0001410578-22-001066 | 20-F | XBRL Viewer

9. Long-term investments


(In thousands)	December 31, 2020	December 31, 2021
Equity interests without a readily determinable fair value:
Balance at beginning of the year	26,365	26,734
Additions	—	4,627
Net unrealized gains on investments held	794	—
Exchange difference	369	134
Less: Impairment loss on long-term investments	(794)	—
Balance at end of the year	26,734	31,495

Details of the Group’s ownership of the long-term investments are as follows:



	Percentage of ownership of
	shares as of December 31,
Investee	2020		2021
Equity method investments:
Zhuhai Qianyou Technology Co., Ltd. (“Zhuhai Qianyou”) (note a)	19.00	%	—
Shenzhen Mojingou Information Services Co., Ltd.	28.77	%	28.77	%
Equity interests without a readily determinable fair value:
Guangzhou Yuechuan Network Technology Co., Ltd.	9.30	%	9.30	%
Chengdu Diting Technology Co., Ltd.	12.74	%	12.74	%
Shanghai Guozhi Electronic Technology Co., Ltd.	16.80	%	16.80	%
Guangzhou Hongsi Network Technology Co., Ltd.	19.90	%	19.90	%
Xiamen Diensi Network Technology Co., Ltd.	14.25	%	14.25	%
11.2 Capital I, L.P.	2.03	%	2.03	%
Cloudtropy	9.69	%	9.69	%
Lexiang Technology Co., Ltd. (formerly named as “Shanghai Lexiang Technology Co., Ltd.") ("Lexiang") (note b)	7.81	%	6.93	%
Hangzhou Feixiang Data Technology Co., Ltd.	28.00	%	28.00	%
Shenzhen Meizhi Interactive Technology Co., Ltd.	9.40	%	9.40	%
Beijing Yunhui Tianxia Technology Co., Ltd.	13.70	%	13.70	%
Yingshi Innovation Technology Co., Ltd. (formerly named as “Shenzhen Arashi Vision Interative Technology Co., Ltd.”)	8.73	%	8.73	%
Beijing Cloudin Technology Co., Ltd.	4.12	%	4.12	%
Quanxun Huiju Networking Technology (Beijing) Co., Ltd. ("Quanxun Huiju")	5.40	%	5.40	%
Blue Bayread Limited (“Blue Bayread”) (note c)	—		1.63	%
Clapper Media Group Inc. (“Clapper”) (note d)	—		10.00	%
Beijing Yunshang Hemei Culture Media Co., Ltd. (“Yunshang Hemei”) (note e)	—		10.00	%

9. Long-term investments (Continued)

Notes :

(a)	In May 2021, the equity interest in Zhuhai Qianyou was disposed by the Group at a consideration of USD298.

(b)

In October 2020, the Group disposed 4.82% of the equity interest in Lexiang, for which full impairment have been provided in December 2019, at a consideration of USD268,000. The remaining equity interest in Lexiang was remeasured based on this observable price change from the disposal, a fair value gain of USD794,000 was recognized accordingly.

The Group recognized impairment against this investment of USD794,000 as of December 31, 2020, after considering Shanghai Lexiang’s operation performance, financial and liquidity position after the above transaction.

In September 2021, the Group’s interest in Lexiang was diluted to 6.93% as additional shares were issued by Lexiang, no changes in the carrying value in Lexiang was made as the related transactions did not provide observable price changes to the Group.

(c)	In December 2021, the Group made an equity investment of USD3,000,000 to acquire 1.63% equity interest of Blue Bayread, which is a privately-held company.

(d)	In October 2021, the Group made an equity investment of USD1,000,000 to acquire 10% equity interest of Clapper, which is a privately-held company.

(e)	In December 2021, the Group made an equity investment of USD627,384 (equivalent to RMB4,000,000) to acquire 10% equity interest of Yunshang Hemei, which is a privately-held company.

Additional information: condensed financial statements of the Company - Schedule of Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 123,358	$ 137,248	$ 162,465	$ 122,930
Short-term investments	115,652	117,821
Prepayments and other current assets	11,842	11,534
Total current assets	293,928	302,282
Non-current assets:
Total assets	440,718	415,605
Current liabilities:
Accounts payable	26,407	20,644
Due to related parties	1,597	5,389
Contract liabilities and deferred income	36,892	34,040
Bank borrowings (including bank borrowings of the consolidated VIE without recourse to the Company of nil and USD2,876 as of December 31, 2020 and 2021, respectively)	2,876
Total current liabilities	119,878	103,276
Total liabilities	138,951	125,232
Commitments and contingencies
Shareholders' equity
Common shares	84	84
Treasury shares (34,475,224 shares and 31,619,259 shares as of December 31, 2020 and 2021, respectively)	8	8
Total Xunlei Limited's shareholders' equity	303,647	292,154
Total liabilities and shareholders' equity	440,718	415,605
Xunlei Limited [Member]
Current assets:
Cash and cash equivalents	32,015	57,585
Short-term investments	40,972	47,525
Due from group companies	107,484	3,323
Prepayments and other current assets	183	860
Total current assets	180,654	109,293
Non-current assets:
Due from group companies, non-current portion	92,917	175,720
Investments in subsidiaries and consolidated VIE	36,324	20,064
Total assets	309,895	305,077
Current liabilities:
Accounts payable	55	55
Due to subsidiaries and consolidated VIE	2,546	10,750
Due to related parties	1,506
Contract liabilities and deferred income		1
Accrued liabilities and other payables	2,141	2,118
Total current liabilities	6,248	12,924
Total liabilities	6,248	12,924
Commitments and contingencies
Shareholders' equity
Common shares	84	84
Treasury shares (34,475,224 shares and 31,619,259 shares as of December 31, 2020 and 2021, respectively)	8	8
Other shareholders' equity	303,555	292,061
Total Xunlei Limited's shareholders' equity	303,647	292,153
Total liabilities and shareholders' equity	$ 309,895	$ 305,077

Share-based compensation - 2010 Plan (Detail) - USD ($)	1 Months Ended	12 Months Ended
Share-based compensation - 2010 Plan (Detail) - USD ($)	Dec. 31, 2010	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 31, 2015	Nov. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance					10,991,120	10,000,000
Minimum \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	7 years
Maximum [Member] \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 years
2010 share incentive plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs on restricted shares		$ 18,147,328
2010 share incentive plan [Member] \| Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		32 months
2010 share incentive plan [Member] \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs on share options		$ 0	$ 0
2010 share incentive plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				800,000
Number of restricted share vested		400,000	965,500	1,296,540
Unrecognized compensation costs on restricted shares		$ 1,031,340	$ 2,000,000
2010 share incentive plan [Member] \| Restricted shares [Member] \| Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares expected to vest		10,770,520	10,770,520
2010 share incentive plan [Member] \| Restricted shares [Member] \| Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares expected to vest		330,000
2010 share incentive plan [Member] \| Restricted shares [Member] \| Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares expected to vest		320,000
2010 share incentive plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	26,822,828

Summary of significant accounting policies - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accounting Policies and General Information [Line Items]
Allowance for doubtful accounts		$ 1,764,000	$ 9,329,000	$ 7,604,000		$ 7,709,000
Impairment of long-term investments			794,000	19,831,000
Cash flow projection period		5 years
Discount rate		18.20%
Terminal Growth Rate to extrapolate the cash flows beyond five-year period		2.00%
Goodwill impairment losses		$ 0	0	0
External advertising and market promotion expenses from continuing operations		$ 15,052,000	11,026,000	20,974,000
Value added tax on revenues	16.00%	13.00%
Value added tax on sub-licensing revenues		6.00%
Employee benefit costs		$ 12,411,000	$ 7,949,000	$ 12,337,000
Statutory general reserve rate		10.00%
Statutory general reserve rate of registered capital		50.00%
Dividends declared		$ 0	$ 0	$ 0
Right-of-use assets		$ 27,000	$ 1,954,000	$ 8,747,000
Lease liabilities		25,000	1,988,000
Shenzhen Mojingou Information Service Co., Ltd [Member]
Accounting Policies and General Information [Line Items]
Income (Loss) from Equity Method Investments		0	0	0
Long-term Investments [Member]
Accounting Policies and General Information [Line Items]
Impairment of long-term investments		0	794,000	19,831,000
Income (Loss) from Equity and Cost Method Investments		$ 42,000	$ 214,000	$ 579,000
Minimum
Accounting Policies and General Information [Line Items]
Term of time-based subscriptions		1 month
Maximum [Member]
Accounting Policies and General Information [Line Items]
Term of time-based subscriptions		12 months
Sales Revenue, Net [Member] \| Geographic Concentration Risk [Member] \| China [Member] \| Minimum
Accounting Policies and General Information [Line Items]
Percent of revenue		95.00%	95.00%	95.00%
Accounting Standards Update 2016-02 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Adjustment
Accounting Policies and General Information [Line Items]
Right-of-use assets					$ 11,800,000
Lease liabilities					$ 11,400,000
Land use rights
Accounting Policies and General Information [Line Items]
Other intangible assets, amortization period		30 years

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 123,358	$ 137,248
Short-term investments	115,652	117,821
Accounts receivable, net (Allowance for current expected credit losses of USD9,329 and USD1,764 as of December 31, 2020 and 2021, respectively)	26,135	22,983
Inventories	1,363	1,726
Due from related parties (Allowance for current expected credit losses of nil and USD339 as of December 31, 2020 and 2021, respectively)	15,578	10,970
Prepayments and other current assets (Allowance for current expected credit losses of USD10,283 and USD10,364 as of December 31, 2020 and 2021, respectively)	11,842	11,534
Total current assets	293,928	302,282
Non-current assets:
Restricted cash	4,078	1,541
Long-term investments	31,495	26,734
Property and equipment, net	57,657	50,725
Right-of-use assets	27	1,954
Intangible assets, net	8,299	8,857
Goodwill	23,136	22,607
Due from a related party, non-current portion (Allowance for current expected credit losses of nil and USD689 as of December 31, 2020 and 2021, respectively)	19,311
Long-term prepayments and other assets	2,787	905
Total assets	440,718	415,605
Current liabilities:
Accounts payable (including accounts payable of the consolidated variable interest entity ("VIE") without recourse to the Company of USD20,588 and USD23,789 as of December 31, 2020 and 2021, respectively)	26,407	20,644
Due to related parties (including due to related parties of the consolidated VIE without recourse to the Company of USD55 and USD91 as of December 31, 2020 and 2021, respectively)	1,597	5,389
Contract liabilities and deferred income, current portion (including contract liabilities and deferred income, current portion of the consolidated VIE without recourse to the Company of USD34,040 and USD36,740 as of December 31, 2020 and 2021, respectively)	36,892	34,040
Income tax payable (including income tax payable of the consolidated VIE without recourse to the Company of USD2,500 and USD2,451 as of December 31, 2020 and 2021, respectively)	2,531	2,553
Accrued liabilities and other payables (including accrued liabilities and other payables of the consolidated VIE without recourse to the Company of USD33,361 and USD42,449 as of December 31, 2020 and 2021, respectively )	49,557	38,689
Bank borrowings (including bank borrowings of the consolidated VIE without recourse to the Company of nil and USD2,876 as of December 31, 2020 and 2021, respectively)	2,876
Lease liabilities (including lease liabilities, current portion of the consolidated VIE without recourse to the Company of USD1,912 and USD18 as of December 31, 2020 and 2021, respectively)	18	1,961
Total current liabilities	119,878	103,276
Non-current liabilities:
Contract liabilities and deferred income, non-current portion (including contract liabilities and deferred income, non-current portion of the consolidated VIE without recourse to the Company of USD920 and USD845 as of December 31, 2020 and 2021, respectively)	845	920
Deferred tax liabilities, non-current portion (including deferred tax liabilities of the consolidated VIE without recourse to the Company of USD1,085 and USD930 as of December 31, 2020 and 2021, respectively)	930	1,085
Bank borrowings, non-current portion (including bank borrowings of the consolidated VIE without recourse to the Company of USD19,924 and USD17,291 as of December 31, 2020 and 2021, respectively)	17,291	19,924
Lease liabilities, non-current portion (including lease liabilities, non-current portion of the consolidated VIE without recourse to the Company of USD27 and USD7 as of December 31, 2020 and 2021, respectively)	7	27
Total liabilities	138,951	125,232
Commitments and contingencies
Equity
Common shares (368,877,205 shares issued and 334,401,981 shares outstanding as of December 31, 2020; 368,877,205 shares issued and 337,257,946 shares outstanding as of December 31, 2021)	84	84
Additional paid-in-capital	476,057	469,887
Accumulated other comprehensive (loss)/income	1,988	(2,144)
Statutory reserves	6,155	5,414
Treasury shares (34,475,224 shares and 31,619,259 shares as of December 31, 2020 and 2021, respectively)	8	8
Accumulated deficits	(180,645)	(181,095)
Total Xunlei Limited's shareholders' equity	303,647	292,154
Non-controlling interests	(1,880)	(1,781)
Total liabilities and shareholders' equity	$ 440,718	$ 415,605

Repurchase of shares

12 Months Ended

Dec. 31, 2021

Repurchase of shares

Repurchase of shares

18. Repurchase of shares

In June 2020, the board of directors of the Company authorized a share buyback program (the “Share Buyback Program”), whereby the Company may repurchase up to USD20 million of common shares or ADSs from June 29, 2020 for twelve months on the open market at the prevailing market prices, in privately negotiated transactions, in block trades and through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

The following table is a summary of the shares repurchased by the Company under the Share Buyback Program. All shares were purchased from the open market pursuant to the Share Buyback Program:


	Total number of ADSs purchased as	Average price
Period	part of the publicly announced plan	paid per ADS
July 8 - July 31	857,147	3.72
August 3 - August 18	334,245	3.86
Total for the year ended December 31, 2020	1,191,392

During the year ended December 31, 2020, 1,191,392 ADSs were purchased at an aggregate consideration of USD4,475,000 under the Share Buyback Program. No shares were repurchased during the years ended December 31, 2019 and 2021.

Taxation

12 Months Ended

Dec. 31, 2021

Taxation

Taxation

23. Taxation

(i)	Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

(ii)British Virgin Islands (“BVI”)

Subsidiaries in the BVI are exempted from income tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI.

(iii)Hong Kong

Subsidiaries in Hong Kong are subject to 16.5% income tax on their taxable income generated from operations in Hong Kong.

(iv)Singapore

Subsidiaries incorporated in Singapore were subject to 17% of their taxable income.

23. Taxation (Continued)

(v)	PRC Enterprise Income Tax (“EIT”)

The EIT is calculated based on the taxable income determined under the PRC laws and accounting standards.

Under the EIT Law, foreign invested enterprises and domestic enterprises are subject to a unified EIT rate of 25%. In accordance with the implementation rules of the EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%, a “Software Enterprise” (“SE”) is entitled exemption from income taxation for the first two years, counting from the first profitable year, and reduction by half for the next three years, and a certified National Key Software Enterprise (“NKSE”) is entitled a preferential tax rate of 10%.

Shenzhen Xunlei, Onething, Wangwenhua and Xunlei Computer have been recognized as HNTE and entitled to preferential tax rate of 15%for the years ended December 31, 2019, 2020 and 2021. In addition, Onething was established in Qianhai Shenzhen Hongkong Modern Service Industry Cooperation Zone and met the requirements set out by the local authorities, accordingly it’s also entitled to a preferential tax rate of 15% for years ended December 31, 2019, 2020 and 2021.

In July 2020, Jiangxi Node was qualified for a preferential tax rate of 15% and started to apply this rate from then on. The preferential tax rate is awarded to companies which are located in the West Regions of China and operate in certain encouraged industries. This qualification will need to be assessed on an annual basis. For the years ended December 31, 2020 and 2021, the tax rate assessed for Jiangxi Node was 15% and 15%, respectively.

Certain subsidiaries of the Group in the PRC have been granted certain tax concessions to small scale entities by tax authorities in the PRC whereby the subsidiaries operating in the respective region are entitled to tax concessions, the remaining PRC subsidiaries and VIE’s subsidiaries are subject to a 25% EIT rate.

According to a policy of the PRC State Tax Bureau, enterprises that engage in research and development activities are entitled to claim 175% of the research and development expenses incurred in a year as tax deductible expenses in determining their tax assessable profits for that year (“Super Deduction”).

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 are subject to PRC withholding tax, or WHT, at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement). The 10% WHT is generally applicable to any dividends to be distributed from Giganology Shenzhen and Xunlei Computer to the Company out of any profits of Giganology Shenzhen and Xunlei Computer derived after January 1, 2008. Up to December 31, 2021, both Giganology Shenzhen and Xunlei Computer did not declare any dividend to the parent company and have determined that they have no present plan to declare and pay any dividends. The Group currently plans to continue to reinvest its subsidiaries’ undistributed earnings, if any, in its operations in China indefinitely. Accordingly, no withholding income tax was accrued or required to be accrued for the years ended December 31, 2019, 2020 and 2021.

Moreover, the current EIT Law treats enterprises established outside of China with “effective management and control” located in the PRC as PRC resident enterprises for tax purposes. The term “effective management and control” is generally defined as exercising overall management and control over the business, personnel, accounting, properties, etc. of an enterprise. The Company, if considered a PRC resident enterprise for tax purposes, would be subject to the PRC EIT at the rate of 25% on its worldwide income for the period after January 1, 2008. As of December 31, 2020 and 2021, the Company has not accrued for PRC tax on such basis. The Company will continue to monitor its tax status.

