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Share-Based Awards Plan (Tables)
12 Months Ended
Dec. 31, 2022
Baidu  
Total Share-Based Compensation Cost Recognized
The following table summarizes the total share-based compensation cost recognized by the Group:
 
    
For the years ended December 31,
 
    
2020
    
2021
    
2022
    
2022
 
    
RMB
    
RMB
    
RMB
    
US$
 
    
(In millions)
 
Expensed as cost of revenues
     360        399        409        59  
Expensed as selling, general and administrative
     1,897        1,840        1,750        253  
Expensed as research and development
     4,471        4,817        4,629        672  
    
 
 
    
 
 
    
 
 
    
 
 
 
       6,728        7,056        6,788        984  
    
 
 
    
 
 
    
 
 
    
 
 
 
Option Activity
The following table summarizes the option activity for the year ended December 31, 2022:

 
  
Number of share
options
 
 
Weighted average

exercise price
(US$)
 
  
Weighted
average
remaining
contractual life
(Years)
 
  
Aggregate
intrinsic
value (US$ in
millions)
 
Incentive share options
                                  
Outstanding, December 31, 2021
     21,453,560           17        6            84  
    
 
 
   
 
 
    
 
 
    
 
 
 
Granted



     1,608,504       20                   
Exercised
     (2,500,936     10                   
Forfeited/Cancelled
     (891,832     17                   
    
 
 
   
 
 
    
 
 
    
 
 
 
Outstanding, December 31, 2022
     19,669,296       19        6        20  
    
 
 
   
 
 
    
 
 
    
 
 
 
Vested and expected to vest
at December 31, 2022
     18,464,496       19        5        18  
    
 
 
   
 
 
    
 
 
    
 
 
 
Exercisable at December 31, 2022
     16,179,616       19        5        14  
    
 
 
   
 
 
    
 
 
    
 
 
 
Assumptions Used to Estimate Fair Values of Share Options Granted The following table presents the assumptions used to estimate the fair values of the share options granted in the years presented:
 
    
For the years ended December 31
 
    
2020
    
2021
    
2022
 
Risk-free interest rate
     1.51~1.52%        0.63~1.23%        1.92~2.96%  
Dividend yield
     —          —          —    
Expected volatility range
     34.83%~34.92%        38.12%~39.82%        40.66%~47.03%  
Expected life (in years)
     5.90~6.01        5.80~5.86        5.26~5.49  
Restricted Shares Activity Restricted Shares activity for the year ended December 31, 2022 was as follow:
 
    
Number of shares
    
Weighted average grant date
fair value (US$)
 
Restricted Shares
                 
Unvested, December 31, 2021
     138,440,472        19  
Granted
     57,803,056        15  
Vested
     (47,059,064      19  
Forfeited/Cancelled
     (22,934,104      18  
    
 
 
    
 
 
 
Unvested, December 31, 2022
     126,250,360        17  
    
 
 
    
 
 
 
iQIYI  
Total Share-Based Compensation Cost Recognized
The following table summarizes the share-based compensation cost recognized by iQIYI:
 
    
For the years ended December 31,
 
    
2020
    
2021
    
2022
    
2022
 
    
RMB
    
RMB
    
RMB
    
US$
 
    
(In millions)
 
Expensed as cost of revenues
     202        173        148        21  
Expensed as selling, general and administrative
     851        718        424        61  
Expensed as research and development
     317        328        239        35  
    
 
 
    
 
 
    
 
 
    
 
 
 
       1,370        1,219        811        117  
    
 
 
    
 
 
    
 
 
    
 
 
 
Option Activity
The following table sets forth the summary of employee option activity for the year ended December 31, 2022:


 
  
Number of share options
 
 
Weighted
average

exercise price

US$
 
  
Weighted
average
remaining
contractual life
(Years)
 
  
Aggregate
Intrinsic
value (US$ in
millions)
 
Outstanding, December 31, 2021
     341,665,534       0.49        7        57  
Granted


     174,961,521       0.11                    
Forfeited/Expired
     (17,625,428     0.26                    
Exercised
     (19,530,525     0.48                    
    
 
 
   
 
 
    
 
 
    
 
 
 
Outstanding, December 31, 2022
     479,471,102       0.35        7        193  
    
 
 
   
 
 
    
 
 
    
 
 
 
Vested and expected to vest at December 31, 2022
     450,152,110       0.37        7        174  
    
 
 
   
 
 
    
 
 
    
 
 
 
Exercisable at December 31, 2022
     276,887,892       0.48        5        77