Related party transactions
12 Months Ended
Dec. 31, 2015
Related party transactions [Abstract]  
Related party transactions
22. Related party transactions

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

 

Related Party

  

Relationship with the Group

Zhuhai Qianyou    Equity investment of the Group
Hao Cheng    Co-founder and shareholder of the Group
Chuan Wang    Director of the Company
Shenglong Zou    Co-founder and shareholder of the Group
Beijing Millet technology Co., LTD (“Beijing Xiaomi”)    Company owned by a shareholder of the Group
Leading Advice Holdings Limited    Company owned by a Co-founder and shareholder of the Group
Vantage Point Global Limited    Shareholder of the Company
Aiden & Lasmine Limited    Shareholder of the Company
Kingsoft Corporation Limited    Shareholder of the Company

During the years ended December 31, 2013, 2014 and 2015, significant related party transactions were as follows:

 

Years ended December 31,

(In thousands)

2013    2014      2015  

Game sharing costs paid and payable to Zhuhai Qianyou (note a) 

1,760       402       127  

Advance to Hao Cheng

     85              

Repayment from Hao Cheng

           85        

Technology service revenue from Beijing Xiaomi

           303       344  

Advertisement revenue from Beijing Xiaomi

           871        

Advance to Shenglong Zou

           10        

Advance to Chuan Wang

           7        

Accrued to Aiden & Jasmine Limited (note b) 

             1,125        54  

Accrued to Vantage Point Global Limited (note b) 

             3,012        146  

note a – The Company obtained an exclusive game operation right from Zhuhai Qianyou, which is specialized in developing online games. According to the agreement, the Company will share revenues derived by the licensed games with Zhuhai Qianyou.

note b – In 2014, the Group repurchased 3,860,733 common shares from Aiden & Jasmine Limited (Co founder's company) for USD10,879 thousand and 10,334,679 common shares from Vantage Point Global Limited (Founder's company) for USD29,121 thousand. 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 (the “repayment price”) from the Closing Date. Therefore, the Withheld Price for Aiden & Jasmine Limited and Vantage Point Global Limited was USD 1,125 thousand (including interest of USD 37 thousand) and USD 3,012 thousand (including interest of USD 100 thousand) respectively. The interest accrued in 2015 was USD 54 thousand and 146 thousand for Aiden & Lasmine Limited and Vantage Point Global Limited respectively.

As of December 31, 2013, 2014 and 2015, the amounts due to / from related parties were as follows:

 

(In thousands)

December 31,
2013
   December 31,
2014
     December 31,
2015
 

Amounts due to related parties

     

Accounts payable to Zhuhai Qianyou

225       84       38  

Long-term payable to Aiden & Lasmine Limited (note 16)

           1,125       1,179  

Long-term payable to Vantage Point Global Limited (note 16)

           3,012       3,158  
       

(In thousands)

   December 31,
2013
    December 31,
2014
    December 31,
2015
 

Amounts due from related parties

                      

Accounts receivable from Beijing Xiaomi     

           5       30  

Other receivable from Hao Cheng

     85              

Other receivable from Shenglong Zou

           10       9  

Other receivable from Chuan Wang

           7       6