23. Taxation (Continued)

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


	Years ended December 31,
(In thousands)	2019	2020	2021
Current income tax expenses	315	183	53
Deferred income tax expenses/(benefits)	4,361	966	(178)
Income tax expenses/(benefits)	4,676	1,149	(125)

The aggregate amount and per share effect of the tax holidays and concession are as follows:


	Years ended December 31,
	2019	2020	2021
Aggregate dollar effect (in thousands)	(3,856)	197	4,100
Per share effect—basic	(0.01)	(0.00)	0.01
Per share effect—diluted	(0.01)	(0.00)	0.01

The reconciliation of total tax expenses/(benefits) computed by applying the respective statutory income tax rates to pre-tax loss is as follows:


	Years ended December 31,
(In thousands)	2019	2020	2021
Income tax (benefits)/expenses at PRC statutory rate (based on statutory tax rate applicable to enterprises in China)	(11,886)	(3,736)	246
Effects of differences in tax rates in different jurisdictions applicable to entities of the Group outside of the PRC	788	787	2,571
Non-deductible expenses	228	101	47
Effect of Super Deduction	(1,920)	(733)	(2,262)
Effect of tax holidays and tax concessions	3,856	(197)	(4,100)
Change in valuation allowance of deferred tax assets	13,180	4,704	3,507
Expiration of tax loss	400	84	—
Others	30	139	(134)
Income tax expenses/(benefits)	4,676	1,149	(125)

23. Taxation (Continued)

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities balances of December 31, 2020 and 2021 are as follows:


(In thousands)	December 31, 2020	December 31, 2021
Deferred tax assets:
Net operating losses carried forward (note a)	32,458	39,188
Impairment of long-term equity investments	4,233	4,245
Impairment of other receivables	1,858	1,536
Impairment of accounts receivable	1,451	402
Impairment of inventories	540	70
Allowance for advances to suppliers	369	137
Impairment of property and equipment	15	2
Valuation allowance	(40,924)	(45,580)
Deferred tax assets, net (note b)	—	—

Deferred tax liabilities:
Deferred credit arising from an asset acquisition	(1,085)	(930)

Notes:

(a)

As of December 31, 2021, the accumulated net operating loss of USD5,875,000 of the Group’s subsidiaries incorporated in Hong Kong can be carried forward indefinitely to offset future taxable income, the remaining accumulated net operating loss of USD221,906,000 mainly arose from the Company’s subsidiaries, VIE and VIE’s subsidiaries established in the PRC, which can be carried forward to offset future taxable income and will expire during the period from 2022 to 2030.

(b)	As of December 31, 2020 and 2021, the deferred tax liabilities balances are expected to be recoverable as follows:

Deferred tax liabilities


(In thousands)	2020	2021
Within one year	176	180
After one year	909	750
	1,085	930

Movement of valuation allowance is as follows:


	Years ended December 31,
(In thousands)	2019	2020	2021
Beginning balance	20,181	34,257	40,924
Additions	13,180	4,704	3,507
Exchange difference	896	1,963	1,149
Ending balance	34,257	40,924	45,580

For the years ended December 31, 2019, 2020 and 2021, valuation allowance was provided for net operating loss carryforwards certain subsidiaries, VIE and VIE’s subsidiaries because it was more likely than not that such deferred tax assets will not be realized based on the Group’s estimate of future taxable income of those companies.

As of December 31, 2021, the tax returns of the Group’s subsidiaries, VIE and VIE’s subsidiaries since their respective dates of incorporation are still open to examination.

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.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of other income, net

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit losses of accounts receivable	$ 1,764,000	$ 9,329,000
Allowance for credit losses of prepayments and other current assets	10,364,000	10,283,000
Allowance for current expected credit losses of due from related parties	339,000	0
Allowance for current expected credit losses of Due from related parties	$ 689,000	$ 0
Common stock, shares issued	368,877,205	368,877,205
Common stock, shares outstanding	337,257,946	334,401,981
Treasury stock, shares	31,619,259	34,475,224
Variable Interest Entity, Primary Beneficiary [Member]
Accounts payable, consolidated variable interest entities and VIE's subsidiaries without recourse	$ 23,789,000	$ 20,588,000
Due to related party, consolidated variable interest entities and VIE's subsidiaries without recourse	91,000	55,000
Contract liabilities and deferred income, current portion of the consolidated variable interest entities and VIE's subsidiaries without recourse	36,740,000	34,040,000
Income tax payable, consolidated variable interest entities and VIE's subsidiaries without recourse	2,451,000	2,500,000
Accrued liabilities and other payables, consolidated variable interest entities and VIE's subsidiaries without recourse	42,449,000	33,361,000
Bank borrowings, current, consolidated variable interest entities and VIE's subsidiaries without recourse	2,876,000	0
Lease liabilities, current portion of the consolidated VIE and its subsidiaries without recourse	18,000	1,912,000
Contract liabilities and deferred income, non-current portion of the consolidated variable interest entities and VIE's subsidiaries without recourse	845,000	920,000
Deferred Taxes Liabilities Consolidated Variable Interest Entities Without Recourse	930,000	1,085,000
Bank borrowings, consolidated variable interest entities and VIE's subsidiaries without recourse	17,291,000	19,924,000
Lease liabilities, non-current portion, consolidated variable interest entities and VIE's subsidiaries without recourse	$ 7,000	$ 27,000

Goodwil (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill.

Summary of goodwill


	December 31,	December 31,
(In thousands)	2020	2021
Beginning balance	20,382	22,607
Addition (note)	815	—
Foreign currency translation adjustment	1,410	529
Ending balance	22,607	23,136

Note: The addition of goodwill in 2020 was related to the acquisition of Yunwang Wulian, please refer to note 3 for the acquisition.

Accrued liabilities and other payables - Schedule of Accrued Liabilities and Other Payables (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued liabilities and other payables
Payroll and welfare	$ 18,618	$ 12,871
Tax levies	2,397	3,394
Payables related to Kankan	2,642	2,581
Payables for advertisement	3,821	1,895
Legal and litigation related expenses (note 27)	973	1,640
Professional service fees	2,175	2,106
Agency commissions and rebates-online advertising	2,759	2,696
Payables for construction in progress	9,750	5,291
Tax surcharges		1,095
Others	6,422	5,120
Total	$ 49,557	$ 38,689

Cash and cash equivalents - Summary of Cash on Hand and Cash Held at Bank (Details) ฿ in Thousands, ¥ in Thousands, Rp in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 HKD ($)	Dec. 31, 2021 THB (฿)	Dec. 31, 2021 IDR (Rp)	Dec. 31, 2021 SGD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 HKD ($)	Dec. 31, 2020 THB (฿)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank	$ 123,358						$ 137,248				$ 162,465	$ 122,930
RMB [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank	55,922	¥ 356,535					47,906	¥ 312,581
USD [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank	66,650						89,050
SGD [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank	547					$ 739
HKD [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank	181		$ 1,413				224		$ 1,737
THB [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank	51			฿ 1,709			$ 68			฿ 2,052
IDR [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank	$ 7				Rp 101,762

Summary of significant accounting policies - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Land use rights
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	30 years
Acquired computer software
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	5 years
Audio-visual license
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	9 years

Goodwill (Details) - USD ($)	12 Months Ended
Goodwill (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 22,607,000	$ 20,382,000
Addition (note)		815,000
Foreign currency translation adjustment	529,000	1,410,000
Goodwill, Ending Balance	23,136,000	22,607,000	$ 20,382,000
Impairment loss	$ 0	$ 0	$ 0

Other income, net (Tables)

12 Months Ended

Dec. 31, 2021

Other income, net


	Years ended December 31,
(In thousands)	2019	2020	2021
Government subsidy income	2,061	2,287	3,206
Investment income from short-term investments	4,020	2,943	2,486
Net unrealized gains arising from long-term investments	10,907	794	—
Investment income on disposal of long-term investments	579	214	42
Impairment of long-term investments	(19,831)	(794)	—
Exchange loss, net	(402)	(2,948)	(1,205)
Settlement income	1,531	—	—
Gains from disposal of LinkToken program	6,630	—	—
VAT deduction	427	1,361	818
Others	(61)	880	(669)
Total	5,861	4,737	4,678

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2021

Related party transactions

Schedule of Relationship Between Related Parties with their Groups

The table below sets forth the related parties and their relationships with the Group:

Related party		Relationship with the Group
Chuan wang		Chairman and director of the Company (note i)
Shenglong Zou		Co-founder, director and shareholder of the Company
Weimin Luo		Director and Chief Operating Officer of the Company (note i)
Shenzhen Crystal Technology Co., Ltd. (“Shenzhen Crystal”)		Company owned by a co-founder and director of the Company
Vantage Point Global Limited		Shareholder of the Company
Aiden & Jasmine Limited		Shareholder of the Company
Millet Technology Co., Ltd. (“Xiaomi Technology”)		(note ii)
Millet Communication Technology Co., Ltd. (“Millet Communication Technology”)		(note ii)
Beijing Xiaomi Mobile Software Co., Ltd. (“Beijing Xiaomi Mobile Software”)		(note ii)
Beijing Millet Payment Technologies Co., Ltd. (“Beijing Millet Payment Technologies”)		(note ii)
Guangzhou Millet Information Service Co., Ltd. (“Guangzhou Millet”)		(note ii)
Shenzhen Xiaomi Technology Co., Ltd. (“Shenzhen Xiaomi”)		(note ii)
Beijing Itui Technology Co., Ltd. (“Beijing Itui”)		Company owned by the principal shareholder of the Company (note iii)
Itui Online		Company owned by the principal shareholder of the Company (note iii)
Chizz (HK) Limited (“Chizz”)		Company owned by the principal shareholder of the Company (note iii)

25. Related party transactions (Continued)

Notes:

(i)	Chuan Wang has resigned from the board on April 2, 2020, and Weimin Luo resigned from the board and resigned as the Chief Operating Officer on May 19, 2021 and June 1, 2021, respectively.

(ii)	Prior to April 2, 2020, these companies were related companies to the Company as they were affiliated companies of a shareholder of the Company, Xiaomi Ventures Limited (“Xiaomi Ventures”).

On April 2, 2020, Xiaomi Ventures ceased to be the shareholder of the Company as Xiaomi Ventures together with certain shareholders of the Company exchanged their common shares of the Company for the shares of Itui International Inc. (“Itui”). In addition, Xiaomi Ventures entitled to certain veto rights in determining Itui’s voting on the Company. As a result, Xiaomi Ventures and the companies controlled by Xiaomi Ventures continued to be related parties of the Company.

(iii)

These companies become related parties of Xunlei since April 2, 2020 when Itui became the principal shareholder of the Company.

Schedule of Significant Related Party Transactions

During the years ended December 31, 2019, 2020 and 2021, significant related party transactions were as follows:


	Years ended December 31,
(In thousands)	2019	2020	2021
Bandwidth revenue from Beijing Xiaomi Mobile Software (note a)	1,815	—	—
Bandwidth revenue from Xiaomi Technology (note a)	875	2,211	2,798
Advertisement revenue from Guangzhou Millet	19	—	—
Bandwidth revenue from Beijing Itui (note b)	—	1,119	821
Advertisement revenue from Itui Online (note c)	—	7,269	11,648
Advertisement revenue from Shenzhen Xiaomi (note d)	—	53	380
Technology service revenue from Guangzhou Millet (note e)	2,460	2,466	1,245
Technology service revenue from Shenzhen Xiaomi (note e)	—	—	1,392
Interest income from Chizz	—	—	176
Bandwidth cost from Quanxun Huiju (note f)	—	594	730
Forum service fees paid and payable to Xiaomi Technology	13	—	—
Interest accrued to Vantage Point Global Limited (note g)	46	243	—
Interest accrued to Aiden & Jasmine Limited (note g)	17	91	55
Repayment of loans to Weimin Luo arising from a business combination (note 3)	—	662	—

Notes:

(a)	From July 2017 to July 2019, Onething entered into a contract with Beijing Xiaomi Mobile Software for the provision of bandwidth to Beijing Xiaomi Mobile Software at a price benchmarking against market price, based on actual usage.

From August 2019 till now, Onething entered into the contract with Xiaomi Technology for the provision of bandwidth to Xiaomi Technology at a price benchmarking against market price, based on actual usage.

(b)	Onething entered into a sales contract with Beijing Itui for provision of bandwidth at a price benchmarking against market price and charged based on actual usage since July 2019. The contract was extended for one year from July 2021 to June 2022 based on the same term.

(c)

In May 2020, a user traffic monetization agreement was entered into with Itui Online, according to which Xunlei is entitled to receive a mutually agreed sharing of net advertising revenue covering a period from mid-May 2020 to mid-May 2021. The contract was extended for one year from mid-May 2021 to mid-May 2022 based on the same term.

(d)	In July 2020, a user traffic monetization agreement was entered into with Shenzhen Xiaomi, according to which Xunlei is entitled to receive a mutually agreed sharing of net advertising revenue.

(e)

The Group is entitled to receive a mutually agreed sharing of net advertising revenue covering a period from mid-June 2017 to mid-June 2019, as compensation for technology solution services provided to Guangzhou Millet. The contract was extended for two years from mid-June 2019 to mid-June 2021. A similar contract was entered into with Shenzhen Xiaomi in July 2021, covering a period of two years.

(f)	In July 2020, Onething entered into the contract with Quanxun Huiju, for the provision of bandwidth to Onething at a price benchmarking against market price, based on actual usage. The contract was extended for one year from July 2021 to June 2022 based on the same term.

(g)

In 2014, the Group repurchased 3,860,733 common shares from Aiden & Jasmine Limited (Co founder’s company) for USD10,879,000 and 10,334,679 common shares from Vantage Point Global Limited for USD29,121,000. According to the repurchase contract, the Company was entitled to an amount (the “Withheld Price”) to withhold any taxes with respect to this repurchase as required under the applicable laws. If the Seller has not been specifically required by the applicable governmental or regulatory authority to pay any taxes as required under the applicable laws in connection with the repurchase, after the fifth anniversary of the Closing Date, the Company will pay to the Seller the Withheld Price with a simple interest thereon at the rate of five percent (5%) per annum from the Closing Date. Therefore, the Withheld Price for Aiden & Jasmine Limited and Vantage Point Global Limited was USD1,451,000 (including interest of USD363,000) and USD3,883,000 (including interest of USD971,000) respectively. The Group has repaid USD3,883,000 to Vantage Point Global Limited in January 2021.

The interest accrued for the year ended December 31, 2021 was USD55,000 for Aiden & Jasmine Limited.

Schedule of Amount Due to from Related Party


(In thousands)	December 31, 2020	December 31, 2021
Amounts due from related parties -current
Accounts receivable due from Guangzhou Millet	1,456	—
Accounts receivable due from Xiaomi Technology	576	831
Accounts receivable due from Itui Online	7,689	12,156
Accounts receivable due from Beijing Itui	1,153	857
Accounts receivable due from Shenzhen Xiaomi	60	1,520
Other receivable due from Chizz (note)	—	176
Other receivable due from Xiaomi Technology	15	16
Other receivable due from Shenzhen Crystal	6	7
Other receivable due from Shenglong Zou	9	9
Other receivable due from Chuan Wang	6	6
Amounts due from a related party - non-current
Other receivable due from Chizz	—	19,311

Note: In September 2021, Xunlei Network provided a loan amounted to USD20 million to Chizz at an interest rate of 3% per annum for a term of 2 years.


(In thousands)	December 31, 2020	December 31, 2021
Amounts due to related parties
Accounts payable due to Quanxun Huiju	55	91
Other payable due to Vantage Point Global Limited	3,883	—
Other payable due to Aiden & Jasmine Limited	1,451	1,506

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net revenues
Total revenues, net of rebates and discounts	$ 239,601	$ 186,683	$ 181,267
Business taxes and surcharges	(819)	(312)	(602)
Net revenues	238,782	186,371	180,665
Cost of revenues	(118,603)	(92,637)	(99,913)
Gross profit	120,179	93,734	80,752
Operating expenses
Research and development expenses	(61,859)	(55,463)	(68,571)
Sales and marketing expenses	(24,569)	(18,064)	(31,820)
General and administrative expenses	(36,868)	(33,910)	(38,930)
Asset impairment gain/(loss), net of recoveries	(1,206)	(5,090)	2,147
Total operating expenses	(124,502)	(112,527)	(137,174)
Operating loss	(4,323)	(18,793)	(56,422)
Interest income	723	1,471	1,897
Interest expense	(95)	(406)	(75)
Other income, net	4,678	4,737	5,861
(Loss)/income before income tax	983	(12,991)	(48,739)
Income tax (expenses)/benefits	125	(1,149)	(4,676)
Net (loss)/income for the year	1,108	(14,140)	(53,415)
Less: net loss attributable to the non-controlling interests	(83)	(300)	(246)
Net (loss)/income attributable to Xunlei Limited	1,191	(13,840)	(53,169)
Net (loss)/income for the year	1,108	(14,140)	(53,415)
Other comprehensive (loss)/income: Currency translation adjustments, net of tax	4,116	11,135	(650)
Comprehensive (loss)/income	5,224	(3,005)	(54,065)
Less: comprehensive loss attributable to non-controlling interests	(99)	(446)	(219)
Comprehensive (loss)/income attributable to Xunlei Limited	$ 5,323	$ (2,559)	$ (53,846)
Basic and diluted net (loss)/income per share
Basic net( loss)/ income per share	$ 0.0036	$ (0.0410)	$ (0.1574)
Diluted net (loss)/income per share	$ 0.0035	$ (0.0410)	$ (0.1574)
Weighted average number of common shares used in calculating
Basic	334,707,559	337,429,601	337,845,675
Diluted	335,969,780	337,429,601	337,845,675

Additional information: condensed financial statements of the Company (Tables)

12 Months Ended

Dec. 31, 2021

Additional information: condensed financial statements of the Company

Schedule of Condensed Balance Sheets

The Company did not have significant other commitments, long-term obligations, or guarantees as of December 31, 2021.

