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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION [Abstract]

Employee Share Option Activity

The following table summarizes the Company’s share option activity under the Plan:

		Number of options				Weighted average exercise price				Weighted average remaining contractual term				Aggregate intrinsic value
						$				Years				$
Outstanding, January 1, 2021			47,465,720				14.76
Granted			4,162,121				269.09
Exercised			(5,405,228	)			14.44
Forfeited			–
Outstanding, December 31, 2021			46,222,613				37.70				6.89				8,822,987
Vested and expected to vest at December 31, 2021			46,222,613				37.70
Exercisable as of December 31, 2021			30,707,210				14.13				6.32				6,435,641
Outstanding, January 1, 2022			46,222,613				37.70
Granted			30,000,000				120.00
Cancelled or forfeited			(4,012,516	)			279.17
Exercised			(3,676,911	)			13.82
Outstanding, December 31, 2022			68,533,186				60.87				7.30				1,433,420
Vested and expected to vest at December 31, 2022			68,533,186				60.87
Exercisable as of December 31, 2022			36,880,548				22.99				5.97				1,274,793
Outstanding, January 1, 2023			68,533,186
Granted			1,925,000				60.00
Cancelled or forfeited			(9,292,295	)			104.02
Exercised			(1,336,980	)			7.19
Outstanding, December 31, 2023			59,828,911				55.34				6.18				944,611
Vested and expected to vest at December 31, 2023			59,828,911				55.34
Exercisable as of December 31, 2023			42,877,386				35.29				5.51				887,174

Assumptions Used for Estimated Fair Value of Options

The Company calculated the estimated fair value of the options on the respective grant dates using the Black-Scholes Option Pricing Model with the following assumptions:

		Granted in 2021		Granted in 2022		Granted in 2023
Risk-free interest rates		0.74% – 1.07%		2.79% – 2.84%		3.60% – 4.10%
Expected term		5.6 – 7.5 years		5.1 – 7.5 years		6.5 – 7 years
Expected volatility		32.1% – 33.0%		48.7% – 55.9%		60.2% – 62.0%
Expected dividend yield		–		–		–

RSAs/RSUs Activity

The following table summarizes the Company’s RSAs/RSUs activity under the Plan:

		Number of RSAs/RSUs				Weighted average grant date fair value				Weighted average remaining contractual life				Aggregate intrinsic value
						$				Years				$
Unvested, January 1, 2021			9,341,928				46.36				8.64				1,859,511
Granted			3,551,491				258.97
Vested			(4,127,006	)			40.59
Forfeited			(637,193	)			102.92
Unvested, December 31, 2021 and January 1, 2022			8,129,220				137.76				8.47				1,818,588
Granted			7,320,443				99.25
Vested			(3,864,257	)			110.34
Forfeited			(1,933,175	)			133.12
Unvested, December 31, 2022 and January 1, 2023			9,652,231				120.48				8.81				502,206
Granted			7,119,505				63.46
Vested			(4,130,583	)			109.11
Forfeited			(1,786,921	)			116.01
Unvested, December 31, 2023			10,854,232				90.02				8.86				439,596

Total Compensation Expense of Share Options, RSAs, RSUs and SARs Granted to Employees

Total compensation expense relating to share options, RSAs, RSUs and SARs granted to employees after deducting forfeitures recognized for the years ended December 31, 2021, 2022 and 2023 is as follows:

		Year ended December 31,
		2021				2022				2023
		$				$				$
Share options:
Cost of revenue			390				–				–
Sales and marketing expenses			5				–				–
General and administrative expenses			207,204				313,917				253,408
Research and development expenses			33				254				44
			207,632				314,171				253,452
Cash received for the exercise in the respective years			77,639				50,211				10,643
RSAs/ RSUs:
Cost of revenue			8,318				11,104				12,727
Sales and marketing expenses			23,350				36,812				35,988
General and administrative expenses			67,421				67,388				99,048
Research and development expenses			148,592				283,747				282,381
			247,681				399,051				430,144
SARs:
Cost of revenue			3,389				(1,928	)			383
Sales and marketing expenses			6,850				(1,762	)			710
General and administrative expenses			3,658				(2,993	)			200
Research and development expenses			1,114				(643	)			141
			15,011				(7,326	)			1,434

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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.

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