cost of revenues (Continued)

Specified actions (Continued)

Cost of revenues consists of the costs to purchase space for the online advertising operations, amortization expenses related to the Company’s computer software and systems, salaries and benefits of relevant operations and support personnel and depreciation of relevant property and equipment and impairment on relevant intangible assets. The Company becomes obligated to make payments related to website publishers in the period the marketing impressions and click-through occur. Such expenses are classified as cost of revenues in the consolidated statements of comprehensive loss as incurred. Cost of revenues also includes rebates received from website publishers which are recorded as a reduction of cost of revenues when the Company is acting as a principal in a transaction.

SaaS products and services

Under this arrangement, the Company offers SaaS products and services through provision of software and data analytical tool licenses, customer relationship management (“CRM”) solutions and digitalized operational solutions services. Revenues under this arrangement primarily consist of fees for (i) licensing to provide customers with access to one or more of the existing cloud applications for e-commerce, marketing and customer management, (ii) the development of new cloud applications customized for individual customer, (iii) licenses for on-premises software, and (iv) various combinations of software and data analytical tool licenses, CRM solutions, and digitalized operational solutions services provided by the Company. Contracts with customers under this arrangement are generally with a term of 1 to 24 months.

Revenues from licensing of existing cloud applications are generally recognized ratably over time over the contract term beginning on the date that the licensing service is made available to the customer, whereby the Company considers that its customers simultaneously receive and consume the benefits provided by the use of existing cloud applications. The Company does not have other right to consideration in exchange for goods or service that the Company has transferred to a customer when that right is conditional on something other than the passage of time.

Revenues from developing new cloud applications exclusively customized for customers and licenses for on-premises software is recognized at point-in-time when the Company is able to deliver the cloud applications to customers or when the Company provides customers with right to use the on-premises software. The Company considers the transfer of control of new cloud applications/software to customer, which represents a distinct performance obligation, to be completed when such cloud applications/software are on-premise and fully functional such that the customer can use and benefit from the cloud applications/software on its own.

Besides, the Company also provides certain additional services along with the above arrangements of cloud application development and software licensing, such as technical support, bug fixes, CMR solutions and digitalized operational solutions. These additional services are considered to be a series of distinct services that are substantially the same and have the same duration and measure of progress; therefore, the Company concludes that they represent a separate combined performance obligation. Revenues from such additional services are recognized ratably over-time over the contract period.

The respective stand-alone selling prices of each of these performance obligations are determined based upon observable prices in stand-alone transactions and contractually stated price whereby no allocation of selling prices among individual performance obligations are required.

Cost of revenues for SaaS products and services primarily comprises amortization expenses related to the Company’s computer software and systems, salaries and benefits of relevant operations and support personnel, depreciation of relevant property and equipment and other direct service costs.

2	Principal accounting policies (Continued)

(v)	Revenue recognition and cost of revenues (Continued)

Contract balances

Practical Expedients

The Company has used the following practical expedients as allowed under ASC 606:

(i)

(ii)

(iii)

The Company generally expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within sales and marketing expenses.

(w)

Prepaid media costs

2	Principal accounting policies (Continued)

(x)	Research and development expenses

(y)	Sales and marketing expenses

(z)	General and administrative expenses

General and administrative expenses consist primarily of (i) salary and welfare for general and administrative personnel, (ii) professional service fees, and (iii) allowance for credit losses.

(aa)	Employee social security and welfare benefits

2	Principal accounting policies (Continued)

(aa)	Employee social security and welfare benefits (Continued)

(ab)	Non-controlling interests

(ac)	Income taxes

Uncertain tax positions

2	Principal accounting policies (Continued)

(ad)	Share-based compensation

Option and RSUs granted to employees

Option modification

Option, RSUs and warrants granted to non-employees

(ae)	Government subsidies

2	Principal accounting policies (Continued)

(af)	Statutory reserves

There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Company was not done so.

(ag)	Related parties

(ah)

Dividends

(ai)	Loss per share

2	Principal accounting policies (Continued)

(aj)	Comprehensive income/loss

(ak)	Segment reporting

(al)	Recently issued accounting pronouncements

2	Principal accounting policies (Continued)

(al)	Recently issued accounting pronouncements (Continued)

The Company is currently evaluating the impact of the above new accounting pronouncements or guidance on the consolidated financial statements.

Deferred revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred revenue
Deferred revenue, current	$ 12,390	$ 16,975	$ 22,802

Segments

12 Months Ended

Dec. 31, 2023

Segments

Segments

During the periods presented in these consolidated financial statements, the Company reports two operating segments: 1) Marketing Solutions, and 2) Enterprise Solutions. The Enterprise Solutions segment primarily reflects the results of the Company’s SaaS products and services, and the Company named its pre-existing online advertising service business as Marketing Solution business.

The table below provides a summary of the Company’s breakdown of net revenues by type of goods or services and operating segment results for the years ended December 31, 2021, 2022 and 2023. The Company does not allocate any operating costs or assets to its business segments as the Company’s CODM does not use this information to measure the performance of the operating segments. There was no significant transaction between reportable segments for the years ended December 31, 2021, 2022 and 2023.


	For the years ended December 31,
	2021	2022	2023
Net revenues:
Marketing Solutions
- Sales agent	4,195	2,549	1,818
- Cost-plus	26,062	8,909	4,761
- Specified actions	212,353	94,498	79,902
	242,610	105,956	86,481
Enterprise Solutions
- SaaS products and services	65,092	63,124	46,736
	307,702	169,080	133,217
Cost of revenues:
Marketing Solutions
- Specified actions	(194,912)	(138,140)	(67,115)
Enterprise Solutions
- SaaS products and services	(23,637)	(35,072)	(31,260)
	(218,549)	(173,212)	(98,375)
Gross profit/(loss):
Marketing Solutions
- Sales agent	4,195	2,549	1,818
- Cost-plus	26,062	8,909	4,761
- Specified actions	17,441	(43,642)	12,787
	47,698	(32,184)	19,366
Enterprise Solutions
- SaaS products and services	41,455	28,052	15,476
	89,153	(4,132)	34,842

25	Segments (Continued)

The Company currently does not allocate assets to all of its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments.