Condensed Balance Sheets


(In thousands)	December 31, 2020	December 31, 2021
Assets
Current assets:
Cash and cash equivalents	57,585	32,015
Short-term investments	47,525	40,972
Due from group companies	3,323	107,484
Prepayments and other current assets	860	183
Total current assets	109,293	180,654
Non-current assets:
Due from group companies, non-current portion	175,720	92,917
Investments in subsidiaries and consolidated VIE	20,064	36,324
Total assets	305,077	309,895
Liabilities
Current liabilities:
Accounts payable	55	55
Due to subsidiaries and consolidated VIE	10,750	2,546
Due to related parties	—	1,506
Contract liabilities and deferred income	1	—
Accrued liabilities and other payables	2,118	2,141
Total current liabilities	12,924	6,248
Total liabilities	12,924	6,248
Commitments and contingencies
Shareholders’ equity
Common shares	84	84
Treasury shares (34,475,224 shares and 31,619,259 shares as of December 31, 2020 and 2021, respectively)	8	8
Other shareholders’ equity	292,061	303,555
Total Xunlei Limited’s shareholders’ equity	292,153	303,647
Total liabilities and shareholders’ equity	305,077	309,895

Schedule of Condensed Statements of Operations

Condensed Statements of Operations


	Years ended December 31,
(In thousands)	2019	2020	2021
Operating expenses
Sales and marketing expenses	(1)	—	—
General and administrative expenses	(1,247)	(1,438)	(3,302)
Total operating expenses	(1,248)	(1,438)	(3,302)
Operating loss	(1,248)	(1,438)	(3,302)
Interest income	1,496	2	107
Interest expense	(75)	(399)	(95)
Other income, net	4,712	2,455	585
(Loss)/income from subsidiaries and consolidated VIE	(57,787)	(14,361)	3,935
(Loss)/income before income tax	(52,902)	(13,741)	1,230
Income tax expenses	(267)	(99)	(39)
Net (loss)/income	(53,169)	(13,840)	1,191
Net (loss)/income attributable to Xunlei Limited’s common shareholders	(53,169)	(13,840)	1,191

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows


	Years ended December 31,
(In thousands)	2019	2020	2021
Other operating activities with external parties	3,854	649	(5,732)
Net cash generated from/(used in) operating activities	3,854	649	(5,732)
Capital contribution to group companies	(100,000)	—	—
Loans to group companies	(25,750)	(1,802)	(26,391)
Repayment of loans from group companies	2,459	500	—
Other investing activities with external parties	79,339	55,030	6,553
Net cash (used in)/generated from investing activities	(43,952)	53,728	(19,838)
Other financing activities with external parties	—	(4,475)	—
Net cash used in financing activities	—	(4,475)	—
Net (decrease)/increase in cash and cash equivalents	(40,098)	49,902	(25,570)
Cash and cash equivalents at beginning of year	47,781	7,683	57,585
Effect of exchange rates on cash and cash equivalents	—	—	—
Cash and cash equivalents at end of year	7,683	57,585	32,015

Accrued liabilities and other payables

12 Months Ended

Dec. 31, 2021

Accrued liabilities and other payables

Accrued liabilities and other payables

15. Accrued liabilities and other payables


(In thousands)	December 31, 2020	December 31, 2021
Payroll and welfare	12,871	18,618
Tax levies	3,394	2,397
Payables related to Kankan	2,581	2,642
Payables for advertisement	1,895	3,821
Legal and litigation related expenses (note 27)	1,640	973
Professional service fees	2,106	2,175
Agency commissions and rebates—online advertising	2,696	2,759
Payables for construction in progress	5,291	9,750
Tax surcharges	1,095	—
Others	5,120	6,422
Total	38,689	49,557

Commitments and contingencies - Capital commitments (Details)	Dec. 31, 2021 USD ($)
Commitments and contingencies
2022	$ 17,993,000
2023 and after	298,000
Unrecorded Unconditional Purchase Obligation	$ 18,291,000

Additional information: condensed financial statements of the Company - Schedule of Condensed Balance Sheets (Parenthetical) (Detail) - shares	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheet Statements Captions [Line Items]
Treasury stock, shares	31,619,259	34,475,224
Xunlei Limited [Member]
Consolidated Balance Sheet Statements Captions [Line Items]
Treasury stock, shares	31,619,259	34,475,224

Right-of-use assets and lease liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Right-of-use assets and lease liabilities

Schedule of right-of-use assets for long-term operating leases


(In thousands)		Office leases
Net book amount as of January 1, 2020		8,747
Additions		500
Modification of operating lease		(3,825)
Amortization		(3,685)
Effect of foreign currency exchange differences		217
Net book amount as of December 31, 2020		1,954
Additions		25
Modification of operating lease		(43)
Amortization		(1,934)
Effect of foreign currency exchange differences		25
Net book amount as of December 31, 2021		27

Schedule of Short-Term Investments

The undiscounted cash payments for each of the next five years as of December 31, 2020 is:


(In thousands)
2021		1,998
2022		28
Total undiscounted payments		2,026
Less: effect of discounting		(38)
Discounted lease liabilities		1,988

The undiscounted cash payments for each of the next five years as of December 31, 2021 is:


(In thousands)
2022		19
2023		7
Total undiscounted payments		26
Less: effect of discounting		(1)
Discounted lease liabilities		25

Accounts receivable, net - Additional Information (Details) - customer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of top customers	10
Credit concentration risk [Member] \| Accounts receivable [Member] \| Top 10 customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, percentage	86.00%	65.00%

Taxation - Reconciliation of Total Tax (Benefits) Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Continuing operations
Income tax (benefits)/expenses at PRC statutory rate (based on statutory tax rate applicable to enterprises in China)	$ 246	$ (3,736)	$ (11,886)
Effects of differences in tax rates in different jurisdictions applicable to entities of the Group outside of the PRC	2,571	787	788
Non-deductible expenses	47	101	228
Effect of Super Deduction	(2,262)	(733)	(1,920)
Effect of tax holidays and tax concessions	(4,100)	(197)	3,856
Change in valuation allowance of deferred tax assets	3,507	4,704	13,180
Expiration of tax loss		84	400
Others	(134)	139	30
Income tax (benefits)/expenses	$ (125)	$ 1,149	$ 4,676

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2021

Short-term investments


(In thousands)	December 31, 2020	December 31, 2021
Time deposits	68,828	62,379
Investments in financial instruments (note)	48,993	53,273
Total	117,821	115,652

Note:

The investments were issued by commercial banks in the PRC with a variable interest rate indexed to performance of underlying assets. Since these investments’ maturity dates are within one year, they are classified as short-term investments.

Share-based compensation - Summary of Restricted Shares Activities (Detail) - Restricted shares [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
2010 share incentive plan [Member]
Number of restricted shares
Unvested at beginning of period	1,260,000	5,184,500	6,652,040
Granted			800,000
Vested	(400,000)	(965,500)	(1,296,540)
Forfeited	(210,000)	(2,959,000)	(971,000)
Unvested at end of period	650,000	1,260,000	5,184,500	6,652,040
Vested and expected to vest	552,500	1,071,000	4,406,825	5,654,234
Weighted-Average Grant-Date Fair Value
Weighted-Average Grant Date Fair Value, Granted			$ 0.81
2013 Plan [Member]
Number of restricted shares
Unvested at beginning of period		34,175
Vested			(27,475)
Forfeited			(6,700)
Unvested at end of period			34,175
2014 Plan [Member]
Number of restricted shares
Unvested at beginning of period	26,000	1,321,200	3,476,650
Vested	(26,000)	(228,200)	(1,318,450)
Forfeited		(1,067,000)	(837,000)
Unvested at end of period	26,000	26,000	1,321,200	3,476,650
Vested and expected to vest		22,100	1,123,020
2020 Incentive Plan
Number of restricted shares
Granted	31,091,840
Vested	(2,429,965)
Forfeited	(2,777,500)
Unvested at end of period	25,884,375
Vested and expected to vest	19,413,281
Weighted-Average Grant-Date Fair Value
Weighted-Average Grant Date Fair Value, Granted	$ 0.83

Taxation - Schedule of Current and Deferred Portions of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Taxation
Current income tax (benefits)/expenses	$ 53	$ 183	$ 315
Deferred income tax expenses	(178)	966	4,361
Income tax (benefits)/expenses	$ (125)	$ 1,149	$ 4,676

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

+ References + Details

Short-term investments

12 Months Ended

Dec. 31, 2021

Short-term investments

Schedule of share repurchase activity

5. Short-term investments


(In thousands)	December 31, 2020	December 31, 2021
Time deposits	68,828	62,379
Investments in financial instruments (note)	48,993	53,273
Total	117,821	115,652

Note:

Time deposits and investments in financial instruments are stated on the balance sheets at the principal amount plus accrued interest. Interest income is recorded in “Other income, net” in the consolidated statements of comprehensive (loss)/income.

Repurchase of shares (Tables)

12 Months Ended

Dec. 31, 2021

Repurchase of shares


	Total number of ADSs purchased as	Average price
Period	part of the publicly announced plan	paid per ADS
July 8 - July 31	857,147	3.72
August 3 - August 18	334,245	3.86
Total for the year ended December 31, 2020	1,191,392

Common shares - Additional Information (Details)	12 Months Ended
Common shares - Additional Information (Details)	Dec. 31, 2021 Vote $ / shares shares	Dec. 31, 2020 shares
Common shares
Common stock, shares authorized	1,000,000,000
Common stock, par value \| $ / shares	$ 0.00025
Number of votes per common share \| Vote	1
Common stock, shares outstanding	337,257,946	334,401,981

Fair value measurements - Schedule of financial instruments measured at fair value (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total	$ 53,273	$ 48,993
Investments in financial instruments [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Investments in structured deposits and wealth management products	53,273	48,993
Significant other observable inputs (Level 2) [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total	53,273	48,993
Significant other observable inputs (Level 2) [Member] \| Investments in financial instruments [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Investments in structured deposits and wealth management products	$ 53,273	$ 48,993

Commitments and contingencies - Future Minimum Payments under Non-Cancellable Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leased Assets [Line Items]
2022	$ 19	$ 28
Bandwidth Purchase Commitments [Member]
Operating Leased Assets [Line Items]
2022	$ 4,410

Additional information: condensed financial statements of the Company - Schedule of Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from investing activities
Repayment of loans from group companies	$ 177
Cash flows from financing activities
Net increase/(decrease) in cash, cash equivalents and restricted cash	(13,362)	$ (31,988)	$ 45,788
Cash, cash equivalents and restricted cash at beginning of year	138,789	165,448	122,930
Effect of exchange rates on cash and cash equivalents	2,009	5,329	(3,270)
Cash, cash equivalents and restricted cash at end of year	127,436	138,789	165,448
Xunlei Limited [Member]
Cash flows from operating activities
Other operating activities with external parties	(5,732)	649	3,854
Net cash generated from/(used in) operating activities	(5,732)	649	3,854
Cash flows from investing activities
Capital contribution to group companies			(100,000)
Loans to group companies	(26,391)	(1,802)	(25,750)
Repayment of loans from group companies		500	2,459
Other investing activities with external parties	6,553	55,030	79,339
Net cash (used in)/generated from investing activities	(19,838)	53,728	(43,952)
Cash flows from financing activities
Other financing activities with external parties		(4,475)
Net cash used in financing activities		(4,475)
Net increase/(decrease) in cash, cash equivalents and restricted cash	(25,570)	49,902	(40,098)
Cash, cash equivalents and restricted cash at beginning of year	57,585	7,683	47,781
Effect of exchange rates on cash and cash equivalents	0	0	0
Cash, cash equivalents and restricted cash at end of year	$ 32,015	$ 57,585	$ 7,683

Taxation (Tables)

12 Months Ended

Dec. 31, 2021

Taxation

Schedule of Current and Deferred Portions of Income Tax Expense


	Years ended December 31,
(In thousands)	2019	2020	2021
Current income tax expenses	315	183	53
Deferred income tax expenses/(benefits)	4,361	966	(178)
Income tax expenses/(benefits)	4,676	1,149	(125)

Summary of Aggregate Amount and Per Share Effect of Tax Holiday


	Years ended December 31,
	2019	2020	2021
Aggregate dollar effect (in thousands)	(3,856)	197	4,100
Per share effect—basic	(0.01)	(0.00)	0.01
Per share effect—diluted	(0.01)	(0.00)	0.01

Reconciliation of Total Tax (Benefits)/Expenses


	Years ended December 31,
(In thousands)	2019	2020	2021
Income tax (benefits)/expenses at PRC statutory rate (based on statutory tax rate applicable to enterprises in China)	(11,886)	(3,736)	246
Effects of differences in tax rates in different jurisdictions applicable to entities of the Group outside of the PRC	788	787	2,571
Non-deductible expenses	228	101	47
Effect of Super Deduction	(1,920)	(733)	(2,262)
Effect of tax holidays and tax concessions	3,856	(197)	(4,100)
Change in valuation allowance of deferred tax assets	13,180	4,704	3,507
Expiration of tax loss	400	84	—
Others	30	139	(134)
Income tax expenses/(benefits)	4,676	1,149	(125)

Summary of Changes in Deferred Tax Asset and Liability Balances


(In thousands)	December 31, 2020	December 31, 2021
Deferred tax assets:
Net operating losses carried forward (note a)	32,458	39,188
Impairment of long-term equity investments	4,233	4,245
Impairment of other receivables	1,858	1,536
Impairment of accounts receivable	1,451	402
Impairment of inventories	540	70
Allowance for advances to suppliers	369	137
Impairment of property and equipment	15	2
Valuation allowance	(40,924)	(45,580)
Deferred tax assets, net (note b)	—	—

Deferred tax liabilities:
Deferred credit arising from an asset acquisition	(1,085)	(930)

Notes:

(a)

Schedule of Deferred Tax Assets and Liabilities Balances

Deferred tax liabilities


(In thousands)	2020	2021
Within one year	176	180
After one year	909	750
	1,085	930

Schedule of Movement of Valuation Allowance


	Years ended December 31,
(In thousands)	2019	2020	2021
Beginning balance	20,181	34,257	40,924
Additions	13,180	4,704	3,507
Exchange difference	896	1,963	1,149
Ending balance	34,257	40,924	45,580

Costs of revenues - Schedule of cost of revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Contract Liabilities And Deferred Income [Line Items]
Total	$ 118,603	$ 92,637	$ 99,913
Bandwidth costs [Member]
Contract Liabilities And Deferred Income [Line Items]
Total	80,720	62,384	57,093
Cost of inventories sold [Member]
Contract Liabilities And Deferred Income [Line Items]
Total	1,516	1,660	7,181
Revenue-sharing from live streaming business
Contract Liabilities And Deferred Income [Line Items]
Total	26,506	15,640	20,734
Depreciation of servers and other equipment [Member]
Contract Liabilities And Deferred Income [Line Items]
Total	4,805	6,247	5,198
Payment handling fees [Member]
Contract Liabilities And Deferred Income [Line Items]
Total	3,066	1,459	1,658
Other costs (note) [Member]
Contract Liabilities And Deferred Income [Line Items]
Total	$ 1,990	$ 5,247	$ 8,049

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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Right-of-use assets and lease liabilities

Intangible assets, net - Schedule of Weighted Average Amortization Periods of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total weighted average amortization periods	10 years	10 years
Land use rights
Finite-Lived Intangible Assets [Line Items]
Total weighted average amortization periods	30 years	30 years
Acquired computer software
Finite-Lived Intangible Assets [Line Items]
Total weighted average amortization periods	5 years	5 years
Audio-visual license
Finite-Lived Intangible Assets [Line Items]
Total weighted average amortization periods	9 years	9 years

Right-of-use assets and lease liabilities - Operating leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Right-of-use assets for long-term operating leases
Beginning balance	$ 1,954,000	$ 8,747,000
Additions	25,000	500,000
Modification of operating lease	(43,000)	(3,825,000)
Amortization	(1,934,000)	(3,685,000)	$ (5,634,000)
Effect of foreign currency exchange differences	25,000	217,000
Ending balance	27,000	1,954,000	8,747,000
General and administrative expenses for long-term operating lease	1,934,000	3,762,000	6,077,000
Charge recognized in relation to short-term lease	786,000	$ 291,000	$ 301,000
Future minimum payments under non-cancellable short-term operating leases in 2020	$ 1,322,000
Discount rate related to operating lease (as a percent)	5.40%	5.40%	5.50%
Weighted average remaining lease term (in years)	1 year	1 year	2 years
Cash payments in respect of operating lease	$ 2,003,000	$ 3,797,000	$ 5,149,000
Minimum
Right-of-use assets and lease liabilities
Operating lease, term of contract	1 year
Maximum [Member]
Right-of-use assets and lease liabilities
Operating lease, term of contract	3 years

Right-of-use assets and lease liabilities

12 Months Ended

Dec. 31, 2021

Right-of-use assets and lease liabilities

11. Right-of-use assets and lease liabilities

The right-of-use assets represented the leased office lease of the Group, are amortized over the lease terms, which are greater than 1 year but less than 3 years. Right-of-use assets for long-term operating leases were as below:


(In thousands)		Office leases
Net book amount as of January 1, 2020		8,747
Additions		500
Modification of operating lease		(3,825)
Amortization		(3,685)
Effect of foreign currency exchange differences		217
Net book amount as of December 31, 2020		1,954
Additions		25
Modification of operating lease		(43)
Amortization		(1,934)
Effect of foreign currency exchange differences		25
Net book amount as of December 31, 2021		27

During the years ended December 31, 2019, 2020 and 2021, the general and administrative expenses for long-term operating lease were USD6,077,000, USD3,762,000 and USD1,934,000, respectively. A charge of USD301,000, USD291,000 and USD786,000 were recognized in relation to short-term lease for the years ended December 31, 2019, 2020 and 2021. The future minimum payments under non-cancellable short-term operating leases of office rental will be USD1,322,000 in 2022. The weighted average discount rate related to operating lease was 5.5%, 5.4% and 5.4%, respectively, as of December 31, 2019, 2020 and 2021, and the weighted average remaining lease term were 2 years, 1 year and 1 year as of December 31, 2019, 2020 and 2021, respectively.

The total cash payments in respect of operating lease were USD5,149,000, USD3,797,000 and USD2,003,000 for the years ended December 31, 2019, 2020 and 2021, respectively.

