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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of options

​

​	​	​	​	​	​	​
​		For the years ended December 31,
​		2017		2018		2019
Risk-free interest rates	​	2.26%-2.57%	​	2.97%-3.13%	​	1.50%-2.90%
Expected volatility	​	48.08%-49.35%	​	46.23%-48.63%	​	43.52%-57.59%
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	​	$0.0858-$0.5359	​	$1.5146-$5.7400	​	$4.8550-$8.9875
Fair value of share option	​	$0.0808-$0.5302	​	$1.5091-$5.7335	​	$4.8485-$8.9810

Schedule of recognized share-based compensation expenses

​

​	​	​	​	​	​	​	​	​
​	​	For the years ended
​	​	December 31,
​	​	2017	​	2018	​	2019	​	2019
​		RMB	​	RMB		RMB		US$
Costs of revenues	​	796	​	3,488	​	23,835		3,424
Sales and marketing expenses	​	1,675	​	405,805	​	860,862		123,655
General and administrative expenses i) / ii)	​	108,141	​	6,296,186	​	786,641		112,994
Research and development	​	5,893	​	136,094	​	886,368		127,319
​	​	116,505	​	6,841,573	​	2,557,706		367,392

i)     For the year ended December 31, 2017, the Company recorded RMB103,125, in share-based compensation expenses in connection with the repurchase of Class B ordinary shares from the Founder. No such transaction took place during the years ended December 31, 2018 and 2019.

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 in general and administration expenses. No such transaction took place during the years ended December 31, 2017 and 2019.

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
Granted	​	36,409,188	​	6.7698
Vested	​	(567,636)	​	6.9225
Forfeited	​	(2,761,724)	​	6.4514
Outstanding as of December 31, 2019		41,375,068		6.6855

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 1,2017	​	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
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
Granted		76,665,380		0.0065		7.7632		​		​
Forfeited		(7,937,140)		0.0065		5.7059		​		​
Outstanding as of December 31, 2019		698,321,100		0.0065		2.6745		6,598,087		7.83
Vested and expected to vest as of December 31, 2019		698,321,100		0.0065		2.6745		6,598,087		7.83
Exercisable as of December 31,2019		298,464,265		0.0065		1.1083		2,820,040		7.01

​

X

- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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