Revenue generated for the respective countries are summarized as follows:


	For the years ended December 31,
	2021	2022	2023
PRC	254,874	140,211	109,726
Hong Kong	52,599	28,661	23,028
Others	229	208	463
	307,702	169,080	133,217

The Company’s long-lived assets are located in the following countries:


	As of December 31,
	2022	2023
PRC	—	—
Hong Kong	241	—
	241	—

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Schedule of property and equipment


	As of December 31,
	2022	2023
Cost:
Office equipment	5,065	5,025
Leasehold improvements	2,585	2,525
Furniture and fixtures	1,494	892
Motor vehicles	13	—
Total cost	9,157	8,442
Less: Accumulated depreciation	(7,512)	(7,089)
Less: Accumulated impairment losses (Note 2(r))	(1,206)	(1,353)
Exchange differences	(198)	—
Property and equipment, net	241	—

Schedule of depreciation expense recognized


	For the years ended December 31,
	2021	2022	2023
Cost of revenues	7	11	—
Research and development expenses	152	220	—
Sales and marketing expenses	171	219	125
General and administrative expenses	318	392	12
Total	648	842	137

Accrued liabilities and other liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued liabilities and other liabilities

Schedule of accrued liabilities and other liabilities


	As of December 31,
	2022	2023
Current
Rebates payable to customers	677	841
VAT and other taxes payable	8,597	8,394
Security deposit received from customers	822	789
Accrued employee benefits	10,567	9,690
Accrued professional fees	4,048	3,799
Accrued marketing and hosting expenses	1,257	1,250
Consideration payable (Note 4(b))	3,458	—
Advance from a former non-controlling interest shareholder (Note)	500	—
Others	613	563
	30,539	25,326


Non-current
Deferred other income	368	—
Consideration payable (Note 4(b))	1,703	—
Severance liabilities	—	38
	2,071	38

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Schedule of intangible assets


	As of December 31,
	2022	2023
Cost:
Computer software	23,802	23,819
Developed technologies	117	117
Customer relationship	2,135	2,135
Brand name	1,162	1,162
Contract backlog	585	585
Advertising contract	53,287	53,287
Total cost	81,088	81,105
Less: Accumulated amortization	(30,326)	(30,909)
Less: Accumulated impairment losses (Note 2(r))	(49,778)	(50,219)
Exchange differences	7	23
Intangible assets, net	991	—

Schedule of amortization expense recognized


	For the years ended December 31,
	2021	2022	2023
Cost of revenues	3,070	2,783	548
Sales and marketing expenses	12	22	13
General and administrative expenses	156	185	5
	3,238	2,990	566

Principal accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Principal accounting policies

Schedule of movement in allowance for credit losses


	Accounts receivable		Loans and interest receivable
	(Note)
	For the years ended		For the years ended
	December 31,		December 31,
	2022	2023	2022	2023
Balance at the beginning of year	22,786	37,215	289	4,043
Provision/(reversal) for the year	18,542	(1,431)	3,661	4,486
Accounts receivable written off	(1,978)	(5,923)	—	—
Exchange differences	(2,135)	(698)	93	(145)
Balance at the end of year	37,215	29,163	4,043	8,384

Schedule of investments


	As of December 31,
	2022	2023
Short-term investments under current assets
Fund investments (Note (i))	3,665	3,784
Listed equity securities (Note (ii))	1,609	403
Wealth management products (Note (iii))	1,737	1,536
	7,011	5,723

Other long-term investments under non-current assets
Available-for-sale debt investments (Note (iv))	3,000	3,179
Equity investments (Note 2(m))	2,970	—
	5,970	3,179

Schedule of estimated useful lives of property and equipment


Leasehold improvements		Over the shorter of lease term or 2 – 5 years
Furniture and fixtures		2 – 5 years
Office equipment		3 – 5 years
Motor Vehicles		3 – 5 years

Schedule of estimated useful lives of finite lived intangible assets


Computer software and systems		2 – 5 years
Developed technologies		5 years
Customer relationship		4 – 5 years
Brand name		4 years
Contract backlog		3 years
Advertising contract		30 years

Schedule of revenue recognized from contracts with customers disaggregated by the four types of pricing models


	For the years ended December 31,
	2021	2022	2023
Recognized over time
- Sales agent	4,195	2,549	1,818
- Cost-plus	26,062	8,909	4,761
- SaaS products and services	57,756	62,207	45,860
	88,013	73,665	52,439

Recognized at point in time
- Specified actions	212,353	94,498	79,902
- SaaS products and services	7,336	917	876
	219,689	95,415	80,778
Total	307,702	169,080	133,217

Principal accounting policies - Revenue recognition and cost of revenues - SaaS products and services (Details) - SaaS Products and Services	12 Months Ended
	Dec. 31, 2023
Minimum
Principal accounting policies
Contracts with customers term	1 month
Maximum
Principal accounting policies
Contracts with customers term	24 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Principal accounting policies - Employee social security and welfare benefits (Details)	Dec. 31, 2023 HKD ($)
Principal accounting policies
Maximum amount of Hong Kong dollars	$ 390,000

Bank borrowings

12 Months Ended

Dec. 31, 2023

Bank borrowings.