The undiscounted cash payments for each of the next five years as of December 31, 2020 is:


(In thousands)
2021		1,998
2022		28
Total undiscounted payments		2,026
Less: effect of discounting		(38)
Discounted lease liabilities		1,988

11. Right-of-use assets and lease liabilities (Continued)

The undiscounted cash payments for each of the next five years as of December 31, 2021 is:


(In thousands)
2022		19
2023		7
Total undiscounted payments		26
Less: effect of discounting		(1)
Discounted lease liabilities		25

Business combination - Purchase price at the date of acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Allocation of the purchase price at the date of acquisition
Goodwill	$ 23,136	$ 22,607		$ 20,382
Yunwang Wulian
Allocation of the purchase price at the date of acquisition
Property and equipment			$ 17
Accrued liabilities and other payables			(798)
Shanxian Daojia
Allocation of the purchase price at the date of acquisition
Goodwill			$ 781

Taxation - Summary of Changes in Deferred Tax Asset and Liability Balances (Detail) - USD ($)

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Deferred tax assets:

Net operating losses carried forward (note a)

^[1]

$ 39,188,000

$ 32,458,000

Impairment of long-term equity investment

4,245,000

4,233,000

Impairment of other receivables

1,536,000

1,858,000

Impairment of accounts receivable

402,000

1,451,000

Impairment of inventories

70,000

540,000

Allowance for advance to suppliers

137,000

369,000

Impairment of property and equipment

2,000

15,000

Valuation allowance

(45,580,000)

(40,924,000)

$ (34,257,000)

$ (20,181,000)

Total deferred tax assets, net

^[2]

Deferred tax liabilities:

Deferred credit arising from an asset acquisition

(930,000)

$ (1,085,000)

Accumulated net operating loss which can be carried forward indefinitely

5,875,000

Accumulated net operating loss which can be carried forward and will expire during the period from 2021 to 2030

$ 221,906,000

[1]

[2]

As of December 31, 2020 and 2021, the deferred tax liabilities balances are expected to be recoverable as follows:

Contract liabilities and deferred income - Schedule of Contract liabilities and deferred income (Parenthetical) (Detail) - USD ($)

Dec. 31, 2021

Dec. 31, 2020

Contract Liabilities And Deferred Income [Line Items]

Contract Liabilities

$ 32,611,000

$ 30,189,000

Deferred revenue and income, non-current

^[1]

845,000

920,000

Membership subscription

Contract Liabilities And Deferred Income [Line Items]

Contract Liabilities

^[2]

35,490,000

31,981,000

Deferred revenue and income, non-current

845,000

751,000

Government grants

Contract Liabilities And Deferred Income [Line Items]

Deferred revenue and income, non-current

$ 0

$ 169,000

[1]

As of December 31, 2020 and 2021, the non-current portion consists of membership subscription of USD751,000 and USD845,000, and government grants of USD169,000 and nil, respectively.

[2]

Contract liabilities were related to unsatisfied performance obligations at the end of the year. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following period. The amount of revenue recognized that was included in contract liabilities balance at the beginning of the year was USD30,189,000 and USD32,611,000 for the years ended December 31, 2020 and 2021, respectively

Inventories - Schedule (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventories [Line Items]
Less: Impairment	$ (470)	$ (3,428)
Inventories	1,363	1,726
Hardware Devices [Member]
Inventories [Line Items]
Inventories	1,595	4,830
Others [Member]
Inventories [Line Items]
Inventories	$ 238	$ 324

Prepayments and other assets (Tables)

12 Months Ended

Dec. 31, 2021

Prepayments and other assets

Schedule of Prepayments and Other Assets


(In thousands)	December 31, 2020	December 31, 2021
Current portion:
Deposit related to an ongoing litigation (note a)	4,751	4,862
Advances to suppliers (note b)	1,997	2,088
Loans to employees (note c)	1,896	1,614
Rental and other deposits	1,670	1,159
Others	1,220	2,119
Total of prepayments and other current assets	11,534	11,842
Non-current portion:
Loans to employees, non-current portion (note c)	905	1,473
Advances to suppliers, non-current portion (note b)	—	1,314
Total of long-term prepayments and other assets	905	2,787

Notes:

(a)	The balance as of December 31, 2020 and 2021 represented the deposits placed in a custodian bank account of the court to secure an order for preservation of assets against a supplier of the Group.

(b)	Advances to suppliers primarily include prepayments to bandwidth suppliers, prepayments for the construction of Xunlei Tower and other prepaid expenses.

8. Prepayments and other assets (Continued)

(c)

The Group had entered into loan contracts with certain employees as of December 31, 2020 and 2021, under which the Group provided interest-free loans or low-interest loans to these employees. The loan amounts vary amongst different employees from repayable on demand to repayable in equal installments on a monthly basis over a term of 5 to 10 years. The balances classified as current represented loan amounts that are repayable on demand or repayable within the next twelve months from the balance sheet date.

Fair value measurements

12 Months Ended

Dec. 31, 2021

Fair value measurements

Fair value measurements

26. Fair value measurements

ASC 820-10 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace or based on quoted price in markets that are not active

Level 3 — Unobservable inputs which are supported by little or no market activity and are significant to the overall fair value measurement

ASC 820-10 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

26. Fair value measurements (Continued)

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2020 and 2021.


	Fair value measurements as of December 31, 2020
		Quoted prices	Significant
		in active market	other	Significant
		for identical	observable	unobservable
		assets	inputs	inputs
(In thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Short-term investments:
Investments in structured deposits and wealth management products	48,993	—	48,993	—
	48,993	—	48,993	—


	Fair value measurements as of December 31, 2021
		Quoted prices	Significant
		in active market	other	Significant
		for identical	observable	unobservable
		assets	inputs	inputs
(In thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Short-term investments:
Investments in structured deposits and wealth management products	53,273	—	53,273	—
	53,273	—	53,273	—

Investments in privately held companies for which the Company elected to record using the measurement alternative are re-measured on a non-recurring basis, and are categorized within Level 3 under the fair value hierarchy. The values are estimated based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs including volatility, as well as rights and obligations of the securities.

Schedule of Property and Equipment

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Share-based compensation

12 Months Ended

Dec. 31, 2021

Share-based compensation

Share-based compensation

19. Share-based compensation

2010 share incentive plan

In December 2010, the Group adopted a share incentive plan, which is referred to as the 2010 Share Incentive Plan (the “2010 Plan”). The purpose of the plan is to attract and retain the best available personnel by linking the personal interests of the members of the board, employees, and consultants to the success of the Group’s business and by providing such individuals with an incentive for outstanding performance to generate superior returns for our shareholders. Under the 2010 Plan, the maximum number of shares in respect of which share options, restricted shares, or restricted share units may be granted is 26,822,828 shares (excluding the share options previously granted to the directors who are the founders of the Company). The number of shares available for such grants was nil as of December 31, 2021, as such shares have been transferred to the 2020 share incentive plan since its adoption in June 2020, please refer to the details below.

The maximum term of any issued share option is seven or ten years from the grant date. Share options granted to employees and officers vest over a four-year schedule as stated below:

(1)	One-fourth of the options shall be vested upon the first anniversary of the grant date;

(2)	The remaining three quarters of the options shall be vested on monthly basis over the next thirty-six months (¹/₄₈ of options shall be vested per month subsequently).

Share options granted to directors were subject to a vesting schedule of approximately 32 months.

All share-based payments to employees are measured based on their grant-date fair values. Compensation expense is recognized on a straight-line basis over the requisite service period.

In November 2014 and January 2015, the Company issued to the depositary bank of 10,000,000 common shares and 10,991,120 common shares, respectively, which were reserved for the future exercise of share options or vesting of restricted shares.

19. Share-based compensation (Continued)

2010 share incentive plan (Continued)

The following table summarizes the share option activities for the years ended December 31, 2019, 2020 and 2021:


				Weighted
		Weighted	Weighted-	average
		average	average	remaining	Aggregate
	Number of	exercise	grant-date	contractual life	intrinsic
	share options	price (USD)	fair value (USD)	(years)	value (USD)
Outstanding, January 1, 2019	16,500	3.97	—	1.37	—
Vested and expected to vest as of January 1, 2019	16,500	3.97	1.56	1.37	—
Exercisable as of January 1, 2019	16,500	3.97	1.56	1.37	—
Expired	(6,500)	3.97
Outstanding, December 31, 2019	10,000	3.97	—	1.16	—
Vested and expected to vest as of December 31, 2019	10,000	3.97	1.01	1.16	—
Exercisable as of December 31, 2019	10,000	3.97	1.01	1.16	—
Expired	(10,000)	3.97
Outstanding, December 31, 2020	—	—	—	—	—
Vested and expected to vest as of December 31, 2020 and 2021	—	—	—	—	—

As of December 31, 2020 and 2021, there were no unrecognized share-based compensation costs related to share options of 2010 Plan.

As of December 31, 2021, 10,770,520 restricted shares (2020: 10,770,520), excluding those converted from share options, were granted to employees and officers under 2010 Plan and the outstanding unvested restricted shares granted to employees and officers vest as follows:

(1)	330,000 of these restricted shares shall be vested within 2022.

(2)	320,000 of these restricted shares shall be vested within 2023.

19. Share-based compensation (Continued)

2010 share incentive plan (Continued)

A summary of the restricted shares activities under the 2010 Plan for the years ended December 31, 2019, 2020 and 2021 is presented below:


		Weighted-average
	Number of	grant-date fair
	restricted shares	value(USD)
Unvested as of January 1, 2019	6,652,040
Expected to vest as of January 1, 2019	5,654,234
Granted	800,000	0.81
Vested	(1,296,540)
Forfeited	(971,000)
Unvested as of December 31, 2019	5,184,500
Expected to vest as of December 31, 2019	4,406,825
Vested	(965,500)
Forfeited	(2,959,000)
Unvested as of December 31, 2020	1,260,000
Expected to vest at December 31, 2020	1,071,000
Vested	(400,000)
Forfeited	(210,000)
Unvested as of December 31, 2021	650,000
Expected to vest as of December 31, 2021	552,500

Based upon the Company’s historical and expected forfeitures for stock options granted, the directors of the Company estimated that its future forfeiture rate would be 15% for employees and nil for directors and advisors.

As of December 31, 2020 and 2021, total unrecognized compensation expense relating to the restricted shares was USD2,000,000 and USD1,031,340, respectively.

2013 share incentive plan

In November 2013, the Group adopted a share incentive plan, which is referred to as the 2013 Share Incentive Plan (the “2013 Plan”). The purpose of the plan is to motivate, attract and retain the best available personnel by linking the personal interests of senior officers to the success of the Group’s business. Under the 2013 Plan, the maximum number of restricted shares that may be granted is 9,073,732 shares. The number of shares available for such grants was nil as of December 31, 2021, as such shares have been transferred to the 2020 share incentive plan since its adoption in June 2020, please refer to the details below.

The vesting schedule of the restricted shares under the 2013 Plan are determined by the directors of the Company.

19. Share-based compensation (Continued)

2013 share incentive plan (Continued)

A summary of the restricted shares activities under the 2013 Plan for the years ended December 31, 2019, 2020 and 2021 is presented below:


		Number of
		restricted shares
Unvested as of January 1, 2019		34,175
Vested		(27,475)
Forfeited		(6,700)
Unvested as of December 31, 2019		—
Expected to vest as of December 31, 2019		—

As of December 31, 2020 and 2021, total unrecognized compensation expense relating to the restricted shares was both nil.

2014 share incentive plan

In April 2014, the Group adopted a share incentive plan, which is referred to as the 2014 Share Incentive Plan (“the 2014 Plan”). The purpose of the plan is to motivate, attract and retain the best available personnel by linking the personal interests of senior management to the success of the Group’s business. Under the 2014 Plan, the maximum number of restricted shares that may be granted is 14,195,412 shares to certain officers, directors or employees of, or advisors or consultants to the Company and its subsidiaries and VIE and VIE’s subsidiaries. The Company issued 14,195,412 common shares to Leading Advice Holdings Limited, a company owned by the co-founder, to facilitate the administration of the 2014 Plan. The number of shares available for such grants was nil as of December 31, 2021, as such shares have been transferred to the 2020 share incentive plan since its adoption in June 2020, please refer to the details below.

19. Share-based compensation (Continued)

2014 share incentive plan (Continued)

A summary of the restricted shares activities under the 2014 Plan for the years ended December 31, 2019, 2020 and 2021 is presented below:


		Number of
		restricted
		shares
Unvested as of January 1, 2019		3,476,650
Vested		(1,318,450)
Forfeited		(837,000)
Unvested as of December 31, 2019		1,321,200
Expected to vest as of December 31, 2019		1,123,020
Unvested as of January 1, 2020		1,321,200
Vested		(228,200)
Forfeited		(1,067,000)
Unvested as of December 31, 2020		26,000
Expected to vest as of December 31, 2020		22,100
Unvested as of January 1, 2021		26,000
Vested		(26,000)
Unvested as of December 31, 2021		—
Expected to vest as of December 31, 2021		—

As of December 31, 2021, the total unrecognized compensation expense relating to the restricted shares was nil (2020: USD12,000).

2020 share incentive plan

In June 2020, the Group terminated its 2010 Plan, 2013 Plan and 2014 Plan (the “Existing Plans”) and adopted a 2020 share incentive plan, which is referred to as the 2020 Share Incentive Plan (the “2020 Plan”). Under the 2020 Plan, the maximum aggregate number of shares of the Company that may be granted is 31,000,000, among which 21,039,742 common shares reserved under the Existing Plans and had not been granted as of the termination of the Existing Plans, 9,667,230 common shares repurchased pursuant to the repurchase programs authorized by the Company in December 2014 and January 2016, and 293,028 common shares reserved for issuance under the 2020 Plan. The number of shares available for such grants as of December 31, 2021 is 2,685,660.

Upon termination of the Existing Plans, the awards that are granted and outstanding under the Existing Plans remain effective under the 2020 Plan, subject to any amendment and modification to the original award agreements that the Company shall determine.

As of December 31, 2021, the restricted shares units granted to employees and officers (excluding those forfeited) vest as follows:

(1)	15,059,340 of these restricted shares will vest over a two-year schedule in which one-second of the restricted shares shall be vested upon the first and second anniversary of the grant day, respectively.

(2)	90,000 of these restricted shares will vest over a three-year schedule in which one-third of the restricted shares shall be vested upon the first, second and third anniversary of the grant day, respectively. Among which, 30,000 shares were vested in an accelerated manner in December 2021.

19.Share-based compensation (Continued)

2020 share incentive plan (Continued)

(3)

12,665,000 of these restricted shares will vest over a three-year schedule in which two-third of the restricted shares shall be vested upon the second anniversary and one-third of the restricted shares shall be vested upon the third anniversary of the grant day, respectively. Among which, 2,299,965 shares were vested in an accelerated manner in December 2021.

(4)

500,000 of these restricted shares will vest over a five-year schedule in which one-fifth of the restricted shares shall be vested upon the first, second, third, fourth and fifth anniversary of the grant day, respectively. Among which, 100,000 shares were vested in an accelerated manner in December 2021.

A summary of the restricted shares activities under the 2020 Plan for the year ended December 31, 2021 is presented below:


		Weighted-average
	Number of	grant-date fair
	restricted shares	value (USD)
Unvested as of January 1,2021	—
Granted	31,091,840	0.83
Vested	(2,429,965)
Forfeited	(2,777,500)
Unvested as of December 31, 2021	25,884,375
Expected to vest as of December 31, 2021	19,413,281

Based upon the Company’s historical and expected forfeitures for restricted share units granted, the directors of the Company estimated that its future forfeiture rate would be 25% for employees and directors.

As of December 31, 2021, the total unrecognized compensation expense relating to the restricted shares was USD18,147,328 (2020: nil).

Total compensation costs recognized for the years ended December 31, 2019, 2020 and 2021 are as follows:


	Years ended December 31,
(In thousands)	2019	2020	2021
Sales and marketing expenses	381	185	59
General and administrative expenses	2,453	1,209	4,682
Research and development expenses	2,594	916	1,429
Total	5,428	2,310	6,170

Taxation - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
Taxation - Additional Information (Detail) - USD ($)	Jul. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
Withholding taxes on dividends paid		$ 10
Effective income tax rate		25.00%
Preferential tax rate (as a percent)	15.00%	15.00%	15.00%	15.00%
High And New Technology Enterprises [Member]
Income Tax [Line Items]
Preferential tax rate (as a percent)		15.00%	15.00%	15.00%
State Administration of Taxation, China [Member] \| Research And Development Enterprise Activities [Member]
Income Tax [Line Items]
Portion of research and development expenses incurred that are allowable as tax deductible expenses (as a percent)		175.00%
Domestic Tax Authority [Member]
Income Tax [Line Items]
Withholding tax rate on foreign enterprises		10.00%
Withholding tax accrued or required to be accrued		$ 0	$ 0	$ 0
Domestic Tax Authority [Member] \| High And New Technology Enterprises [Member]
Income Tax [Line Items]
Preferential tax rate (as a percent)		15.00%
Domestic Tax Authority [Member] \| Software Enterprise [Member]
Income Tax [Line Items]
Period of full exemption from income tax		2 years
Period of 50% reduction to income tax rate		3 years
Domestic Tax Authority [Member] \| National Key Software Enterprise [Member]
Income Tax [Line Items]
Preferential tax rate (as a percent)		10.00%
Foreign Tax Authority [Member]
Income Tax [Line Items]
Income tax rate		17.00%
Foreign Tax Authority [Member] \| British Virgin Islands
Income Tax [Line Items]
Withholding taxes on dividends paid		$ 0
Foreign Tax Authority [Member] \| Cayman Islands Tax Information Authority [Member]
Income Tax [Line Items]
Withholding taxes on dividends paid		$ 0

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventories

Schedule of inventories


(In thousands)	December 31, 2020	December 31, 2021
Hardware devices (note)	4,830	1,595
Others	324	238
Less: Impairment	(3,428)	(470)
Total	1,726	1,363

Note:

Hardware devices mainly include OneThing Cloud and hard disks. OneThing Cloud is a hardware, which can act as a micro server between users and Xunlei, which enables users to share their idle uplink capacity with Xunlei.

