SHENZHEN, China, April 24, 2024 (GLOBE NEWSWIRE) -- Xunlei Limited ("Xunlei" or the "Company") (NASDAQ:XNET), a leading technology company providing distributed cloud services in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 23, 2024. The annual report can be accessed on the Company's investor relations website at http://ir.xunlei.com or the SEC's website at www.sec.gov. About X ...

Financial Performance - Revenues from the variable interest entity accounted for 90.67% of total revenues in 2023, compared to 88.12% in 2022 and 95.47% in 2021[17] - For the year ended December 31, 2023, the consolidated group reported third-party total revenues of US$364.911 million[40] - The net income attributable to Xunlei Limited for the year ended December 31, 2023, was US$14.225 million[40] - The net income attributable to Xunlei Limited for the year ended December 31, 2022, was US$21.463 million[38] - The company reported a profit from subsidiaries and consolidated VIE of US$16.948 million for the year ended December 31, 2023[40] - In 2022, third-party total revenues amounted to US$342.564 million, with third-party costs of revenues at US$200.054 million[36] Debt and Financing - The variable interest entity received debt financing of US$25.5 million in 2022, but only US$0.4 million in 2023[29] - For the year ended December 31, 2023, the company reported a significant decrease in debt financing received by the variable interest entity compared to previous years[29] - The company incurred $12.9 million in fees related to technical services provided by its WFOE for the year ended December 31, 2023, with an unsettled balance of $17.5 million[49] - The company experienced a net cash used in financing activities of $13,524 thousand in 2023, compared to a net cash generated of $6,641 thousand in 2022[47] Regulatory Compliance - Shenzhen Xunlei is in the process of renewing its Internet Publishing Services License, which expired on September 17, 2022[27] - The company has obtained the necessary licenses for its operations, but uncertainties remain regarding future regulatory compliance[25] - The PCAOB has determined it can inspect registered public accounting firms in mainland China and Hong Kong, affecting the company's compliance status under the HFCAA[23] - The company may face restrictions on dividend payments from its PRC subsidiaries due to PRC laws and regulations[30] - The company is subject to various PRC government regulations, including the requirement to complete record filing for internet application programs by March 2024[113] - The company may face administrative penalties or removal of mobile applications if it fails to comply with privacy regulations, as evidenced by past regulatory actions[103] Assets and Liabilities - Total assets increased to $468.686 million as of December 31, 2023, compared to $463.323 million in the previous year, reflecting a growth of approximately 1.6%[42] - Total liabilities decreased to $145.213 million from $154.902 million, showing a reduction of about 6.3%[42] - As of December 31, 2023, the restricted amounts for the PRC subsidiaries and the variable interest entity totaled US$173.2 million[31] - Amount due from group companies, non-current portion, was reported at $199.864 million, indicating a decrease from $229.187 million, a reduction of about 12.7%[42] Cash Flow - For the year ended December 31, 2023, net cash generated from operating activities was $25,716 thousand, compared to a net cash used of $5,942 thousand in the previous year[47] - The company reported a net cash generated from investing activities of $1,843 thousand in 2023, a significant improvement from a net cash used of $15,510 thousand in 2022[47] - The company’s total cash and cash equivalents at the beginning of the year were $184,808 thousand, reflecting a decrease of $11,706 thousand by the end of the year[47] Market and Competition - The company is focusing on market expansion and new product development strategies to enhance future growth prospects[42] - The company faces significant competition in the cloud computing sector from major players like Alibaba and Tencent, which may impact its market share[129] - The company may face challenges in retaining its user base and converting users into subscribers due to competition and changing user preferences[66] Risks and Challenges - The company is subject to various risks in international operations, including compliance with foreign laws and regulations[70] - The company may face challenges in effectively managing the supply and pricing of virtual items, impacting its revenue model for live streaming[84] - A severe or prolonged downturn in the global or Chinese economy could materially and adversely affect the company's business and financial condition[147] - The company may face risks associated with strategic alliances, investments, or acquisitions, which could adversely affect its business and reputation[143] Intellectual Property and Security - The company may not be able to prevent unauthorized use of its intellectual property, which could harm its competitiveness and financial condition[80] - The company has established information security systems to protect user privacy and comply with evolving data protection laws, including the PRC Personal Information Protection Law[102] - The company does not maintain insurance policies for network system losses due to limited available products in the Chinese insurance market, increasing financial risk[98] Shareholder and Equity Matters - Xunlei Limited has not declared or paid any cash dividends and intends to retain most of its available funds for business development[32] - The company may continue to grant share awards under its share incentive plans, potentially increasing share-based compensation expenses[136] - The company believes that granting incentive awards is crucial for attracting and retaining key personnel, which may lead to increased expenses associated with share-based compensation in the future[138] Regulatory Environment - The PRC government has intensified regulations on internet content, leading to a decline in user subscriptions due to compliance efforts[187] - The complexities of PRC regulations may result in non-compliance risks and additional costs for compliance activities, affecting business operations[193] - The evolving PRC legal system poses risks of potential violations of existing or future laws, which could adversely affect business operations[196]