Bank borrowings

17	Bank borrowings


	As of December 31,
	2022	2023
1-year revolving loans denominated in RMB at interest rates ranging from 3.60% to 4.85% (2022: 5.22%) per annum	18,411	10,452
Half-year revolving loans denominated in RMB at interest rates of 3.00% (2022: 3.00% to 5.00%) per annum	15,896	15,956
Revolving service trade loans denominated in HK$ at interest rates of 9.52% (2022: 8.60% to 8.64%) per annum	4	14
3-month revolving loan denominated in RMB at an interest rate of 4.70% (2022: 3.00%) per annum	7,876	11,148
1-year term loans denominated in RMB at interest rates ranging from 3.60% to 4.40% (2022: 3.65% to 4.00%) per annum	2,096	836
	44,283	38,406

17	Bank borrowings (Continued)

Note:

(i)

Corporate guarantee by iClick Cayman, bank deposits of the Company of US$26,756 (2022: US$22,543) and accounts receivable of the Company of US$18 (2022: US$5) are provided as pledge to secure the obligations under the facilities from certain banks.

(ii)

Out of the total banking facilities of US$165,288 and US$55,692 available to the Company as of December 31, 2022 and 2023, respectively, US$44,283 and US$38,406 have been utilized by the Company as of December 31, 2022 and 2023, respectively. As of December 31, 2023, total undrawn revolving, service trade and term loan facilities amounted to US$10,431, US$4,486 and US$2,369 (2022: US$97,420, US$18,093 and US$5,492) respectively. Total undrawn facilities available for draw-down as of December 31, 2022 and 2023, net of bank deposits that would need to be pledged as restricted cash upon utilization of the facilities, amounted to US$41,235 and US$6,442, respectively.

(iii)

As of December 31, 2022, no financial covenants as set out in these loan agreements were breached. As of December 31, 2023, a financial covenant (minimum quarterly EBITDA as defined in the banking facilities agreements) as set out in one of the loan agreements has been breached. The Company has obtained waiver letter such that the bank would not demand immediate repayment from the Company.

The weighted average interest rate for bank borrowings outstanding as of December 31, 2022 and 2023 was 4.48% and 3.97% per annum, respectively. Other than those shown above, iClick Cayman did not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2022 and 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38313
Entity Registrant Name	iClick Interactive Asia Group Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	15/F
Entity Address, Address Line Two	Prosperity Millennia Plaza
Entity Address, Address Line Three	663 King’s Road
Entity Address, City or Town	Quarry Bay
Entity Address, Country	CN
Title of 12(b) Security	American Depositary Shares, one representing five Class A ordinary shares, par value US$0.001 per share
Trading Symbol	ICLK
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001697818
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Amendment Flag	false
Entity Address, Postal Zip Code	000000
Auditor Name	PricewaterhouseCoopers
Auditor Firm ID	1389
Auditor Location	Hong Kong
Business Contact
Document and Entity Information
Entity Address, Address Line One	15/F
Entity Address, Address Line Two	Prosperity Millennia Plaza
Entity Address, Address Line Three	663 King’s Road
Entity Address, City or Town	Quarry Bay
Entity Address, Country	CN
Contact Personnel Name	Josephine Ngai
City Area Code	852
Local Phone Number	3700 9000
Contact Personnel Email Address	josephine.ngai@i-click.com
Entity Address, Postal Zip Code	000000
Ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	50,707,077
Class A ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	45,672,650
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	5,034,427

Certain risks and concentration - Schedule of Financial Data for VIEs on Aggregated Basis Statement of Loss and Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Information:
Net revenues	$ 133,217	$ 169,080	$ 307,702
Net loss	(38,690)	(200,875)	(13,631)
Net cash (used in)/provided by operating activities	(19,426)	71,104	(19,673)
Net cash (used in)/provided by investing activities	(987)	(3,977)	(22,390)
Net cash provided by financing activities	(6,089)	(37,289)	24,743
VIE
Financial Information:
Net revenues	12,983	22,063	23,865
Net loss	(216)	(1,367)	(900)
Net cash (used in)/provided by operating activities	(1,217)	(974)	(1,681)
Net cash (used in)/provided by investing activities	146		(14)
Net cash provided by financing activities	680	(90)	2,195
VIE \| Receipts of Advances Group Companies
Financial Information:
Net cash provided by financing activities	402	124	1,588
VIE \| Repayments of Advances from Group Companies
Financial Information:
Net cash provided by financing activities	(22)		(554)
VIE \| Other Financing Activities
Financial Information:
Net cash provided by financing activities	300	(214)	1,161
VIE \| Third parties
Financial Information:
Net revenues	12,981	21,462	22,837
Net cash (used in)/provided by operating activities	(1,217)	(1,127)	(2,453)
VIE \| Related Party \| Subsidiaries of the Group
Financial Information:
Net revenues	$ 2	601	1,028
Net cash (used in)/provided by operating activities		$ 153	$ 772

Other long-term investments (Tables)

12 Months Ended

Dec. 31, 2023

Other long-term investments

Schedule of other long-term investments


	As of December 31,
	2022	2023
Available-for-sale debt investment (Note 2(k))	3,000	3,000
Investments in equity securities without readily determinable fair values, gross	14,104	14,104
Accumulated impairment	(11,134)	(14,104)
Investments in equity securities without readily determinable fair values, net	2,970	—
Total other long-term investments	5,970	3,179

Schedule of movement of other long-term investments and prepayments for long-term investments


	For the years ended
	December 31,
	2022	2023
Balance at the beginning of year	12,114	2,970
Investments made/transferred from prepayments	3,500	—
Disposal during the year	—	(1,936)
Transfer to short-term investments	(1,510)	—
Impairment	(10,805)	(1,034)
Exchange differences	(329)	—
Balance at the end of year	2,970	—

Goodwill (Details) $ in Thousands	12 Months Ended
Goodwill (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill
Goodwill	$ 81,674
Impairment	(80,137)
Exchange differences	(1,537)
Marketing solutions
Goodwill
Goodwill	53,024
Impairment	(53,024)
Enterprise solutions
Goodwill
Goodwill	28,650
Impairment	(27,113)
Exchange differences	$ (1,537)