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property and equipment, net


(In thousands)	December 31, 2020	December 31, 2021
Servers and network equipment	35,827	15,522
Computer equipment	1,565	1,737
Furniture, fixtures and office equipment	836	857
Motor vehicles	481	492
Leasehold improvements	6,604	7,428
Total original costs	45,313	26,036
Less: Accumulated depreciation	(33,006)	(18,638)
Less: Accumulated impairment	(3)	(2)
Sub-total	12,304	7,396
Construction in progress	38,421	50,261
Total	50,725	57,657

Summary of Depreciation Expense


	Years ended December 31,
(In thousands)	2019	2020	2021
Cost of revenues	5,198	6,247	4,805
Research and development expenses	300	529	436
General and administrative expenses	317	2,492	1,068
Sales and marketing expenses	9	9	10
Total	5,824	9,277	6,319

Contract liabilities and deferred income (Tables)

12 Months Ended

Dec. 31, 2021

Contract liabilities and deferred income.

Schedule of Contract Liabilities and Deferred Income


(In thousands)	December 31, 2020	December 31, 2021
Contract liabilities (note a)
Membership subscription	31,981	35,490
Others	2,513	2,075
Deferred income
Government grants	466	172
Total	34,960	37,737
Less: non-current portion (note b)	(920)	(845)
Contract liabilities and deferred income, current portion	34,040	36,892

Notes:

(a)

(b)	As of December 31, 2020 and 2021, the non-current portion consists of membership subscription of USD751,000 and USD845,000, and government grants of USD169,000 and nil, respectively.

Basic and diluted net (loss) income per share

12 Months Ended

Dec. 31, 2021

Basic and diluted net (loss)/income per share

Basic and diluted net (loss)/income per share

24. Basic and diluted net (loss)/income per share

Basic and diluted net (loss)/income per share for the years ended December 31, 2019, 2020 and 2021 are calculated as follows:



(Amounts expressed in thousands of USD, except	Years ended December 31,
for number of shares and per share data)	2019	2020	2021
Numerator:
Net (loss)/income	(53,415)	(14,140)	1,108
Less: Net loss attributable to the non-controlling interest	(246)	(300)	(83)
Net (loss)/income attributable to Xunlei Limited’s common shareholders	(53,169)	(13,840)	1,191
Numerator of basic net (loss)/income per share	(53,169)	(13,840)	1,191
Numerator for diluted net (loss)/income per share	(53,169)	(13,840)	1,191
Denominator:
Denominator for basic net (loss)/income per share ‑ weighted average shares outstanding	337,845,675	337,429,601	334,707,559
Denominator for diluted net (loss)/income per share	337,845,675	337,429,601	335,969,780
Basic net( loss)/ income per share	(0.1574)	(0.0410)	0.0036
Diluted net (loss)/income per share	(0.1574)	(0.0410)	0.0035

All potentially dilutive securities were not included in the calculation of dilutive net (loss)/income per share for the years ended December 31, 2019 and 2020 as their effects would be anti-dilutive.

Related party transactions - Schedule of Relationship Between Related Parties with their Groups (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021
Chuan Wang
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Chairman and director of the Company (note i)
Shenglong Zou
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Co-founder, director and shareholder of the Company
Weimin Luo
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Director and Chief Operating Officer of the Company (note i)
Shenzhen Crystal Technology Co., Ltd.
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Company owned by a co-founder and director of the Company
Vantage Point Global Limited
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Shareholder of the Company
Aiden & Jasmine Limited
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Shareholder of the Company
Millet Technology Co., Ltd. [Member]
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		(note ii)
Millet Communication Technology Co., Ltd. [Member]
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		(note ii)
Beijing Xiaomi Mobile Software Co., Ltd. ("Beijing Xiaomi Mobile Software") [Member]
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		(note ii)
Beijing Millet Payment Technologies Co., Ltd. ("Beijing Millet Payment Technologies") [Member]
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		(note ii)
Guangzhou Millet Information Service Co Ltd [Member]
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		(note ii)
Shenzhen Xiaomi Technology Co., Ltd.
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		(note ii)
Beijing Itui
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Company owned by the principal shareholder of the Company (note iii)
Itui Online
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Company owned by the principal shareholder of the Company (note iii)
Chizz
Schedule of Other Related Party Transactions [Line Items]
Related parties relationship		Company owned by the principal shareholder of the Company (note iii)
Loan amount provided by Xunlei Network to Chizz	$ 20
Interest rate	3.00%
Debt Instrument, Term	2 years

Share-based compensation - Summary of Stock Option Activity (Detail) - Share options - 2010 share incentive plan [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2021
Number of share options
Outstanding at beginning of period	10,000	16,500
Vested and expected to vest		10,000	16,500
Exercisable		10,000	16,500
Expired	(10,000)	(6,500)
Outstanding at end of period		10,000	16,500
Weighted average exercise price (USD)
Outstanding at beginning of period	$ 3.97	$ 3.97
Vested and expected to vest		3.97	$ 3.97
Exercisable		3.97	3.97
Expired		3.97
Outstanding at end of period		3.97	3.97
Weighted average grant-date fair value (USD)
Vested and expected to vest		1.01	1.56
Exercisable		$ 1.01	$ 1.56
Share option activity - additional disclosures
Weighted-average remaining contractual life, vested and expected to vest		1 year 1 month 28 days	1 year 4 months 13 days
Weighted-average remaining contractual life, exercisable		1 year 1 month 28 days	1 year 4 months 13 days
Weighted-average remaining contractual life, outstanding		1 year 1 month 28 days	1 year 4 months 13 days
Aggregate intrinsic value, vested and expected to vest	$ 0	$ 0	$ 0	$ 0
Aggregate intrinsic value, exercisable		0	0
Aggregate intrinsic value, outstanding	$ 0	$ 0	$ 0

Subsequent events (Details) $ in Millions	Mar. 31, 2022 USD ($)
Subsequent event
Subsequent Event [Line Items]
Authorized amount of share buyback program	$ 20

Bank borrowings - Maturity of bank borrowings (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Maturity of bank borrowings
Within 1 year	$ 2,876
Between 1 to 2 years	3,207
Between 2 to 3 years	2,613
Between 3 to 4 years	2,128
Between 4 to 5 years	1,733
Beyond 5 years	$ 7,610

Business combination (Tables)

12 Months Ended

Dec. 31, 2021

Business combination

Summary of the allocation of the purchase price at the date of acquisition


USD (In thousands)		As of acquisition date
Property and equipment		17
Accrued liabilities and other payables		(798)
Goodwill		781
Total		—

Additional information: condensed financial statements of the Company - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Decrease in net cash used in operating activities	$ 19,480	$ (13,911)	$ (45,649)
Increase (decrease) net cash generated from investing activities	(32,619)	(20,756)	79,260
Decrease in cash and cash equivalents	127,436	138,789	165,448	$ 122,930
Adjustment
Condensed Financial Statements, Captions [Line Items]
Decrease in net cash used in operating activities			17,600
Xunlei Limited [Member]
Condensed Financial Statements, Captions [Line Items]
Increase in investments in subsidiaries and consolidated VIE	36,324	20,064
Decrease in cash and cash equivalents	$ 32,015	57,585	7,683	$ 47,781
Xunlei Limited [Member] \| Adjustment
Condensed Financial Statements, Captions [Line Items]
Decrease in current portion of due from subsidiaries and consolidated VIE		275,700
Increase in non-current portion of due from subsidiaries and consolidated VIE		175,700
Increase in investments in subsidiaries and consolidated VIE		100,000
Decrease in net cash used in operating activities		13,400	175,700
Increase (decrease) net cash generated from investing activities		41,700	96,300
Decrease in cash and cash equivalents		$ 102,600	$ 181,900

Summary of significant accounting policies - Schedule of Property and Equipment Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2021
Servers and network equipment
Property, Plant and Equipment [Line Items]
Residual rate	5.00%
Servers and network equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Servers and network equipment \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Residual rate	5.00%
Furniture, fixtures and office equipment
Property, Plant and Equipment [Line Items]
Residual rate	5.00%
Furniture, fixtures and office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture, fixtures and office equipment \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Motor vehicles
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Residual rate	5.00%
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Accounts receivable, net - Schedule of Accounts Receivable (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable, net
Accounts receivable	$ 27,899,000	$ 32,312,000
Less: Allowance for credit losses	(1,764,000)	(9,329,000)	$ (7,604,000)	$ (7,709,000)
Accounts receivable, net	$ 26,135,000	$ 22,983,000

Consolidated statements of changes in shareholders' equity - USD ($) $ in Thousands	Common shares [Member]	Treasury stock [Member]	Additional paid-in capital [Member]	Retained earnings (Accumulated deficits) [Member]	Statutory reserves [Member]	Accumulated other comprehensive income/(loss) [Member]	Total Xunlei Limited's shareholders' equity [Member]	Non-controlling interest [Member]	Total
Beginning Balance, Amount at Dec. 31, 2018	$ 84	$ 8	$ 466,624	$ (113,804)	$ 5,132	$ (12,748)	$ 345,296	$ (1,116)	$ 344,180
Beginning Balance, Shares at Dec. 31, 2018	336,522,780	32,354,429
Repurchase of common shares, Amount		$ (1)
Share-based compensation			5,428				5,428		5,428
Restricted shares vested	$ 1
Restricted shares vested (Shares)	2,642,465	(2,642,465)
Cancellation of common shares	(4)
Net (loss)/income				(53,169)			(53,169)	(246)	(53,415)
Currency translation adjustments						(677)	(677)	27	(650)
Ending Balance, Amount at Dec. 31, 2019	$ 85	$ 7	472,052	(166,973)	5,132	(13,425)	296,878	(1,335)	295,543
Ending Balance, Shares at Dec. 31, 2019	339,165,241	29,711,964
Repurchase of common shares, Amount	$ (1)	$ 1	(4,475)				(4,475)		(4,475)
Repurchase of common shares, shares	(5,956,960)	5,956,960
Share-based compensation			2,310				2,310		2,310
Restricted shares vested (Shares)	1,193,700	(1,193,700)
Appropriation of statutory reserves				(282)	282
Net (loss)/income				(13,840)			(13,840)	(300)	(14,140)
Currency translation adjustments						11,281	11,281	(146)	11,135
Ending Balance, Amount at Dec. 31, 2020	$ 84	$ 8	469,887	(181,095)	5,414	(2,144)	292,154	(1,781)	290,373
Ending Balance, Shares at Dec. 31, 2020	334,401,981	34,475,224
Share-based compensation			6,170				6,170		6,170
Restricted shares vested (Shares)	2,855,965	(2,855,965)
Appropriation of statutory reserves				(741)	741
Net (loss)/income				1,191			1,191	(83)	1,108
Currency translation adjustments						4,132	4,132	(16)	4,116
Ending Balance, Amount at Dec. 31, 2021	$ 84	$ 8	$ 476,057	$ (180,645)	$ 6,155	$ 1,988	$ 303,647	$ (1,880)	$ 301,767
Ending Balance, Shares at Dec. 31, 2021	337,257,946	31,619,259

Property and equipment, net

12 Months Ended

Dec. 31, 2021

Property and equipment, net

Property and equipment, net

10. Property and equipment, net

Property and equipment consist of the following:


(In thousands)	December 31, 2020	December 31, 2021
Servers and network equipment	35,827	15,522
Computer equipment	1,565	1,737
Furniture, fixtures and office equipment	836	857
Motor vehicles	481	492
Leasehold improvements	6,604	7,428
Total original costs	45,313	26,036
Less: Accumulated depreciation	(33,006)	(18,638)
Less: Accumulated impairment	(3)	(2)
Sub-total	12,304	7,396
Construction in progress	38,421	50,261
Total	50,725	57,657

10. Property and equipment, net (Continued)

No impairment loss was recognized for the years ended December 31, 2019, 2020 and 2021.

Depreciation expense recognized for the years ended December 31, 2019, 2020 and 2021 are summarized as follows:


	Years ended December 31,
(In thousands)	2019	2020	2021
Cost of revenues	5,198	6,247	4,805
Research and development expenses	300	529	436
General and administrative expenses	317	2,492	1,068
Sales and marketing expenses	9	9	10
Total	5,824	9,277	6,319

Costs of revenues

12 Months Ended

Dec. 31, 2021

Costs of revenues

Costs of revenues

21. Costs of revenues


	Years ended December 31,
(In thousands)	2019	2020	2021
Bandwidth costs	57,093	62,384	80,720
Cost of inventories sold	7,181	1,660	1,516
Revenue-sharing from live streaming business	20,734	15,640	26,506
Depreciation of servers and other equipment	5,198	6,247	4,805
Payment handling charges	1,658	1,459	3,066
Other costs (note)	8,049	5,247	1,990
Total	99,913	92,637	118,603

Note: Other costs mainly included technical service costs and write-down of inventories.

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2021

Accounts receivable, net

Schedule of Accounts Receivable


(In thousands)	December 31, 2020	December 31, 2021
Accounts receivable	32,312	27,899
Less: Allowance for credit losses	(9,329)	(1,764)
Accounts receivable, net	22,983	26,135

Schedule of Allowance for Doubtful Accounts

The following table presents movement in the allowance for expected credit loss:


(In thousands)	December 31, 2019	December 31, 2020	December 31, 2021
Balance at beginning of the year	7,709	7,604	9,329
Additions	19	1,137	72
Reversals	—	—	(481)
Write-off	—	—	(7,375)
Exchange difference	(124)	588	219
Balance at end of the year	7,604	9,329	1,764

Contract liabilities and deferred income - Schedule of Contract liabilities and deferred income (Detail) - USD ($)

Dec. 31, 2021

Dec. 31, 2020

Contract Liabilities And Deferred Income [Line Items]

$ 32,611,000

$ 30,189,000

Less: non-current portion

37,737,000

34,960,000

^[1]

(845,000)

(920,000)

Contract liabilities and deferred income, current portion

36,892,000

34,040,000

Membership subscription

Contract Liabilities And Deferred Income [Line Items]

Less: non-current portion

^[2]

35,490,000

31,981,000

(845,000)

(751,000)

Government grants

Contract Liabilities And Deferred Income [Line Items]

Less: non-current portion

172,000

466,000

(169,000)

Others

Contract Liabilities And Deferred Income [Line Items]

Contract liabilities and deferred income.

^[2]

$ 2,075,000

$ 2,513,000

[1]

As of December 31, 2020 and 2021, the non-current portion consists of membership subscription of USD751,000 and USD845,000, and government grants of USD169,000 and nil, respectively.

[2]

Right-of-use assets and lease liabilities - Undiscounted cash payment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Undiscounted cash payment
2021		$ 1,998
2022	$ 19	28
2023	7
Total undiscounted payments	26	2,026
Less: effect of discounting	(1)	(38)
Discounted lease liabilities	$ 25	$ 1,988

Intangible assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Cost	$ 15,244	$ 14,639
Amortization	(6,945)	(5,782)
Net book value	8,299	8,857
Land use rights
Finite-Lived Intangible Assets [Line Items]
Cost	5,218	5,099
Amortization	(1,461)	(1,258)
Net book value	3,757	3,841
Acquired computer software
Finite-Lived Intangible Assets [Line Items]
Cost	3,875	3,530
Amortization	(3,053)	(2,853)
Net book value	822	677
Audio-visual license
Finite-Lived Intangible Assets [Line Items]
Cost	6,151	6,010
Amortization	(2,431)	(1,671)
Net book value	$ 3,720	$ 4,339

Long-term investments - Schedule of Equity Investments, Percentage of Ownership of Common Share (Details)	1 Months Ended
	Dec. 31, 2021	Oct. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Zhuhai Qianyou [Member]
Equity method investments:
Equity method investments, Percentage of ownership of common share				19.00%
Shenzhen Mojingou Information Service Co., Ltd [Member]
Equity method investments:
Equity method investments, Percentage of ownership of common share	28.77%			28.77%
Guangzhou Yuechuan [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	9.30%			9.30%
Chengdu Diting [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	12.74%			12.74%
Shanghai Guozhi [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	16.80%			16.80%
Guangzhou Hongsi [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	19.90%			19.90%
Xiamen Diensi [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	14.25%			14.25%
11.2 Capital [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	2.03%			2.03%
Cloudtropy [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	9.69%			9.69%
Shanghai Lexiang [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	6.93%		6.93%	7.81%
Hangzhou Feixiang [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	28.00%			28.00%
Shenzhen Meizhi Interactive Technology Co Ltd [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	9.40%			9.40%
Beijing Yunhui Tianxia [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	13.70%			13.70%
Shen Zhen Arashi [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	8.73%			8.73%
Beijing Cloudin Technology [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	4.12%			4.12%
Quanxun Huiju [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	5.40%			5.40%
Blue Bayread Limited [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	1.63%
Blue Bayread Limited [Member] \| Xunlei BVI
Cost method investments:
Cost Method Investments, Ownership Percentage Acquired	1.63%
Clapper Media Group Inc. [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	10.00%
Clapper Media Group Inc. [Member] \| Xunlei HK
Cost method investments:
Cost Method Investments, Ownership Percentage Acquired		10.00%
Yunshang Hemei [Member]
Cost method investments:
Cost method investments, Percentage of ownership of common share	10.00%
Yunshang Hemei [Member] \| Wangwenhua
Cost method investments:
Cost Method Investments, Ownership Percentage Acquired	10.00%

Accounts receivable, net - Schedule of Allowance for Doubtful Accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable, net
Balance at beginning of the year	$ 9,329,000	$ 7,604,000	$ 7,709,000
Additions	72,000	1,137,000	19,000
Reversals	(481,000)
Write-off	(7,375,000)
Exchange difference	219,000	588,000	(124,000)
Balance at end of the year	$ 1,764,000	$ 9,329,000	$ 7,604,000