Xunlei Limited (NASDAQ:XNET) Q4 2023 Results Conference Call March 14, 2024 8:00 AM ET Company Participants Luhan Tang - Investor Relations Manager Jinbo Li - Chairman and Chief Executive Officer Eric Zhou - Chief Financial Officer Operator Welcome, ladies and gentlemen, and thank you for your patience. You've joined Xunlei's Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I w ...

Xunlei Limited (NASDAQ:XNET) Q3 2023 Results Conference Call November 14, 2023 8:00 AM ET Company Participants Luhan Tang - IR Jinbo Li - Chairman and CEO Eric Zhou - Chief Financial Officer Operator Welcome, ladies and gentlemen, and thank you for your patience. You joined Xunlei's 2023 Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to turn the call over to your host, Investor R ...

Xunlei Limited (NASDAQ:XNET) Q2 2023 Earnings Conference Call August 15, 2023 8:00 AM ET Company Participants Luhan Tang - IR Manager Jinbo Li - Chairman & CEO Eric Zhou - CFO Conference Call Participants Operator Welcome, ladies and gentlemen, and thank you for your patience. You've joined Xunlei's 2023 Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to turn the call over to the ...

Exhibit 99.1 XUNLEI ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2023 Shenzhen, China, August 15, 2023 (GLOBE NEWSWIRE) - Xunlei Limited ("Xunlei" or the "Company") (NASDAQ: XNET), a leading innovator in shared cloud computing and blockchain technology in China, today announced its unaudited financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights: · Total revenues were US$104.3 million, an increase of 33.3% year-over-year. · Cloud ...

Xunlei Limited (NASDAQ:XNET) Q1 2023 Earnings Conference Call May 16, 2023 8:00 AM ET Company Participants Luhan Tang - IR Manager Jinbo Li - Chairman & CEO Eric Zhou - CFO Operator Welcome, ladies and gentlemen, and thank you for your patience. You've joined Xunlei's 2023 First Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the call over to the host, Investor Relations Manager, Ms. Luhan Tang. Please go ahead. ...

Table of Contents Title of each class Name of each exchange on which registered Ticker symbol American depositary shares, each representing five common shares The NASDAQ Stock Market LLC (The NASDAQ Global Select Market) XNET Common shares, par value US$0.00025 per share* The NASDAQ Stock Market LLC (The NASDAQ Global Select Market) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2023 Commission File Number: 001-35224 Xunlei Limited 3709 Baishi Road Nanshan District, Shenzhen, 518000 The People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Fo ...

Xunlei Limited (NASDAQ:XNET) Q4 2022 Earnings Conference Call March 16, 2023 8:00 AM ET Company Participants Luhan Tang - IR Manager Jinbo Li - Chairman & CEO Eric Zhou - CFO Conference Call Participants Operator Welcome, ladies and gentlemen, and thank you for your patience. You've joined Xunlei's 2022 Fourth Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to turn the call over to the h ...