With effect on January 1, 2025, the maximum number of shares which may be issued pursuant to all awards under its 2009 share incentive plan (the “Plan”) increased to 246,892,991 Class A ordinary shares. The Company amended the Plan in April 2022 to automatically increase on January 1 of each of 2023, 2024, 2025 and 2026 by 3% of the total number of ordinary shares of all classes of the Company outstanding on that day immediately before the increase. Under the Plan, the Company may grant options, restricted share award (“RSA”), restricted share unit (“RSU”) or share appreciation right (“SAR”) to its officers, employees, directors and other eligible persons (collectively known as “Eligible Persons”). The Plan is administered by an authorized administrator appointed by the Board of Directors of the Company set forth in the Plan (the “Plan Administrator”).

All options granted have a contractual term of ten years. The options vest according to the stated vesting period in the grantee’s option agreement. Prior to 2024, the RSUs and SARs generally vest 25% on the first anniversary year from the stated vesting commencement date and the remaining 75% will vest in 12 substantially equal quarterly instalments. RSUs and SARs granted in or after 2024, generally vest in 16 substantially equal quarterly instalments.

	Number of options			Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
				$		Years		$

Outstanding, January 1, 2023		68,533,186			60.87
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 exercisable as of December 31, 2023		42,877,386			35.29		5.51		887,174
Outstanding, January 1, 2024		59,828,911
Cancelled		(6,600,000	)		120.00
Exercised		(10,148,635	)		14.40
Outstanding, December 31, 2024		43,080,276			55.08		5.24		2,426,627
Vested and exercisable as of December 31, 2024		36,830,100			47.63		5.00		2,312,733
Outstanding, January 1, 2025		43,080,276
Exercised		(3,823,890	)		14.87
Outstanding, December 31, 2025		39,256,386			59.00		4.44		2,691,965
Vested and exercisable as of December 31, 2025		36,006,386			54.22		4.29		2,641,113

The aggregate intrinsic value is calculated to be the difference between the exercise price of the underlying awards and the fair value of the underlying stock at each reporting date, for those awards that have an exercise price below the estimated fair value of the Company’s ordinary shares.

The risk-free interest rate for periods within the contractual life of the option is based on the US Treasury Yields at the time of grant. The Company has used the simplified method to determine the expected term due to insufficient relevant historical exercise data to provide a reasonable basis to estimate expected term. The Company estimated expected volatility primarily based on the weighted-average historical share price volatility of the Company’s ADS. The Company’s management is ultimately responsible for the determination of the estimated fair value of its ordinary shares.

The weighted-average grant-date fair value of share options granted during the year of December 31, 2023 was $40.62. The total fair value of share options vested during the years ended December 31, 2023, 2024 and 2025 was $325,183, $181,293 and $121,086, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2023, 2024 and 2025 was $72,072, $401,405 and $512,874, respectively.

As of December 31, 2025, there were $166,770 total unrecognized share-based compensation cost related to unvested options which is expected to be recognized over a weighted-average period of 1.3 years. Total unrecognized compensation cost may be adjusted for future changes in actual forfeitures.

	Number of RSAs/RSUs			Weighted average grant date fair value		Weighted average remaining contractual life		Aggregate intrinsic value
				$		Years		$

Unvested, 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 and January 1, 2024		10,854,232			90.02		8.86		439,596
Granted		10,718,971			48.32
Vested		(6,099,527	)		93.83
Forfeited		(1,688,983	)		73.93
Unvested, December 31, 2024 and January 1, 2025		13,784,693			82.18		8.74		1,462,556
Granted		1,268,009			132.41
Vested		(5,494,734	)		93.05
Forfeited		(947,634	)		66.27
Unvested, December 31, 2025		8,610,334			84.39		8.06		1,098,420

The weighted-average grant-date fair value of RSAs and RSUs granted during the years ended December 31, 2023, 2024 and 2025 was $63.46, $48.32 and $132.41, respectively. The total fair value of RSAs and RSUs vested during the years ended December 31, 2023, 2024 and 2025 was $450,703, $572,330 and $511,226, respectively.

As of December 31, 2025, there was $726,626 of unrecognized share-based compensation cost related to RSAs and RSUs which is expected to be recognized over a weighted-average vesting period of 1.9 years. Total unrecognized compensation may be adjusted for future changes in actual forfeitures.

During the years ended December 31, 2024 and 2025, the Company granted 91,038 and 7,290 SARs, respectively, to the Eligible Persons. Fair value of the SARs is measured based on the fair value of the Company’s ordinary shares at the end of each reporting period.

Total compensation expense relating to share options, RSAs, RSUs and SARs granted to employees after deducting forfeitures recognized for the years ended December 31, 2023, 2024 and 2025 is as follows:

	Year ended December 31,
	2023		2024		2025
	$		$		$

Share options:
General and administrative expenses		253,408		155,051		115,087
Research and development expenses		44		–		–
		253,452		155,051		115,087

Cash received for the exercise in the respective years		10,643		146,081		56,825

RSAs/ RSUs:
Cost of revenue		12,727		10,795		9,071
Sales and marketing expenses		35,988		32,257		25,279
General and administrative expenses		99,048		231,610		258,466
Research and development expenses		282,381		274,624		208,530
		430,144		549,286		501,346

SARs:
Cost of revenue		383		2,235		1,306
Sales and marketing expenses		710		4,125		3,578
General and administrative expenses		200		4,197		3,238
Research and development expenses		141		945		440
		1,434		11,502		8,562