Company: XCH
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0000950170-25-056976
Chunk: 118

Company: XCHG Ltd
Filing Date: 2025-04-23
Form: 20-F
Item: Item 5
Chunk 118
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 and social insurance and in other taxes payable due to the growth of the team, and (iii) an increase in contract liabilities of US$1.2 million, primarily attributable to the increase in the number of our customers and our business growth in general.

Investing activities

Net cash used in investing activities was US$0.5 million in 2024, which was primarily attributable to cash paid for purchase of property and equipment and intangible assets.

Net cash provided by investing activities was US$2.3 million in 2023, which was primarily attributable to proceeds from collection of loans to a related party of a preference shareholder of US$2.9 million, partially offset by cash paid for purchase of property and equipment and intangible assets of US$0.5 million.

Net cash provided by investing activities was US$1.2 million in 2022, which was primarily attributable to proceeds from collection of the loan to a related party of a preference shareholder of US$1.4 million.

Financing activities

Net cash provided by financing activities was US$19.1 million in 2024, which was primarily attributable to (i) proceeds from sale of ordinary shares through public offering of US$19.1 million, (ii) proceeds from short-term bank borrowings of US$8.5 million, and (iii) cash received from the convertible debt holders of Beijing X-Charge Technology in connection with the conversion of convertible debts of US$7.0 million; partially offset by (i) repayment of short-term bank borrowings of US$7.3 million, (ii) cash paid to convertible debts holders of Beijing X-Charge Technology in connection with the conversion of convertible debts of US$7.0 million, and (iii) payments of initial public offering costs of US$1.9 million.

Net cash provided by financing activities was US$10.7 million in 2023, which was primarily attributable to (i) proceeds from issuance of the convertible debts of US$11.1 million, and (ii) proceeds from short-term bank borrowings of US$6.3 million; partially offset by (i) repayment of short-term bank borrowings of US$4.6 million, and (ii) payments of initial public offering cost of US$1.5 million.

Net cash provided by financing activities in 2022 was US$2.3 million, which was attributable to proceeds from short-term bank borrowings of US$6.4 million; partially offset by repayment of