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Principal accounting policies - Short-term investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Short-term investments	$ 5,723	$ 7,011
Other long-term investments	3,179	5,970
Impairment charges for investments without readily determinable fair value	1,034	10,805	$ 4,038
Total fair values	3,000	3,000
Available-for-sale debt investment
Principal accounting policies
Total fair values	3,179	3,000
Fair value losses on debt investments	179	2,550
Fund investments
Principal accounting policies
Short-term investments	3,784	3,665
Fund investments \| Other gains, net
Principal accounting policies
Interest income from short-term investment	119	17	452
Listed equity securities
Principal accounting policies
Short-term investments	403	1,609
Listed equity securities \| Other gains, net
Principal accounting policies
Interest income from short-term investment	448	100	127
Wealth management products
Principal accounting policies
Short-term investments	1,536	1,737
Wealth management products \| Other gains, net
Principal accounting policies
Interest income from short-term investment	1	65	$ 9
Available-for-sale debt investment
Principal accounting policies
Other long-term investments	$ 3,179	3,000
Equity investments
Principal accounting policies
Other long-term investments		$ 2,970

Acquisitions

12 Months Ended

Dec. 31, 2023

Acquisitions

Acquisitions

4	Acquisitions

(a)	Acquisition of CMRS Group Holding Limited

In October 2020, the Company acquired 100% equity interest in CMRS Group Holding Limited (“CMRS”), a company incorporated in Hong Kong. CMRS and its underlying subsidiaries (together, “CMRS Group”) are engaged in the provision of digital marketing, social media and key opinion leaders and smart content generation enterprise solution services. iClick Cayman expects to increase its market share in both Marketing and Enterprise Solutions segments with the combination of data-driven consumer experience management as well as digital content marketing and management to maximize digital marketing potential and efficiency through CMRS Group.

The total purchase consideration for CMRS Group amounted to US$14,449. This comprised cash consideration of HK$33,594 (equivalent to approximately US$4,335), 182,950 Class A ordinary shares of iClick Cayman with a fair value of US$2,440 and contingent consideration payable at a fair value of US$7,674.

4	Acquisition (Continued)

(a)	Acquisition of CMRS Group Holding Limited (Continued)

The acquisition was recorded as a business combination.

Fair value of consideration transferred:


Cash (Note (i))		4,335
Class A ordinary shares of iClick Cayman		2,440
Contingent consideration (Note (ii))		7,674
		14,449

Note:

(i)

Out of the total cash consideration of US$4,335, US$959 was settled during the year ended December 31, 2020 and the remaining balance of US$3,376 was settled during the year ended December 31, 2021. There was no adjustment to the cash consideration amounts.

(ii)

Contingent consideration was contingently payable upon the satisfaction of certain financial performance targets of iClick Cayman and market conditions, which was to be settled partially by cash and partially by ordinary shares of iClick Cayman. The number of ordinary shares to be issued and allotted to sellers was determined using the 10-day moving average closing price of the ADS of iClick Cayman.

Contingent consideration was measured at fair value at the acquisition date using projected milestone dates, probabilities of success and projected financial results of the CMRS Group discounted at its fair value as of the acquisition date.

In determining the fair value of the contingent consideration, an income approach was applied by using discounted cash flows. In this approach, projected risk-adjusted contingent payments were discounted back to the current period using a discounted cash flow model. The key assumptions used to determine the fair value of the contingent consideration included projected milestone dates within 24 months after acquisition date and discount rate of 4.32%. Increase or decrease in the fair value of contingent consideration liabilities primarily resulted from changes in the estimated probabilities of achieving net profits after tax thresholds or market share prices milestones during the period.

During the year ended December 31, 2021, iClick Cayman partially settled contingent consideration payable with (i) total cash of US$2,024 and (ii) 183,740 Class A ordinary shares of iClick Cayman with a fair value of US$2,060 on the grant date of such consideration shares. The change in fair value recorded in consolidated statement of comprehensive loss under “other gains/(losses), net” for the year ended December 31, 2021 amounted to a gain of US$418.

During the year ended December 31, 2022, iClick Cayman agreed with the sellers of CMRS Group on the settlement of the outstanding contingent consideration payable with a total cash of HK$100 million (equivalent to US$12,903), out of which US$ 7,742 was settled during the year ended December 31, 2022, while the remaining amounts of US$5,161 have been settled during the year ended December 31, 2023. The fair value loss pertained to the contingent payable prior to the settlement agreement with the sellers of CMRS Group was recorded in consolidated statement of comprehensive loss under “other gains/(losses), net” for the year ended December 31, 2022 amounted to US$8,396.

4	Acquisition (Continued)

(b)	Acquisition of Sky Gem International Limited

In April 2021, iClick Cayman acquired 51% equity interest of Sky Gem International Limited and its subsidiaries (together “Sky Gem”).

Sky Gem, which is principally engaged in the business of developing and providing SaaS solution for apparel business owners across various functions including production line management, enterprise resources planning, order management system, sales channel management and customer management in the PRC, Hong Kong, Macau and Taiwan. Upon completion of the acquisition, the Company expects to increase its market share in the data-driven Enterprise Solutions segment businesses beyond digital marketing through Sky Gem.

The total purchase consideration amounted to US$3,200 which is wholly settled in cash. The acquisition was accounted for as a business combination. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:

Fair value of consideration transferred:


Cash		3,200

Recognized amounts of identifiable assets acquired and liabilities assumed:


Other assets		2,000
Other liabilities		(17)
Non-controlling interests		(3,072)
Total identifiable net assets acquired, net of non-controlling interests		(1,089)
Goodwill (Note 13)		4,289

As of December 31, 2021, purchase consideration of US$3,200 was fully settled and there is no adjustment to the purchase consideration amounts.