Related party transactions - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2014	Dec. 31, 2021
Schedule of Other Related Party Transactions [Line Items]
Repayment of loans to related party		$ 662,000
Treasury stock [Member]
Schedule of Other Related Party Transactions [Line Items]
Interest on withheld tax price			5.00%
Aiden & Jasmine Limited \| Treasury stock [Member]
Schedule of Other Related Party Transactions [Line Items]
Shares repurchased			3,860,733
Shares repurchased, value			$ 10,879,000
Interest on withheld tax			363,000
Withholding Tax Payable Non-current			$ 1,451,000
Vantage Point Global Limited
Schedule of Other Related Party Transactions [Line Items]
Interest on withheld tax				$ 55,000
Repayment of loans to related party	$ 3,883,000
Vantage Point Global Limited \| Treasury stock [Member]
Schedule of Other Related Party Transactions [Line Items]
Shares repurchased			10,334,679
Shares repurchased, value			$ 29,121,000
Interest on withheld tax			971,000
Withholding Tax Payable Non-current			$ 3,883,000

Related party transactions - Schedule of Amount Due to from Related Party (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Due from Related Parties, Current [Abstract]
Accounts payable to related party	$ 1,597	$ 5,389
Accounts and other receivable from related party	15,578	10,970
Guangzhou Millet
Due from Related Parties, Current [Abstract]
Accounts and other receivable from related party		1,456
Xiaomi Technology
Due from Related Parties, Current [Abstract]
Accounts and other receivable from related party	831	576
Due from Other Related Parties, Current	16	15
Itui Online
Due from Related Parties, Current [Abstract]
Accounts and other receivable from related party	12,156	7,689
Beijing Itui
Due from Related Parties, Current [Abstract]
Accounts and other receivable from related party	857	1,153
Shenzhen Xiaomi Technology Co., Ltd.
Due from Related Parties, Current [Abstract]
Accounts and other receivable from related party	1,520	60
Shenzhen Crystal Technology Co., Ltd.
Due from Related Parties, Current [Abstract]
Due from Other Related Parties, Current	7	6
Shenglong Zou
Due from Related Parties, Current [Abstract]
Due from Other Related Parties, Current	9	9
Chuan Wang
Due from Related Parties, Current [Abstract]
Due from Other Related Parties, Current	6	6
Vantage Point Global Limited
Due from Related Parties, Current [Abstract]
Due to Other Related Parties, Current	0	3,883
Aiden & Jasmine Limited
Due from Related Parties, Current [Abstract]
Due to Other Related Parties, Current	1,506	1,451
Chizz
Due from Related Parties, Current [Abstract]
Due from Other Related Parties, Current	176
Due from Related Parties, Noncurrent [Abstract]
Other receivable due from related party	19,311
Quanxun Huiju [Member]
Due from Related Parties, Current [Abstract]
Accounts payable to related party	$ 91	$ 55

Prepayments and other assets - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current portion:
Deposit related to an ongoing litigation (note a)	$ 4,862	$ 4,751
Advance to suppliers (note b)	2,088	1,997
Loans to employees (note c)	1,614	1,896
Rental and other deposits	1,159	1,670
Others	2,119	1,220
Total of prepayments and other current assets	11,842	11,534
Non-current portion:
Loans to employees, non-current portion (note c)	1,473	905
Advances to suppliers, non-current portion (note b)	1,314
Total of long-term prepayments and other assets	$ 2,787	$ 905

Contract liabilities and deferred income

12 Months Ended

Dec. 31, 2021

Contract liabilities and deferred income

14. Contract liabilities and deferred income


(In thousands)	December 31, 2020	December 31, 2021
Contract liabilities (note a)
Membership subscription	31,981	35,490
Others	2,513	2,075
Deferred income
Government grants	466	172
Total	34,960	37,737
Less: non-current portion (note b)	(920)	(845)
Contract liabilities and deferred income, current portion	34,040	36,892

Notes:

(a)

(b)	As of December 31, 2020 and 2021, the non-current portion consists of membership subscription of USD751,000 and USD845,000, and government grants of USD169,000 and nil, respectively.

Bank borrowings (Details) - USD ($)	12 Months Ended
Bank borrowings (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Bank borrowings, current portion	$ 2,876,000
Bank borrowings, non-current portion	17,291,000	$ 19,924,000
Total	20,167,000	19,924,000
Net interest expense capitalized	$ 1,000,000	$ 890,000	$ 470,000
Minimum \| Loan Prime Rate
Debt Instrument [Line Items]
Spread on variable basis rate	15.00%

Property and equipment, net - Impairment loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property and equipment, net
Impairment of Long-Lived Assets Held-for-use	$ 0	$ 0	$ 0

Intangible assets, net - Schedule of Amortization Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,129	$ 1,216	$ 1,200
Cost of revenues.
Finite-Lived Intangible Assets [Line Items]
Amortization expense	10		5
General and administrative expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,113	1,210	1,136
Research and development expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 6	$ 6	$ 59

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of significant accounting policies

Basis of presentation and use of estimates

(a) Basis of presentation and use of estimates

Consolidation

(b) Consolidation

2. Summary of significant accounting policies (Continued)

(b) Consolidation (Continued)

Business combinations

(c)Business combinations

Foreign currency translation

(d) Foreign currency translation

The exchange rate used is the one released by Chinese State Administration of Foreign Exchange.

Cash and cash equivalents and restricted cash

(e) Cash and cash equivalents and restricted cash

Allowance for expected credit losses

(f) Short-term investments

(g) Allowance for expected credit losses

The credit allowances provided for accounts receivable as of December 31, 2020 and 2021 were USD9,329,000 and USD1,764,000, respectively.

(h) Inventories

(i) Long-term investments

Property and equipment

(j) Property and equipment


	Estimated useful lives	Residual rate
Servers and network equipment	3-5 years	5	%
Computer equipment	5 years	5	%
Furniture, fixtures and office equipment	3-5 years	5	%
Motor vehicles	5 years	5	%
Leasehold improvements	Shorter of lease term or 3 years	—

Impairment of long-lived assets

(k) Goodwill

No goodwill impairment losses were recognized for the years ended December 31, 2019, 2020 and 2021 based on the impairment test performed by the Group.

Intangible assets

(l) Intangible assets


		Estimated useful lives
Land use rights		30 years
Acquired computer software		5 years
Audio-visual license		9 years

(m) Impairment of long-lived assets

Commitments and contingencies

(n) Commitments and contingencies

Operating leases

(o) Operating leases

See note 11 for additional disclosures on operating lease arrangements.

Revenue recognition

(p) Revenue recognition

2. Summary of significant accounting policies (Continued)

(p) Revenue recognition (Continued)

(I) Subscription revenues

(II) Advertising revenues

(III) Live streaming revenues

2. Summary of significant accounting policies (Continued)

(p) Revenue recognition (Continued)

(IV) Cloud computing and other internet value-added services

(i) Revenues from cloud computing service

(ii) Revenues from online games

Sales and marketing expenses

(q) Sales and marketing expenses

General and administrative expenses

(r) General and administrative expenses

Research and development costs

(s) Research and development costs

Taxation and uncertain tax positions

(t) Taxation and uncertain tax positions

PRC Value-added Tax (“VAT”)

Retirement benefits

(u) Retirement benefits

Share-based compensation

(v) Share-based compensation

Government subsidies

(w) Government subsidies

Segment reporting

(x) Segment reporting

An analysis of the different types of revenues for the years ended December 31, 2019, 2020 and 2021 are summarized as follows:


Revenue from operations	Years ended December 31,
(In thousands)	2019	2020	2021
Subscription revenue	81,532	84,299	91,174
Live streaming revenue	26,920	20,866	35,102
Advertising revenue	15,643	13,206	12,267
Product revenue (note a)	8,269	1,412	1,897
Cloud computing service and other internet value-added services (note b)	48,903	66,900	99,161
Total	181,267	186,683	239,601

2. Summary of significant accounting policies (Continued)

(x) Segment reporting (Continued)

Notes:

(a) Product revenue comprised sales of OneThing Cloud devices and hard disks.

(b) Other internet value-added services mainly comprised provision of technical services.

Net (loss)/income per share

(y) Net (loss)/income per share

Comprehensive income

(z) Comprehensive income

Profit appropriation and statutory reserves

(aa) Profit appropriation and statutory reserves

There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Group does not do so.

Dividends

(bb) Dividends

Recent accounting pronouncements

(cc) Recent accounting pronouncements

Basic and diluted net (loss) income per share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net (loss)/income	$ 1,108	$ (14,140)	$ (53,415)
Less: net loss attributable to the non-controlling interests	(83)	(300)	(246)
Net (loss)/income attributable to Xunlei Limited	1,191	(13,840)	(53,169)
Numerator of basic net (loss)/income per share	1,191	(13,840)	(53,169)
Numerator of diluted net (loss)/income per share	$ 1,191	$ (13,840)	$ (53,169)
Denominator:
Denominator for basic net (loss)/income per share weighted average shares outstanding	334,707,559	337,429,601	337,845,675
Denominator for diluted net (loss)/income per share	335,969,780	337,429,601	337,845,675
Basic net( loss)/ income per share	$ 0.0036	$ (0.0410)	$ (0.1574)
Diluted net (loss)/income per share	$ 0.0035	$ (0.0410)	$ (0.1574)

Cash and cash equivalents - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents
Time Deposits, at Carrying Value	$ 31,050,000	$ 27,200,000

Share-based compensation - 2020 Plan (Detail) - USD ($)	1 Months Ended	12 Months Ended
Share-based compensation - 2020 Plan (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 31, 2015	Nov. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance					10,991,120	10,000,000
Number of shares repurchased under repurchase programs	9,667,230
Tranche One [Member] \| Restricted Shares With 2 Years Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares expected to vest		15,059,340
2010 share incentive plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs on restricted shares		$ 18,147,328
2010 share incentive plan [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted				800,000
Number of restricted share vested		400,000	965,500	1,296,540
Unrecognized compensation costs on restricted shares		$ 1,031,340	$ 2,000,000
2010 share incentive plan [Member] \| Tranche Two [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares expected to vest		330,000
2010 share incentive plan [Member] \| Tranche Three [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares expected to vest		320,000
2010 share incentive plan [Member] \| Certain Officers and Employees [Member] \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future forfeitures rate		15.00%
Existing Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance	21,039,742
2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	31,000,000	2,685,660
Common shares reserved for future issuance	293,028
Future forfeitures rate		25.00%
Unrecognized compensation costs on restricted shares			$ 0
2020 Incentive Plan \| Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		31,091,840
Number of restricted share vested		2,429,965
2020 Incentive Plan \| Tranche Two [Member] \| Restricted Shares With 2 Years Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
2020 Incentive Plan \| Tranche Two [Member] \| Restricted Shares With 3 Years Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted share vested		30,000
Restricted shares expected to vest		90,000
2020 Incentive Plan \| Tranche Three [Member] \| Restricted Shares With 3 Years Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
2020 Incentive Plan \| Tranche Three [Member] \| Restricted Shares With 3 Years Vesting Period And Vesting On Second and Third Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted share vested		2,299,965
Restricted shares expected to vest		12,665,000
2020 Incentive Plan \| Tranche Four [Member] \| Restricted Shares With 3 Years Vesting Period And Vesting On Second and Third Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
2020 Incentive Plan \| Tranche Five [Member] \| Restricted Shares With 5 Years Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted share vested		100,000
Restricted shares expected to vest		500,000
Vesting period		5 years

Accounts receivable, net

12 Months Ended

Dec. 31, 2021

Accounts receivable, net

Accounts receivable, net

6. Accounts receivable, net


(In thousands)	December 31, 2020	December 31, 2021
Accounts receivable	32,312	27,899
Less: Allowance for credit losses	(9,329)	(1,764)
Accounts receivable, net	22,983	26,135

6. Accounts receivable, net (Continued)

The following table presents movement in the allowance for expected credit loss:


(In thousands)	December 31, 2019	December 31, 2020	December 31, 2021
Balance at beginning of the year	7,709	7,604	9,329
Additions	19	1,137	72
Reversals	—	—	(481)
Write-off	—	—	(7,375)
Exchange difference	(124)	588	219
Balance at end of the year	7,604	9,329	1,764

The top 10 customers accounted for about 65% and 86% of accounts receivable as of December 31, 2020 and 2021, respectively.

Business combination (Details) - Yunwang Wulian $ in Thousands	1 Months Ended
	Sep. 30, 2020 USD ($)
Business Acquisition [Line Items]
Percentage of equity acquired	100.00%
Cash consideration	$ 0

Certain risks and concentration (Tables)

12 Months Ended

Dec. 31, 2021

Certain risks and concentration

Schedule of Consolidated Financial Information of VIEs and VIE's Subsidiaries

The following financial information of the consolidated VIE (including VIE and VIE’s subsidiaries) was included in the accompanying consolidated financial statements, before elimination of balances with the Company and its subsidiaries, as of and for the years ended:


	As of December 31,
(In thousands)	2020	2021
Current assets:
Cash and cash equivalents	14,284	16,645
Short-term investments	—	6,373
Accounts receivable, net	22,983	26,003
Amount due from group companies	15,168	3,102
Due from related parties	10,955	15,387
Inventories	1,726	1,363
Prepayments and other current assets	10,046	7,142
Total current assets	75,162	76,015
Non-current assets:
Long-term investments	5,706	6,467
Property and equipment, net	50,532	57,417
Intangible assets, net	8,857	8,299
Goodwill	22,607	23,136
Long-term prepayments and other assets	905	2,684
Right-of-use assets	1,915	27
Restricted cash	1,541	4,078
Total assets	167,225	178,123
Current liabilities:
Accounts payable	20,588	23,789
Amount due to group companies	106,240	146,732
Due to related parties	55	91
Bank borrowings	—	2,876
Contract liabilities and deferred income	34,040	36,740
Income tax payable	2,500	2,451
Accrued liabilities and other payables	33,361	42,449
Lease liabilities, current portion	1,912	18
Total current liabilities	198,696	255,146
Non-current liabilities:
Contract liabilities and deferred income, non-current portion	920	845
Deferred tax liabilities	1,085	930
Amount due to group companies, non-current portion	76,810	31,369
Bank borrowings, non-current portion	19,924	17,291
Lease liabilities, non-current portion	27	7
Total liabilities	297,462	305,588


	Years ended December 31,
(In thousands)	2019	2020	2021
Third-party revenues	178,070	186,679	228,736
Third-party costs of revenues	(99,781)	(92,388)	(109,722)
Inter-company operating expenses	(7,302)	(7,177)	(8,032)
Third-party operating expenses	(117,714)	(101,421)	(110,367)
Net (loss)/income attributable to Xunlei Limited	(56,328)	(10,673)	2,913


	Years ended December 31,
(In thousands)	2019	2020	2021
Purchases of goods and services from group companies	(11,941)	—	—
Other operating activities with external parties	(21,720)	(13,423)	24,945
Net cash (used in)/generated from operating activities	(33,661)	(13,423)	24,945
Loans to group companies	(3,369)	(6,329)	—
Repayment of loans from group companies	485	502	—
Other investing activities with external parties	(5,001)	(9,160)	(19,417)
Net cash used in investing activities	(7,885)	(14,987)	(19,417)
Loans from group companies	31,467	2,542	23,527
Repayment of loans to group companies	(10,969)	(4,300)	(24,425)
Other financing activities with external parties	11,707	7,154	(223)
Net cash generated from/(used in) financing activities	32,205	5,396	(1,121)
	(9,341)	(23,014)	4,407

Summary of Share Option Activity

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

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2021


				Weighted
		Weighted	Weighted-	average
		average	average	remaining	Aggregate
	Number of	exercise	grant-date	contractual life	intrinsic
	share options	price (USD)	fair value (USD)	(years)	value (USD)
Outstanding, January 1, 2019	16,500	3.97	—	1.37	—
Vested and expected to vest as of January 1, 2019	16,500	3.97	1.56	1.37	—
Exercisable as of January 1, 2019	16,500	3.97	1.56	1.37	—
Expired	(6,500)	3.97
Outstanding, December 31, 2019	10,000	3.97	—	1.16	—
Vested and expected to vest as of December 31, 2019	10,000	3.97	1.01	1.16	—
Exercisable as of December 31, 2019	10,000	3.97	1.01	1.16	—
Expired	(10,000)	3.97
Outstanding, December 31, 2020	—	—	—	—	—
Vested and expected to vest as of December 31, 2020 and 2021	—	—	—	—	—

Schedule of Recognized Compensation Costs

Total compensation costs recognized for the years ended December 31, 2019, 2020 and 2021 are as follows:


	Years ended December 31,
(In thousands)	2019	2020	2021
Sales and marketing expenses	381	185	59
General and administrative expenses	2,453	1,209	4,682
Research and development expenses	2,594	916	1,429
Total	5,428	2,310	6,170

2013 Plan [Member]

2010 share incentive plan [Member]

A summary of the restricted shares activities under the 2013 Plan for the years ended December 31, 2019, 2020 and 2021 is presented below:


		Number of
		restricted shares
Unvested as of January 1, 2019		34,175
Vested		(27,475)
Forfeited		(6,700)
Unvested as of December 31, 2019		—
Expected to vest as of December 31, 2019		—

A summary of the restricted shares activities under the 2010 Plan for the years ended December 31, 2019, 2020 and 2021 is presented below:


		Weighted-average
	Number of	grant-date fair
	restricted shares	value(USD)
Unvested as of January 1, 2019	6,652,040
Expected to vest as of January 1, 2019	5,654,234
Granted	800,000	0.81
Vested	(1,296,540)
Forfeited	(971,000)
Unvested as of December 31, 2019	5,184,500
Expected to vest as of December 31, 2019	4,406,825
Vested	(965,500)
Forfeited	(2,959,000)
Unvested as of December 31, 2020	1,260,000
Expected to vest at December 31, 2020	1,071,000
Vested	(400,000)
Forfeited	(210,000)
Unvested as of December 31, 2021	650,000
Expected to vest as of December 31, 2021	552,500

