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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of options

		For the years ended December 31,
		2016		2017		2018
Risk-free interest rates		1.75%-2.66%		2.26% - 2.57%		2.97%-3.13%
Expected volatility		49.63%-50.39%		48.08% - 49.35%		46.23%-48.63%
Expected dividend yield		0%		0%		0%
Exercise multiple		2.80		2.80		2.80
Post-vesting forfeit rate		0%		0%		0%
Fair value of underlying Ordinary Shares		$0.0308-$0.0577		$0.0858-$0.5359		$1.5146-$5.7400
Fair value of share option		$0.0273-$0.0531		$0.0808-$0.5302		$1.5091-$5.7335

Schedule of recognized share-based compensation expenses

		For the years ended
		December 31,
		2016		2017		2018		2018
		RMB		RMB		RMB		US$
Costs of revenues		276		796		3,488		507
Sales and marketing expenses		563		1,675		405,805		59,022
General and administrative expenses i) / ii)		1,477		108,141		6,296,186		915,742
Research and development		1,748		5,893		136,094		19,794
		4,064		116,505		6,841,573		995,065

i) For the years ended December 31, 2016, 2017 and 2018, the Company recorded nil,  RMB103,125 and nil, respectively, in share based compensation expenses in connection with the repurchase of Class B Ordinary Shares from the Founder.

ii) In April 2018, the Company issued 254,473,500 Class A Ordinary Shares to a company controlled by the Founder at the par value of US$0.000005 per share pursuant to a shareholders’ resolution. The difference between the par value and estimated fair value of Ordinary Shares on the grant date was recorded as a one-time share based compensation expense of RMB5,953,717 (US$865,932) in general and administration expenses. No such transaction took place during the years ended December 31, 2016 and 2017.

RSU

Share-Based Compensation

Summary of Group's share-based compensation activities

				Weighted
				average
		Number		grant date
		of RSUs		fair value
				US$
Outstanding as of January 1, 2018		—		—
Granted		8,295,240		6.2519
Outstanding as of December 31, 2018		8,295,240		6.2519
Vested and expected to vest as of December 31, 2018		8,295,240		6.2519

Stock option

Share-Based Compensation

Summary of Group's share-based compensation activities

						Weighted				Weighted
				Weighted		average				average
				average		grant		Aggregate		remaining
		Number of		exercise		date fair		intrinsic		contractual
		share options		price		value		value		term
				US$		US$		US$		Years
Outstanding as of January 1, 2016		101,468,440		0.0065		0.0184		2,385		9.82
Granted		102,264,620		0.0065		0.0416
Outstanding as of December 31, 2016		203,733,060		0.0065		0.0301		10,390		9.25
Vested and expected to vest as of December 31, 2016		203,733,060		0.0065		0.0301		10,390		9.25
Granted		78,560,000		0.0065		0.1736
Forfeited		(9,850,200)		0.0065		0.0544
Outstanding as of December 31, 2017		272,442,860		0.0065		0.0706		144,258		8.57
Vested and expected to vest as of December 31, 2017		272,442,860		0.0065		0.0706		144,258		8.57
Granted		359,390,000		0.0065		3.6289
Forfeited		(2,240,000)		0.0065		2.5006
Outstanding as of December 31, 2018		629,592,860		0.0065		2.0931		3,527,924		8.64
Vested and expected to vest as of December 31, 2018		629,592,860		0.0065		2.0931		3,527,924		8.64

X

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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- Definition

Tabular disclosure for share-based compensation 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.

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