The excess of purchase price over total identifiable net assets acquired, net of non-controlling interests, was recorded as goodwill. Goodwill associated with the acquisition of Sky Gem was attributable to the expected synergy arising from the consolidated Enterprise Solutions business. The acquired goodwill is not deductible for tax purposes. Acquisition-related costs were immaterial and were included in general and administrative expenses for the year ended December 31, 2021.

Pro-forma results related to the acquisition in accordance ASC 805 have not been presented because the contribution of net revenue and net loss of the acquired entity is less than 1% of iClick Cayman’s consolidated net revenue and net loss for the year ended December 31, 2021.

4	Acquisition (Continued)

(c)	Acquisition of a customer relationship management (“CRM”) platform

In July 2021, the Company completed an acquisition of a PRC-based CRM platform namely Parllay which provides WeChat-based CRM, e-commerce and marketing SaaS solutions to facilitate the growth of iClick Cayman’s Enterprise Solutions segment. iClick anticipates utilizing Parllay’s rich expertise in SaaS technology and the assembled workforce to further enhance iClick’s product and services and accelerate revenue of its Enterprise Solutions segment.

The total purchase consideration for all the assets amounted to US$1,825, which is wholly settled in cash. The acquisition was accounted for as a business combination as it contains outputs and a substantive process that together significantly contribute to the ability to create outputs as of the date of acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:

Fair value of consideration transferred:


Cash consideration		1,825

Recognized amounts of identifiable assets acquired and liabilities assumed:


Intangible assets		279
Deferred tax liabilities		(70)
Total identifiable net assets acquired		209
Goodwill (Note 13)		1,616

As of December 31, 2021, purchase consideration of US$1,825 was fully settled and there is no adjustment to the purchase consideration amounts.

The excess of purchase price over total identifiable net assets acquired was recorded as goodwill. Goodwill associated with the acquisition of Parllay was attributable to the expected synergy arising from the consolidated Enterprise Solutions business. The acquired goodwill is not deductible for tax purposes. Acquisition-related costs were immaterial and were included in general and administrative expenses for the year ended December 31, 2021.

In determining the fair value of the intangible asset, an income approach was used. In this approach, significant estimates consist of discount rate of 22.7% and a compound annual growth rate on revenue of 32% over a period of 5 years. The estimated amounts recognized on the acquired identifiable intangible asset and its estimated useful life are shown in the following table:


Intangible asset	Estimated useful life	Gross carrying amount
Developed technology	5 years	279

Pro-forma results related to the acquisition in accordance ASC 805 have not been presented because the acquisition of Parllay is not material, where net revenue and net loss contributed by Parllay is less than 5% of iClick Cayman consolidated net revenue and net loss for the year ended December 31, 2021.

Other gains/(losses), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other gains/(losses), net
Net exchange (loss)/gain	$ (1,222)	$ (3,183)	$ 622
Forfeiture of advances from customers	1,933	1,552	1,654
Government subsidy income	1,277	4,458	3,281
Fair value (losses)/gains on short-term investments	566	(2,368)	(316)
Fair value gain on long-term investment	179
Impairment on long-term investments	(1,034)	(10,805)	(4,038)
Fair value change in contingent consideration payable		(8,396)	418
ADR reimbursement from depositary bank		(169)	410
Others	343	(254)	172
Total	$ 2,042	$ (19,165)	$ 2,203

Lease accounting - Summary of supplemental cash flow information related to operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease accounting
Cash paid for the rentals included in the lease liabilities	$ 2,548	$ 2,776	$ 2,781
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,782	$ 2,988	$ 3,163

Certain risks and concentration - Concentration risk (Details) - customer	12 Months Ended			24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Concentration of revenues \| Customer concentration risk \| Minimum
Concentration risk
Number of individual customers		0	0
Concentration risk (in percent)				10.00%
Concentration of revenues \| Customer One \| Customer concentration risk
Concentration risk
Number of individual customers	1
Concentration risk (in percent)	11.00%
Accounts receivable
Concentration risk
Maximum term of credit to customers (in days)	180 days
Accounts receivable \| Customer concentration risk \| Minimum
Concentration risk
Number of individual customers	0	0
Concentration risk (in percent)	10.00%	10.00%
Accounts receivable \| Top Ten Customers \| Customer concentration risk
Concentration risk
Number of individual customers	10	10
Concentration risk (in percent)	42.00%	59.00%

Lease accounting - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease accounting
Operating lease, weighted average remaining lease term	24 months	22 months
Operating lease, weighted average discount rate, percent	4.10%	4.90%
Right-of-use assets, net	$ 54	$ 1,292
Impairment losses on right-of-use assets	$ 2,624	$ 2,365	$ 0
Minimum
Lease accounting
Lessee, operating lease, term of contract	12 months	12 months
Maximum
Lease accounting
Lessee, operating lease, term of contract	36 months	36 months

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

CMRS Group Holding Limited

Schedule of fair value of consideration transferred


Cash (Note (i))		4,335
Class A ordinary shares of iClick Cayman		2,440
Contingent consideration (Note (ii))		7,674
		14,449

(i)

(ii)

Sky Gem International Limited

Schedule of preliminary fair value of identifiable assets acquired and liabilities assumed at date of acquisition


Other assets		2,000
Other liabilities		(17)
Non-controlling interests		(3,072)
Total identifiable net assets acquired, net of non-controlling interests		(1,089)
Goodwill (Note 13)		4,289

Schedule of fair value of consideration transferred


Cash		3,200

Parllay

Schedule of preliminary fair value of identifiable assets acquired and liabilities assumed at date of acquisition


Intangible assets		279
Deferred tax liabilities		(70)
Total identifiable net assets acquired		209
Goodwill (Note 13)		1,616

Schedule of fair value of consideration transferred


Cash consideration		1,825

Schedule of estimated amounts recognized on acquired identifiable intangible asset and its estimated useful life