2014 Plan [Member]

A summary of the restricted shares activities under the 2014 Plan for the years ended December 31, 2019, 2020 and 2021 is presented below:


		Number of
		restricted
		shares
Unvested as of January 1, 2019		3,476,650
Vested		(1,318,450)
Forfeited		(837,000)
Unvested as of December 31, 2019		1,321,200
Expected to vest as of December 31, 2019		1,123,020
Unvested as of January 1, 2020		1,321,200
Vested		(228,200)
Forfeited		(1,067,000)
Unvested as of December 31, 2020		26,000
Expected to vest as of December 31, 2020		22,100
Unvested as of January 1, 2021		26,000
Vested		(26,000)
Unvested as of December 31, 2021		—
Expected to vest as of December 31, 2021		—

2020 Incentive Plan

Summary of significant accounting policies


		Weighted-average
	Number of	grant-date fair
	restricted shares	value (USD)
Unvested as of January 1,2021	—
Granted	31,091,840	0.83
Vested	(2,429,965)
Forfeited	(2,777,500)
Unvested as of December 31, 2021	25,884,375
Expected to vest as of December 31, 2021	19,413,281

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Property and Equipment Estimated Useful Life


	Estimated useful lives	Residual rate
Servers and network equipment	3-5 years	5	%
Computer equipment	5 years	5	%
Furniture, fixtures and office equipment	3-5 years	5	%
Motor vehicles	5 years	5	%
Leasehold improvements	Shorter of lease term or 3 years	—

Summary of estimated useful lives of the intangible assets


		Estimated useful lives
Land use rights		30 years
Acquired computer software		5 years
Audio-visual license		9 years

Analysis of Different Types of Revenues

An analysis of the different types of revenues for the years ended December 31, 2019, 2020 and 2021 are summarized as follows:


Revenue from operations	Years ended December 31,
(In thousands)	2019	2020	2021
Subscription revenue	81,532	84,299	91,174
Live streaming revenue	26,920	20,866	35,102
Advertising revenue	15,643	13,206	12,267
Product revenue (note a)	8,269	1,412	1,897
Cloud computing service and other internet value-added services (note b)	48,903	66,900	99,161
Total	181,267	186,683	239,601

Common shares

12 Months Ended

Dec. 31, 2021

Common shares

Common shares

17. Common shares

The Company’s Memorandum and Articles of Association authorizes the Company to issue 1,000,000,000 shares of USD 0.00025 par value per common share as of December 31, 2021. Each common share is entitled to one vote. The holders of common shares are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, which is subject to the approval by the holders of the common shares representing a majority of the aggregate voting power of all outstanding shares. As of December 31, 2020 and 2021, there were 334,401,981 and 337,257,946 common shares outstanding, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Schedule of Other Related Party Transactions [Line Items]

Related party transactions - Schedule of Significant Related Party Transactions (Detail) - USD ($)

1 Months Ended

12 Months Ended

Jan. 31, 2021

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Repayment of loans to related party

$ 662,000

Beijing Xiaomi Mobile Software Co., Ltd. [Member] | Bandwidth

Schedule of Other Related Party Transactions [Line Items]

Schedule of Other Related Party Transactions [Line Items]

$ 1,815,000

Xiaomi Technology

Forum service fees

13,000

Xiaomi Technology | Bandwidth

Schedule of Other Related Party Transactions [Line Items]

Guangzhou Millet | Technology Service [Member]

$ 2,798,000

2,211,000

875,000

Schedule of Other Related Party Transactions [Line Items]

Guangzhou Millet | Advertising

^[1]

1,245,000

2,466,000

2,460,000

Schedule of Other Related Party Transactions [Line Items]

Vantage Point Global Limited

19,000

Schedule of Other Related Party Transactions [Line Items]

Interest accrued

243,000

46,000

Repayment of loans to related party

$ 3,883,000

Aiden & Jasmine Limited

Schedule of Other Related Party Transactions [Line Items]

Interest accrued

55,000

91,000

$ 17,000

Itui Online | Advertising

Schedule of Other Related Party Transactions [Line Items]

Schedule of Other Related Party Transactions [Line Items]

^[2]

11,648,000

7,269,000

Itui Online | Bandwidth

Shenzhen Xiaomi Technology Co., Ltd. | Technology Service [Member]

821,000

1,119,000

Schedule of Other Related Party Transactions [Line Items]

Shenzhen Xiaomi Technology Co., Ltd. | Advertising

1,392,000

Schedule of Other Related Party Transactions [Line Items]

Schedule of Other Related Party Transactions [Line Items]

^[2]

380,000

53,000

Weimin Luo

Repayment of loans to related party

662,000

Quanxun Huiju [Member]

Schedule of Other Related Party Transactions [Line Items]

Bandwidth cost from Quanxun Huiju (note g)

730,000

$ 594,000

Chizz

Schedule of Other Related Party Transactions [Line Items]

Interest income from Chizz (note f)

$ 176,000

[1]

[2]

In July 2020, Onething entered into the contract with Quanxun Huiju, for the provision of bandwidth to Onething at a price benchmarking against market price, based on actual usage. The contract was extended for one year from July 2021 to June 2022 based on the same term.

Taxation - Schedule of Movement of Valuation Allowance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Taxation
Beginning balance	$ 40,924	$ 34,257	$ 34,257
Additions	(3,507)	(4,704)	(13,180)
Exchange difference	(1,149)	(1,963)	(896)
Ending balance	$ 45,580	$ 40,924	$ 34,257

Certain risks and concentration - Schedule of Consolidated Financial Information of VIEs and VIE's Subsidiaries - Income Statement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net revenues	$ 238,782	$ 186,371	$ 180,665
Cost of revenues	(118,603)	(92,637)	(99,913)
Operating expenses	(124,502)	(112,527)	(137,174)
Net (loss)/income attributable to Xunlei Limited	1,191	(13,840)	(53,169)
Variable Interest Entity, Primary Beneficiary [Member]
Net (loss)/income attributable to Xunlei Limited	2,913	(10,673)	(56,328)
Variable Interest Entity, Primary Beneficiary [Member] \| Third-party
Net revenues	228,736	186,679	178,070
Cost of revenues	(109,722)	(92,388)	(99,781)
Operating expenses	(110,367)	(101,421)	(117,714)
Variable Interest Entity, Primary Beneficiary [Member] \| Inter-company
Operating expenses	$ (8,032)	$ (7,177)	$ (7,302)

The aggregate cost of goods produced and sold and services rendered during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill.

Prepayments and other assets

13. Goodwill


	December 31,	December 31,
(In thousands)	2020	2021
Beginning balance	20,382	22,607
Addition (note)	815	—
Foreign currency translation adjustment	1,410	529
Ending balance	22,607	23,136

Note: The addition of goodwill in 2020 was related to the acquisition of Yunwang Wulian, please refer to note 3 for the acquisition.

No impairment loss was recognized for the years ended December 31, 2019, 2020 and 2021.

Prepayments and other assets

12 Months Ended

Dec. 31, 2021

Prepayments and other assets

8. Prepayments and other assets


(In thousands)	December 31, 2020	December 31, 2021
Current portion:
Deposit related to an ongoing litigation (note a)	4,751	4,862
Advances to suppliers (note b)	1,997	2,088
Loans to employees (note c)	1,896	1,614
Rental and other deposits	1,670	1,159
Others	1,220	2,119
Total of prepayments and other current assets	11,534	11,842
Non-current portion:
Loans to employees, non-current portion (note c)	905	1,473
Advances to suppliers, non-current portion (note b)	—	1,314
Total of long-term prepayments and other assets	905	2,787

Notes:

(a)	The balance as of December 31, 2020 and 2021 represented the deposits placed in a custodian bank account of the court to secure an order for preservation of assets against a supplier of the Group.

(b)	Advances to suppliers primarily include prepayments to bandwidth suppliers, prepayments for the construction of Xunlei Tower and other prepaid expenses.

8. Prepayments and other assets (Continued)

(c)

Inventories

12 Months Ended

Dec. 31, 2021

Inventories

Organization and nature of operations

7. Inventories


(In thousands)	December 31, 2020	December 31, 2021
Hardware devices (note)	4,830	1,595
Others	324	238
Less: Impairment	(3,428)	(470)
Total	1,726	1,363

Note:

The inventory written down was USD3,283,000 and USD429,000 for the years ended December 31, 2020 and 2021, respectively.

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total original costs	$ 26,036	$ 45,313
Less: Accumulated depreciation	(18,638)	(33,006)
Less: Accumulated impairment	(2)	(3)
Sub-total	7,396	12,304
Construction in progress	50,261	38,421
Total	57,657	50,725
Servers and network equipment
Property, Plant and Equipment [Line Items]
Total original costs	15,522	35,827
Computer equipment
Property, Plant and Equipment [Line Items]
Total original costs	1,737	1,565
Furniture, fixtures and office equipment
Property, Plant and Equipment [Line Items]
Total original costs	857	836
Motor vehicles
Property, Plant and Equipment [Line Items]
Total original costs	492	481
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total original costs	$ 7,428	$ 6,604

Additional information: condensed financial statements of the Company - Schedule of Condensed Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating expenses
Sales and marketing expenses	$ (24,569)	$ (18,064)	$ (31,820)
General and administrative expenses	(36,868)	(33,910)	(38,930)
Total operating expenses	(124,502)	(112,527)	(137,174)
Operating loss	(4,323)	(18,793)	(56,422)
Interest income	723	1,471	1,897
Interest expense	(95)	(406)	(75)
Other income, net	4,678	4,737	5,861
(Loss)/income before income tax	983	(12,991)	(48,739)
Income tax expenses	125	(1,149)	(4,676)
Net (loss)/income	1,108	(14,140)	(53,415)
Net (loss)/income attributable to Xunlei Limited's common shareholders	1,191	(13,840)	(53,169)
Xunlei Limited [Member]
Operating expenses
Sales and marketing expenses	0	0	(1)
General and administrative expenses	(3,302)	(1,438)	(1,247)
Total operating expenses	(3,302)	(1,438)	(1,248)
Operating loss	(3,302)	(1,438)	(1,248)
Interest income	107	2	1,496
Interest expense	(95)	(399)	(75)
Other income, net	585	2,455	4,712
(Loss)/income from subsidiaries and consolidated VIE	3,935	(14,361)	(57,787)
(Loss)/income before income tax	1,230	(13,741)	(52,902)
Income tax expenses	(39)	(99)	(267)
Net (loss)/income	1,191	(13,840)	(53,169)
Net (loss)/income attributable to Xunlei Limited's common shareholders	$ 1,191	$ (13,840)	$ (53,169)

Property and equipment, net - Summary of Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 6,319	$ 9,277	$ 5,824
Cost of revenues.
Property, Plant and Equipment [Line Items]
Depreciation expense	4,805	6,247	5,198
Research and development expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	436	529	300
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	1,068	2,492	317
Sales and marketing expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 10	$ 9	$ 9

Organization and nature of operations

12 Months Ended

Dec. 31, 2021

Organization and nature of operations

1. Organization and nature of operations

Xunlei Limited, previously known as Giganology Limited, (the ”Company”) was incorporated under the law of the Cayman Islands as a limited liability company on February 3, 2005. The Company completed its initial public offering on June 24, 2014 on the NASDAQ Global Market. Each American Depositary Shares (“ADSs”) of the Company represents five common shares.

These consolidated financial statements include the financial statements of the Company, its subsidiaries, its variable interest entity (“VIE”) and VIE’s subsidiaries (collectively referred to as the “Group”). As of December 31, 2021, the Company’s major subsidiaries, VIE and VIE’s subsidiaries are as follows:


				% of direct
				or indirect
	Place of	Period of		economic
Name of entities	incorporation	incorporation	Relationship	ownership		Principal activities
Shenzhen Xunlei Networking Technologies Co., Ltd. (“Shenzhen Xunlei”)	People’s Republic of China (“PRC”)	January 2003	VIE	100	%	Development of software, provision of online advertising and membership subscription

Giganology (Shenzhen) Co., Ltd. (“Giganology Shenzhen”)	PRC	June 2005	Subsidiary	100	%	Development of computer software and provision of information technology services to related companies

Shenzhen Xunlei Wangwenhua Co., Ltd. (formerly known as “Shenzhen Fengdong Networking Technologies Co., Ltd.”) (“Wangwenhua”)	PRC	December 2005	VIE’s subsidiary	100	%	Development of computer software, provision of advertising services and operation of live steaming platforms

Xunlei Games Development (Shenzhen) Co., Ltd. (“Xunlei Games”)	PRC	February 2010	VIE’s subsidiary	70 (note 20)	%	Development of online game and computer software to related companies and provision of advertising services

Xunlei Network Technologies Limited (“Xunlei BVI”)	British Virgin Islands	February 2011	Subsidiary	100	%	Investment holding company

Xunlei Network Technologies Limited (“Xunlei HK”)	Hong Kong	March 2011	Subsidiary	100	%	Investment holding company and development of computer software

Xunlei Computer (Shenzhen) Co., Ltd. (“Xunlei Computer”)	PRC	November 2011	Subsidiary	100	%	Development of computer software and provision of information technology services

Shenzhen Onething Technologies Co., Ltd. (“Onething”)	PRC	September 2013	VIE’s subsidiary	100	%	Development of cloud computing technology and provision of related services

Beijing Xunjing Technologies Co., Ltd. (formerly known as “Wangxin Century Technologies (Beijing) Co., Ltd.”) (“Beijing Xunjing”)	PRC	October 2015	VIE’s subsidiary	100	%	Development of computer software and provision of information technology services

1. Organization and nature of operations (Continued)


				% of direct
				or indirect
	Place of	Period of		economic
Name of entities	incorporation	incorporation	Relationship	ownership		Principal activities
Henan Tourism Information Co., Ltd. (“Henan Tourism”)	PRC	June 2018	VIE’s Subsidiary	80 (note 20)	%	Software development, tourism consulting, ticket agent and other related services

Jiangxi Node Technology Service Co., Ltd. (“Jiangxi Node”)	PRC	July 2020	VIE’s subsidiary	100	%	Development of cloud computing technology and provision of related services

FUNI. PTE. LTD. (“FUNI”)	Singapore	April 2021	Subsidiary	100	%	Operation of live streaming platform

Note: The English names of the PRC companies represent management’s translation of the Chinese names of these companies as they have not adopted formal English names.

The Group engages primarily in the provision of premium downloading services to its members, sales of bandwidth, platforms for live streaming services, advertising services and other internet value added services.

To comply with the PRC laws and regulations that prohibit or restrict foreign ownership of companies that provide online advertising services, operate online games, and hold Internet Content Provider (‘‘ICP’’) license, the Company conducts its business through Shenzhen Xunlei, the VIE.

Through the various agreements enacted among the Company, Giganology Shenzhen, a wholly owned subsidiary of the Company, Shenzhen Xunlei and legal shareholders of Shenzhen Xunlei, the Company as the primary beneficiary received all of the economic benefits and residual interest and absorbed all of the risks and expected losses from Shenzhen Xunlei.

1.Organization and nature of operations (Continued)

Details of certain key agreements with the VIE are as follows:

—Loan Agreements between Giganology Shenzhen and the shareholders of Shenzhen Xunlei— Giganology Shenzhen provided interest-free loans of RMB9 million to the legal shareholders of Shenzhen Xunlei for them to make contributions as registered capital into Shenzhen Xunlei. The terms of these agreements last for two years from the date it was signed, and will be automatically extended afterwards on a yearly basis until each legal shareholder of Shenzhen Xunlei has repaid the loans in its entirety in accordance with the loan agreement. The legal shareholders would not be allowed to transfer their interests in Shenzhen Xunlei without prior consent of Giganology Shenzhen. According to the loan agreements, the loans can only be repaid in the form of common shares of Shenzhen Xunlei. At any time during the term of the loan agreements, Giganology Shenzhen may, at their sole discretion, requires any of the legal shareholders of Shenzhen Xunlei to repay all or any portion of their outstanding loan under the agreement.

Under a separate loan agreement between Giganology Shenzhen and Mr. Sean Shenglong Zou as a legal shareholder of Shenzhen Xunlei, Giganology Shenzhen made an additional interest-free loan of RMB20 million to Mr. Sean Shenglong Zou, the entire amount of which was contributed to the registered capital of Shenzhen Xunlei, increasing the registered capital of Shenzhen Xunlei to RMB30 million. The term of this agreement lasts for two years from the date it was signed, and will be automatically extended afterwards on a yearly basis until Mr. Zou has repaid the loan in its entirety in accordance with the loan agreement. This loan will be deemed to be repaid when all equity interest held by the shareholders in Shenzhen Xunlei has been transferred to Giganology Shenzhen or its designated parties. At any time during the term of this loan agreement, the Company may, at their sole discretion, require all or any portion of the outstanding loan under the agreement to be repaid.

—Business Operation Agreements between Giganology Shenzhen and Shenzhen Xunlei - Under these agreements, Giganology Shenzhen has the rights to direct the operating activities of Shenzhen Xunlei, including the appointment of senior management. The legal shareholders of Shenzhen Xunlei also transferred all their shareholders’ rights to Giganology Shenzhen. The term of this agreement may be extended with Giganology Shenzhen’s confirmation prior to the expiration date. The agreement became expired in November 2016 and has been extended to November 2026.

—Equity Pledge Agreement between Giganology Shenzhen and the legal shareholders of Shenzhen Xunlei - Under this agreement, the legal shareholders of Shenzhen Xunlei pledged all of their equity interests in Shenzhen Xunlei to Giganology Shenzhen. If Shenzhen Xunlei and/or its legal shareholders breach their contractual obligations under this agreement, Giganology Shenzhen, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests.

