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SHARE-BASED COMPENSATION (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
SHARE-BASED COMPENSATION |
Schedule of assumptions used to value the share options granted to employees | ​
​ | ​ | ​ | ​ | ​
​ |  | As of | ​ | As of
​ | ​ | January 2, 2025, | ​ | April 15, 2025,
​ | ​ | (date of | ​ | (date of
​ |  | inception) |  | inception)
​ | ​ | Batch 7 | ​ | Batch 8
Risk-free interest rate (%) | ​ | 4.53 | ​ | 4.53
Volatility (%) | ​ | 50.0 | ​ | 50.0
Expected exercise multiple | ​ | 2.80 | ​ | 2.80
Dividend yield |  | Nil | ​ | Nil
Expected life (in years) |  | 10.00 | ​ | 10.00
Exercise price (US$) |  | 0.2951 | ​ | 0.2951
Fair value of ordinary shares (US$) |  | 2.06 | ​ | 1.92
Summary of option activity under the ESOP | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ |  | Weighted average |  | Aggregate
​ | ​ | Number of |  | Weighted average | ​ | Grant date | ​ | Intrinsic
​ |  | options |  | exercise price |  | fair value |  | Value
Balance, December 31, 2024 | ​ | 32,470,780 | ​ | 0.30 | ​ | 3.00 | ​ |
Granted | ​ | 1,711,356 | ​ | 0.30 | ​ | 2.06 | ​ |
Exercised |  | (254,188) |  | 0.30 |  | 3.39 |  | 455,826
Forfeited |  | (7,868) |  | 0.30 |  | 3.36 |  |
Vested or expected to vest at June 30, 2025 |  | 33,920,080 |  | 0.30 |  | ​ |  | 72,246,378
Exercisable at June 30, 2025 |  | 33,920,080 |  | 0.30 |  | ​ |  | 72,246,378
Summary of allocated share-based compensation expense | ​
​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30
​ |  | 2024 |  | 2025
Continuing operations | ​ | ​ | ​ | ​
General and administrative | ​ | 1,079,112 | ​ | 3,697,862
​ | ​ | ​ | ​ | ​
Discontinued operations | ​ | ​ | ​ | ​
Cost of revenue | ​ | 66,229 | ​ | (55,868)
Sales and marketing | ​ | 263,531 | ​ | 47,086
Research and development |  | 30,971 |  | —
​ |  | 1,439,843 |  | 3,689,080
​

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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