Intangible asset	Estimated useful life	Gross carrying amount
Developed technology	5 years	279

Repurchase of shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
December 2020 Share Repurchase Program
Repurchase of shares
Maximum value of ordinary shares or ADSs of the Company to repurchase	$ 25,000
Effective period	Period from December 30, 2020 to December 31, 2021
Total number of ADSs purchased as part of the publicly announced plan			120,992	2,760
Average price paid per ADS			$ 88.324	$ 83.686
December 2021 Share Repurchase Program
Repurchase of shares
Maximum value of ordinary shares or ADSs of the Company to repurchase	$ 20,000
Effective period	Year ended December 31, 2022
Total number of ADSs purchased as part of the publicly announced plan		731,881
Average price paid per ADS		$ 10.349
December 2022 Share Repurchase Program
Repurchase of shares
Maximum value of ordinary shares or ADSs of the Company to repurchase	$ 5,000
Effective period	Year ending December 31, 2023
Total number of ADSs purchased as part of the publicly announced plan	126,883
Average price paid per ADS	$ 1.679

Other Long-term investments - Summary of Other Long-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other long-term investments
Available-for-sale debt investment	$ 3,000	$ 3,000
Investments in equity securities without readily determinable fair values, gross	14,104	14,104
Accumulated impairment	(14,104)	(11,134)
Investments in equity securities without readily determinable fair values, net		2,970
Total other long-term investments	$ 3,179	$ 5,970

Commitments and contingencies - Schedule of Capital Expenditures Contracted (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and contingencies
Contracted but not provided for Leasehold improvements	$ 0	$ 0

Organization and principal activities - Baozun Inc (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2021
Initial Public Offering
Net proceeds from issuance of ordinary shares upon subscription from Baozun Inc.			$ 17,010
Class B ordinary shares \| Ordinary shares \| Share subscription agreement
Initial Public Offering
Issuance of ordinary shares upon share offerings (in shares)		649,349
Offering price per share		$ 26.52
Fair value, per share		$ 28.88
Discount on shares		$ 1,530
Baozun Inc \| Class B ordinary shares \| Ordinary shares \| Share subscription agreement
Initial Public Offering
Issuance of ordinary shares upon share offerings (in shares)	649,349
Incremental cost on share offering	$ 213
Net proceeds from issuance of ordinary shares upon subscription from Baozun Inc.	$ 17,010
Offering price per share			$ 26.52
Fair value, per share			$ 28.88
Discount on shares			$ 1,530

Principal accounting policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
Principal accounting policies
Number of reportable segments	2

Ordinary shares

12 Months Ended

Dec. 31, 2023

Ordinary shares

Ordinary shares

18	Ordinary shares

As of December 31, 2022 and 2023, iClick Cayman is authorized to issue 100,000,000 shares of US$0.001 par value per ordinary share, out of which 80,000,000 shares are Class A ordinary shares and 20,000,000 shares are Class B ordinary shares. The holders of Class A ordinary shares shall have one vote in respect of each Class A ordinary share held and the holders of Class B ordinary shares shall have twenty votes in respect of each Class B ordinary share held.

On November 14, 2022, iClick Cayman changed the ratio of the American depository shares (“ADS”) representing its Class A ordinary shares from one ADS representing one-half of one Class A ordinary shares to one ADS representing five Class A ordinary shares. For the ADS holders, the change in the ADS ratio will have the same effect as a one-for-ten reverse ADS split. There is no change to iClick Cayman’s Class A ordinary shares.

At the time iClick Cayman adopted the 2010 Employee Share Option Plan (the “2010 Share Option Plan”) and 2018 Post IPO Share Incentive Plan, iClick Cayman, together with the then shareholders, also decided to allot ordinary shares with par value of US$0.001 to Arda Holdings Limited (“Arda”), a British Virgin Islands company owned by Sammy Hsieh, Co-founder and Director of iClick Cayman at no consideration. Arda will only hold these ordinary shares on trust for the benefit of the employees who are under the 2010 Share Option Plan and 2018 Post IPO Share Incentive Plan and the dealing of these ordinary shares is under the direction of the board of directors of iClick Cayman. iClick Cayman considered Arda to be a variable interest entity as this entity has no equity at risk. iClick Cayman further considered that it is the primary beneficiary because the purpose of Arda is to hold treasury shares on behalf of iClick Cayman and the dealings of those transactions are under the direction of iClick Cayman’s board of directors. Given the structure of this arrangement, while these ordinary shares have been legally issued, they do not bear the attributes of unrestricted, issued and outstanding shares. Therefore, the ordinary shares issued to Arda are accounted for as treasury shares of iClick Cayman until these ordinary shares are earned by iClick Cayman’s employees, officers, directors or consultants for service provided to the Company. iClick Cayman allotted 627,811 shares during the year the 2010 Share Option Plan was adopted. No additional shares have been allotted during the years ended December 31, 2021, 2022 and 2023 to Arda. Arda does not hold any other assets or liabilities as of December 31, 2022 and 2023, nor earn any income nor incur any expenses for the years ended December 31, 2021, 2022 and 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net revenues	$ 133,217	$ 169,080	$ 307,702
Cost of revenues	(98,375)	(173,212)	(218,549)
Gross profit/(loss)	34,842	(4,132)	89,153
Operating expenses
Research and development expenses	(7,548)	(9,216)	(9,527)
Sales and marketing expenses	(37,213)	(44,613)	(52,872)
General and administrative expenses	(28,055)	(51,668)	(39,643)
Impairment of long-lived assets	(2,837)	(4,403)
Impairment of goodwill		(80,137)
Total operating expenses	(75,653)	(190,037)	(102,042)
Operating loss	(40,811)	(194,169)	(12,889)
Interest income	2,035	1,478	824
Interest expense	(1,428)	(2,057)	(4,089)
Other gains/(losses), net	2,042	(19,165)	2,203
Loss before share of loss from an equity investee and income tax expense	(38,162)	(213,913)	(13,951)
Share of loss from an equity investee	(61)	(75)	(107)
Income tax (expense)/credit	(647)	11,182	(2,540)
Net loss	(38,870)	(202,806)	(16,598)
Net loss attributable to non-controlling interests	180	1,931	2,967
Net loss attributable to iClick Interactive Asia Group Limited's ordinary shareholders	(38,690)	(200,875)	(13,631)
Other comprehensive income/(loss):
Change in net retirement benefits plan - prior service cost	(32)
Foreign currency translation adjustment, net of US$nil tax	(3)	(5,060)	3,484
Comprehensive loss	(38,905)	(207,866)	(13,114)
Comprehensive loss attributable to non-controlling interests	232	2,045	2,823
Comprehensive loss attributable to iClick Interactive Asia Group Limited	$ (38,673)	$ (205,821)	$ (10,291)
Net loss per share attributable to iClick Interactive Asia Group Limited
- Basic	$ (0.75)	$ (3.98)	$ (0.28)
- Diluted	$ (0.75)	$ (3.98)	$ (0.28)
Weighted average number of ordinary shares used in per share calculation:
- Basic	51,118,300	50,420,225	48,187,235
- Diluted	51,118,300	50,420,225	48,187,235