—Power of Attorney - Each legal shareholder of Shenzhen Xunlei appointed Giganology Shenzhen as its attorney-in-fact to exercise their shareholders’ rights in Shenzhen Xunlei, including shareholders’ voting rights. Each power of attorney will remain in force for 10 years starting from May 2011 unless the business operation agreement among Giganology Shenzhen, Shenzhen Xunlei and the legal shareholders of Shenzhen Xunlei is terminated in advance. This period may be extended at Giganology Shenzhen’s discretion. The agreement expired in May 2021 and has been extended to May 2031.

1.Organization and nature of operations (Continued)

—Service Agreements between Giganology Shenzhen and Shenzhen Xunlei — Under various service agreements, Giganology Shenzhen will provide services including technical support, training, as well as consulting services to Shenzhen Xunlei in exchange for a service fee. These service agreements include the Exclusive Technology Support and Services Agreement, the Exclusive Technology Consulting and Training Agreement and the Software and Proprietary Technology License Contract. Giganology Shenzhen is entitled to service fees equal to 20%, 20% and 40% of the pre-tax operating profit of Shenzhen Xunlei according to the terms and provisions of these agreements, respectively (in aggregate 80% of pre-tax operating profit of Shenzhen Xunlei). In addition, these agreements also allow both parties to review and adjust the above mentioned percentage every six months according to the business operation and income of Shenzhen Xunlei so as to enable Giganology Shenzhen to extract substantially all the after tax operating profit of Shenzhen Xunlei.

For the Exclusive Technology Support and Services Agreement and the Exclusive Technology Consulting and Training Agreement, the term of these agreements will expire in 2025 and may be extended with Giganology Shenzhen’s written confirmation prior to the expiration date. Giganology Shenzhen is entitled to terminate the agreement at any time by providing 30 days’ prior written notice to Shenzhen Xunlei.

For the Proprietary Technology License Contract, the term of this contract became expired in March 2022 and has been extended with Giganology Shenzhen to March 2032. Giganology Shenzhen grants Shenzhen Xunlei a non-exclusive and non-transferable right to use Giganology Shenzhen’s proprietary technology. Shenzhen Xunlei can only use the proprietary technology to conduct business according to its authorized business scope. Giganology Shenzhen or its designated representative(s) owns the rights to any new technology developed due to implementation of this contract.

—Intellectual Properties Purchase Option Agreement between Giganology Shenzhen and Shenzhen Xunlei — Giganology Shenzhen has an option to acquire Shenzhen Xunlei’s intellectual properties at the lowest price permissible by the then-applicable PRC laws and regulation. The term of this contract became expired in March 2022 and had been automatically extended for an additional 10 years at Giganology Shenzhen’s discretion to March 2032.

—Call Option Agreement — Giganology Shenzhen has an option to acquire all of the outstanding shares of Shenzhen Xunlei at a purchase price equal to RMB1 or the lowest price permissible by the then-applicable PRC laws and regulation. The term of the agreement will expire in 2022 and may be extended at Giganology Shenzhen’s discretion.

As a result of these agreements (collectively defined as “Structured Service Contracts”), Giganology Shenzhen can exercise effective control over Shenzhen Xunlei, receives all of the economic benefits and residual interest and absorbs all of the risks and expected losses from Shenzhen Xunlei as if it were the sole shareholder, and has an exclusive option to purchase all of the equity interest in Shenzhen Xunlei at a minimal price. Therefore, Giganology Shenzhen is considered the primary beneficiary of Shenzhen Xunlei and accordingly Shenzhen Xunlei’s results of operations, assets and liabilities have been consolidated in the Company’s financial statements.

1. Organization and nature of operations (Continued)

VIE-related risks

It is possible that the Group’s operation of certain of its operations and businesses through VIE could be found by PRC authorities to be in violation of PRC laws and regulations prohibiting or restricting foreign ownership of companies that engage in such operations and businesses. While the Group’s management considers the possibility of such a finding by PRC regulatory authorities under current laws and regulations to be remote, on January 19, 2015, the Ministry of Commerce of the PRC, or (the “MOFCOM”) released on its Website for public comment a proposed PRC law (the “Draft FIE Law”) that appears to include VIE within the scope of entities that could be considered to be foreign invested enterprises (or “FIEs”) that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. Specifically, the Draft FIE Law introduces the concept of “actual control” for determining whether an entity is considered to be an FIE. In addition to control through direct or indirect ownership or equity, the Draft FIE Law includes control through contractual arrangements within the definition of “actual control”. If the Draft FIE Law is passed by the People’s Congress of the PRC and goes into effect in its current form, these provisions regarding control through contractual arrangements could be construed to reach the VIE arrangements, and as a result the VIE could become explicitly subject to the current restrictions on foreign investment in certain categories of industry. The Draft FIE Law includes provisions that would exempt from the definition of foreign invested enterprises entities where the ultimate controlling shareholders are either entities organized under PRC law or individuals who are PRC citizens.

On December 26, 2018, the Standing Committee of National People’s Congress published the Draft FIE Law on its official website for public consultation (the “2018 Draft Foreign Investment Law”). The 2018 Draft Foreign Investment Law does not explicitly recognize the variable interest entity structure as a form of foreign investment. Since the 2018 Draft Foreign Investment Law remains silent with respect to the variable interest entity structure as a form of foreign investment, the validity of the VIE structure as a whole and each of the agreements comprising VIE will not be affected by the 2018 Draft Foreign Investment Law. It leaves leeway for government’s future regulation of the variable interest entity structure. According to the deliberation and voting results from the final session of the 13^th National People’s Congress on March 15, 2019, the FIE Law has been enacted and there was no substantial change to the 2018 Draft Foreign Investment Law. However, it is possible that future laws, administrative regulations, or provisions of the State Council may recognize the variable interest entity structure as a form of foreign investment but at the same time impose additional requirements/restrictions on the contractual arrangements. It is also possible that further laws, administrative regulations, or provisions of the State Council may explicitly exclude the variable interest entity structure as a form of foreign investment.

If a finding was made by PRC authorities under existing laws and regulations and becomes effective, the Group’s operation of certain of its operations and businesses through VIE, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses would have broad discretion in dealing with such a violation, including levying fines, confiscating the Group’s income, revoking the business or operating licenses of the affected businesses, requiring the Group to restructure its ownership structure or operations, or requiring the Group to discontinue all or any portion of its operations. Any of these actions could cause significant disruption to the Group’s business operations, and have a severe adverse impact on the Group’s cash flows, financial position and operating performance.

In addition, it is possible that the contracts among the Group, the VIE and shareholders of VIE would not be enforceable in China if PRC government authorities or courts were to find that such contracts contravene PRC law and regulations or are otherwise not enforceable for public policy reasons. In the event that the Group was unable to enforce these contractual arrangements, the Group would not be able to exert effective control over the affected VIE. Consequently, such VIE’s results of operations, assets and liabilities would not be included in the Group’s consolidated financial statements. If such were the case, the Group’s cash flows, financial position and operating performance would be severely adversely affected. The Group’s contractual arrangements with respect to VIE are approved and in place. The Group’s management believes that such contracts are enforceable, and considers the possibility remote that PRC regulatory authorities with jurisdiction over the Group’s operations and contractual relationships would find the contracts to be unenforceable.

Commitments and contingencies - Additional Information (Detail) ¥ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2018 case	Dec. 31, 2021 USD ($) case	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 USD ($)	Apr. 22, 2020 USD ($)
Loss Contingencies [Line Items]
Legal and litigation related expenses		$ 997,000				$ 1,955,000
Legal expense reversed				$ 1,217,000
Number of lawsuits pending \| case		17
Legal and litigation related expenses		$ 973,000		1,640,000
Putative Shareholder Class Action [Member]
Loss Contingencies [Line Items]
Claims filed during the period \| case	2
Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of lawsuits pending \| case		17
Aggregate amount of claimed damages		$ 1,700,000	¥ 10.9	1,900,000	¥ 13.3
Legal and litigation related expenses		$ 973,000		$ 1,640,000
Pending Litigation [Member] \| Copyright Infringement [Member]
Loss Contingencies [Line Items]
Number of lawsuits pending							9

Bank borrowings

12 Months Ended

Dec. 31, 2021

Bank borrowings

Bank borrowings

16. Bank borrowings


	December 31,	December 31,
(In thousands)	2020	2021
Bank borrowings, current portion	—	2,876
Bank borrowings, non-current portion	19,924	17,291
Total	19,924	20,167

The bank borrowings were borrowed by Shenzhen Xunlei for the construction of Xunlei Tower, which was pledged by the land use rights of Xunlei Tower and the building under construction. The interest expense of USD470,000, USD890,000 and USD1,000,000 has been capitalized for the years ended December 31, 2019, 2020 and 2021, respectively.

The bank borrowings are denominated in RMB, and the interest rate is calculated based on Loan Prime Rate plus 15 basis points.

As of December 31, 2021, the bank borrowings will be due according to the following schedule:


(In thousands)		Principal amounts
Within 1 year		2,876
Between 1 to 2 years		3,207
Between 2 to 3 years		2,613
Between 3 to 4 years		2,128
Between 4 to 5 years		1,733
Beyond 5 years		7,610

Accrued liabilities and other payables (Tables)

12 Months Ended

Dec. 31, 2021

Accrued liabilities and other payables

Schedule of Accrued Liabilities and Other Payables


(In thousands)	December 31, 2020	December 31, 2021
Payroll and welfare	12,871	18,618
Tax levies	3,394	2,397
Payables related to Kankan	2,581	2,642
Payables for advertisement	1,895	3,821
Legal and litigation related expenses (note 27)	1,640	973
Professional service fees	2,106	2,175
Agency commissions and rebates—online advertising	2,696	2,759
Payables for construction in progress	5,291	9,750
Tax surcharges	1,095	—
Others	5,120	6,422
Total	38,689	49,557

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Bandwidth Purchase Commitments [Member]

The undiscounted cash payments for each of the next five years as of December 31, 2020 is:


(In thousands)
2021		1,998
2022		28
Total undiscounted payments		2,026
Less: effect of discounting		(38)
Discounted lease liabilities		1,988

The undiscounted cash payments for each of the next five years as of December 31, 2021 is:


(In thousands)
2022		19
2023		7
Total undiscounted payments		26
Less: effect of discounting		(1)
Discounted lease liabilities		25

Capital commitments [Member]


(In thousands)		December 31, 2021
2022		4,410

Basic and diluted net (loss)/income per share


(In thousands)		December 31, 2021
2022		17,993
2023 and after		298
		18,291

Basic and diluted net (loss) income per share (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net (loss)/income per share for the years ended December 31, 2019, 2020 and 2021 are calculated as follows:



(Amounts expressed in thousands of USD, except	Years ended December 31,
for number of shares and per share data)	2019	2020	2021
Numerator:
Net (loss)/income	(53,415)	(14,140)	1,108
Less: Net loss attributable to the non-controlling interest	(246)	(300)	(83)
Net (loss)/income attributable to Xunlei Limited’s common shareholders	(53,169)	(13,840)	1,191
Numerator of basic net (loss)/income per share	(53,169)	(13,840)	1,191
Numerator for diluted net (loss)/income per share	(53,169)	(13,840)	1,191
Denominator:
Denominator for basic net (loss)/income per share ‑ weighted average shares outstanding	337,845,675	337,429,601	334,707,559
Denominator for diluted net (loss)/income per share	337,845,675	337,429,601	335,969,780
Basic net( loss)/ income per share	(0.1574)	(0.0410)	0.0036
Diluted net (loss)/income per share	(0.1574)	(0.0410)	0.0035

Intangible assets, net

12 Months Ended

Dec. 31, 2021

Intangible assets, net

Intangible assets, net

12. Intangible assets, net


	December 31,
	2020			2021
			Net book			Net book
(In thousands)	Cost	Amortization	value	Cost	Amortization	value
Land use rights	5,099	(1,258)	3,841	5,218	(1,461)	3,757
Acquired computer software	3,530	(2,853)	677	3,875	(3,053)	822
Audio-visual license	6,010	(1,671)	4,339	6,151	(2,431)	3,720
	14,639	(5,782)	8,857	15,244	(6,945)	8,299

Amortization expense recognized for the years ended December 31, 2019, 2020 and 2021 are summarized as follows:


	Years ended December 31
(In thousands)	2019	2020	2021
Cost of revenues	5	—	10
General and administrative expenses	1,136	1,210	1,113
Research and development expenses	59	6	6
Total	1,200	1,216	1,129

The estimated aggregate amortization expense for each of the next five years as of December 31, 2021 is:


(In thousands)		Intangible assets
2022		1,153
2023		1,140
2024		1,071
2025		974
2026 and thereafter		3,961

12. Intangible assets, net (Continued)

The weighted average amortization periods of intangible assets as of December 31, 2020 and 2021 are as below:


(In year)	December 31, 2020	December 31, 2021
Land use rights	30	30
Acquired computer software	5	5
Audio-visual license	9	9
Total weighted average amortization periods	10	10

Short-term investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Short-term investments	$ 115,652	$ 117,821
Time deposits [Member]
Schedule of Investments [Line Items]
Short-term investments	62,379	68,828
Investments in financial instruments [Member]
Schedule of Investments [Line Items]
Short-term investments	$ 53,273	$ 48,993

Costs of revenues (Tables)

12 Months Ended

Dec. 31, 2021

Costs of revenues

Schedule of costs of revenues


	Years ended December 31,
(In thousands)	2019	2020	2021
Bandwidth costs	57,093	62,384	80,720
Cost of inventories sold	7,181	1,660	1,516
Revenue-sharing from live streaming business	20,734	15,640	26,506
Depreciation of servers and other equipment	5,198	6,247	4,805
Payment handling charges	1,658	1,459	3,066
Other costs (note)	8,049	5,247	1,990
Total	99,913	92,637	118,603

Note: Other costs mainly included technical service costs and write-down of inventories.

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair value measurements

Schedule of Financial Instruments Measured at Fair Value


	Fair value measurements as of December 31, 2020
		Quoted prices	Significant
		in active market	other	Significant
		for identical	observable	unobservable
		assets	inputs	inputs
(In thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Short-term investments:
Investments in structured deposits and wealth management products	48,993	—	48,993	—
	48,993	—	48,993	—


	Fair value measurements as of December 31, 2021
		Quoted prices	Significant
		in active market	other	Significant
		for identical	observable	unobservable
		assets	inputs	inputs
(In thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Short-term investments:
Investments in structured deposits and wealth management products	53,273	—	53,273	—
	53,273	—	53,273	—

Certain risks and concentration - Schedule of Consolidated Financial Information of VIEs and VIE's Subsidiaries - Balance sheet (Detail) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Current assets:

Cash and cash equivalents

$ 123,358

$ 137,248

$ 162,465

$ 122,930

115,652

117,821

Accounts receivable, net

26,135

22,983

Due from related parties

15,578

10,970

Prepayments and other current assets

1,363

1,726

11,842

11,534

Total current assets

293,928

302,282

Non-current assets:

Property and equipment, net

31,495

26,734

57,657

50,725

Intangible assets, net

8,299

8,857

Long-term prepayments and other assets

23,136

22,607

20,382

2,787

905

Right-of-use assets

1,954

$ 8,747

Restricted cash

4,078

1,541

Total assets

440,718

415,605

Current liabilities:

Accounts payable

26,407

20,644

Due to related parties

1,597

5,389

Bank borrowings

2,876

Contract liabilities and deferred income

36,892

34,040

Accrued liabilities and other payables

49,557

38,689

Lease liabilities, current portion

1,961

Total current liabilities

119,878

103,276

Non-current liabilities:

Contract liabilities and deferred income, non-current portion

^[1]

845

920

Deferred tax liabilities

930

1,085

Bank borrowings, non-current portion

17,291

19,924

Lease liabilities, non-current portion

Total liabilities

138,951

125,232

Variable Interest Entity, Primary Beneficiary [Member]

Current assets:

Cash and cash equivalents

16,645

14,284

Amount due from group companies

6,373

Accounts receivable, net

26,003

22,983

3,102

15,168

Due from related parties

15,387

10,955

Prepayments and other current assets

1,363

1,726

7,142

10,046

Total current assets

76,015

75,162

Non-current assets:

Property and equipment, net

6,467

5,706

57,417

50,532

Intangible assets, net

8,299

8,857

Long-term prepayments and other assets

23,136

22,607

2,684

905

Right-of-use assets

1,915

Restricted cash

4,078

1,541

Total assets

178,123

167,225

Current liabilities:

Accounts payable

23,789

20,588

Amount due to group companies

146,732

106,240

Due to related parties

Bank borrowings

2,876

Contract liabilities and deferred income

36,740

34,040

Income tax payable

2,451

2,500

Accrued liabilities and other payables

42,449

33,361

Lease liabilities, current portion

1,912

Total current liabilities

255,146

198,696

Non-current liabilities:

Contract liabilities and deferred income, non-current portion

845

920

Deferred tax liabilities

930

1,085

Amount due to group companies, non-current portion

31,369

76,810

Bank borrowings, non-current portion

17,291

19,924

Lease liabilities, non-current portion

Total liabilities

$ 305,588

$ 297,462

[1]	As of December 31, 2020 and 2021, the non-current portion consists of membership subscription of USD751,000 and USD845,000, and government grants of USD169,000 and nil, respectively.

Summary of significant accounting policies - Analysis of Different Types of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net revenues
Net revenues	$ 239,601	$ 186,683	$ 181,267
Subscription revenue
Net revenues
Net revenues	91,174	84,299	81,532
Product revenue
Net revenues
Net revenues	1,897	1,412	8,269
Live streaming revenue
Net revenues
Net revenues	35,102	20,866	26,920
Advertising
Net revenues
Net revenues	12,267	13,206	15,643
Product and Service, Other [Member]
Net revenues
Net revenues	$ 99,161	$ 66,900	$ 48,903

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.

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