Income tax

12 Months Ended

Dec. 31, 2023

Income tax

Income tax

22	Income tax

(a)	Cayman Islands and British Virgin Islands

Under the current tax laws of Cayman Islands, iClick Cayman and its subsidiaries are not subject to tax on income or capital gains. Besides, upon payment of dividends by iClick Cayman to its shareholders, no Cayman Islands withholding tax will be imposed.

iClick Cayman’s subsidiaries incorporated in the British Virgin Islands are not subject to income or capital gains taxes, estate duty, inheritance tax or gift tax. In addition, payment of dividends to the shareholders of iClick Cayman’s subsidiaries in the British Virgin Islands are not subject to withholding tax in the British Virgin Islands.

(b)	Hong Kong profits tax

Entities incorporated in Hong Kong are subject to Hong Kong profits tax. Under the two- tiered profits tax rates regime, the first HK$2 million assessable profits of the qualifying group company are subject to Hong Kong profits tax at a rate of 8.25% and the remaining profits are subject at a rate of 16.5% on the estimated assessable profits. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

(c)	PRC Enterprise Income Tax (“EIT”)

iClick Cayman’s subsidiaries, VIE and VIE’s subsidiaries in the PRC are governed by the Enterprise Income Tax Law (“EIT Law”). Pursuant to the EIT Law and its implementation rules, enterprises in the PRC are generally subjected to tax at a statutory rate of 25%.

High and new technology enterprises (“HNTE”) will enjoy a preferential enterprise income tax rate of 15% under the EIT Law. Some of iClick Cayman’s subsidiaries and a VIE’s subsidiary in the PRC are qualified as a HNTE under the EIT Law which are eligible for a preferential enterprise income tax rate of 15% for a period of three years so long as these entities obtain approval from relevant tax authority if they are profitable during the period.

In addition, according to the EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in the PRC but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in the PRC shall be subject to PRC withholding tax (“WHT”) at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement). The 10% WHT is applicable to any dividends to be distributed from the Company’s PRC subsidiaries to the Company’s overseas companies unless otherwise exempted pursuant to applicable tax treaties or tax arrangements between the PRC government and the government of other jurisdiction which the WHT is reduced to 5%.

Although there are undistributed earnings of iClick Cayman’s subsidiaries in the PRC that are available for distribution to iClick Cayman, the undistributed earnings of iClick Cayman’s subsidiaries located in the PRC are considered to be indefinitely reinvested, because iClick Cayman does not have any present plan to pay any cash dividends on its ordinary shares in the foreseeable future and intends to retain most of its available funds and any future earnings for use in the operation and expansion of its business. Accordingly, no deferred tax liability has been accrued for the PRC dividend withholding taxes that would be payable upon the distribution of those amounts to iClick Cayman as of December 31, 2022 and 2023. The undistributed earnings from iClick Cayman’s subsidiaries in the PRC as of December 31, 2022 and 2023 of US$1,087 and US$354 would be due if these earnings were remitted as dividends as of December 31, 2022 and 2023. An estimated foreign withholding taxes of US$54 and US$18 would be due if these earnings were remitted as dividends as of December 31, 2022 and 2023, respectively.

22	Income tax (Continued)

(d)	Composition of income tax expense

The current and deferred portions of income tax expense included in the consolidated statements of comprehensive loss are as follows:


	For the years ended December 31,
	2021	2022	2023
Current income tax expense	3,445	375	141
Deferred tax (benefits)/expense	(905)	(11,557)	506
Income tax expense/(credit)	2,540	(11,182)	647

(e)	Deferred tax assets and liabilities

Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax asset and deferred tax liability balances as of December 31, 2022 and 2023 are as follows:


	As of December 31,
	2022	2023
Deferred tax assets
Tax losses carried forward (Note (i))	9,438	14,400
Share-based payments	720	—
Less: Valuation allowance (Note (ii))	(9,438)	(14,400)
	720	—
Deferred tax liabilities
Acquired intangible assets	(158)	—
Outside basis difference (Note (iii))	(1,140)	(1,084)
Others	(28)	(27)
	(1,326)	(1,111)

Note:

(i)

Tax loss carried forward

As of December 31, 2023, the Company had tax loss carryforwards of approximately US$68,143 which can be carried forward to offset future taxable income. The net operating tax loss carryforwards will begin to expire as follows:


2024		724
2025		4,681
2026		7,888
2027		18,936
2028		22,743
Tax loss with no expiry		13,171
		68,143

22	Income tax (Continued)

(e)	Deferred tax assets and liabilities (Continued)

Note: (Continued)

(i)

Tax loss carried forward (Continued)

(ii)

Valuation allowance

Movement of valuation allowance is as follows:


	For the years ended December 31,
	2021	2022	2023
Beginning balance	4,365	4,410	9,438
Additions	2,768	6,105	6,102
Reversals (Note)	(2,723)	(1,077)	(1,140)
Ending balance	4,410	9,438	14,400

Note:

The reversals comprise tax loss carryforwards which have been utilized to offset taxable income during the years ended December 31, 2021, 2022 and 2023, respectively, and tax loss carryforwards which were expired in 2021, 2022 and 2023.

(iii)

Outside basis difference

22	Income tax (Continued)

(f)	Income tax reconciliation

Reconciliation between the expense of income taxes computed by applying the statutory tax rates to loss before income taxes and the actual provision for income taxes is as follows:


	For the years ended December 31,
	2021	2022	2023
Tax benefit calculated at statutory tax rates (Note i)	(3,488)	(53,491)	(9,540)
Effect of differences between statutory tax rates and foreign effective tax rates	1,746	7,759	2,249
Non-taxable other income	(348)	(249)	(414)
Non-deductible expenses (Note ii)	4,783	29,167	3,395
Valuation allowance	44	5,028	4,962
Outside basis difference (Note iii)	(186)	783	(56)
Additional deduction of research and development expenses (Note iv)	(125)	(465)	—
Others	114	286	51
Income tax expense/(credit)	2,540	(11,182)	647

Note:

(i)

(ii)

Non-deductible expenses were mainly related to allowance for credit losses, share-based compensation expenses, impairment on long-term investments, impairment on goodwill and long-lived assets.

(iii)

Outside basis difference is related to undistributed earnings in the Company’s VIE and its subsidiaries in the PRC (Note 22(e)(iii)).

(iv)

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Bank borrowings (Parenthetical) (Details)	Dec. 31, 2023	Dec. 31, 2022
1-year revolving loan denominated in RMB
Bank borrowings
Interest rates		5.22%
1-year revolving loan denominated in RMB \| Minimum
Bank borrowings
Interest rates	3.60%
1-year revolving loan denominated in RMB \| Maximum
Bank borrowings
Interest rates	4.85%
Half-year revolving loans denominated in RMB \| Minimum
Bank borrowings
Interest rates	3.00%	3.00%
Half-year revolving loans denominated in RMB \| Maximum
Bank borrowings
Interest rates		5.00%
Revolving service trade loan denominated in HK$
Bank borrowings
Interest rates	9.52%
Revolving service trade loan denominated in HK$ \| Minimum
Bank borrowings
Interest rates		8.60%
Revolving service trade loan denominated in HK$ \| Maximum
Bank borrowings
Interest rates		8.64%
3-month revolving loan denominated in RMB
Bank borrowings
Interest rates	4.70%	3.00%
1-year term loans denominated in RMB \| Minimum
Bank borrowings
Interest rates	3.60%	3.65%
1-year term loans denominated in RMB \| Maximum
Bank borrowings
Interest rates	4.40%	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Principal accounting policies - Fair value of financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal accounting policies
Impairments of investment in an equity	$ 0	$ 0	$ 0

ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Details)	12 Months Ended
	Dec. 31, 2023
ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
Minimum percentage requirement	25.00%

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill.

Goodwill

Movements on goodwill during the year were as follows:


	Marketing	Enterprise
	Solutions	Solutions	Total
Balance as of January 1, 2022	53,024	28,650	81,674
Impairment (Note 2(q))	(53,024)	(27,113)	(80,137)
Exchange differences	—	(1,537)	(1,537)
Balance as of December 31, 2022 and 2023	—	—	—

Acquisitions - Parllay - Schedule of estimated amounts recognized on acquired identifiable intangible asset and its estimated useful life (Details) - Parllay $ in Thousands	1 Months Ended
	Jul. 31, 2021 USD ($)
Acquisitions
Gross carrying amount	$ 279
Developed technologies
Acquisitions
Estimated useful life	5 years
Gross carrying amount	$ 279

Restricted cash

12 Months Ended

Dec. 31, 2023

Restricted cash

Restricted cash

6	Restricted cash

As of December 31, 2022 and 2023, all the restricted cash represented bank balances held in restricted bank accounts pursuant to certain bank borrowings (Note 17).

Restricted cash carried fixed interest at a weighted average rate of 3.14% (2022: 2.34%) per annum, out of which US$9,204 (2022: US$9,213), and US$17,552 (2022: US$13,330) are denominated in US$ and RMB, respectively.

Restricted net assets

12 Months Ended

Dec. 31, 2023

Restricted net assets

Restricted net assets

28	Restricted net assets

Relevant PRC laws and regulations permit payments of dividends by the Company’s subsidiaries, VIE and its subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries and the VIE in the PRC are required to annually appropriate 10% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Company’s subsidiaries, VIE and its subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to iClick Cayman either in the form of dividends, loans or advances. There are no significant differences between U.S. GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiaries in the PRC and the VIE. Even though iClick Cayman currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, iClick Cayman may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Company’s subsidiaries, VIE and its subsidiaries to satisfy any obligations of iClick Cayman.

Furthermore, cash transfers from iClick Cayman’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency at the time of requesting such conversion may temporarily delay the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to iClick Cayman, or otherwise satisfy their foreign currency denominated obligations.

As of December 31, 2022 and 2023, the total restricted net assets of iClick Cayman’s subsidiaries and OptAim VIE incorporated in the PRC and subjected to restriction amounted to approximately US$32,239 and US$21,303, respectively. Except for the above there is no other restriction on the use of proceeds generated by iClick Cayman’s subsidiaries, VIE and VIE’s subsidiaries to satisfy any obligations of iClick Cayman.