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SHARE-BASED COMPENSATION (Tables) | 6 Months Ended | 9 Months Ended
--- | --- | ---
Jun. 30, 2022 | Sep. 30, 2022
SHARE-BASED COMPENSATION |  |
Schedule of Share-based compensation recognized in operating expenses | ​
​ | ​ | ​ | ​ | ​
​ |  | Six months ended June 30
​ |  | 2021 |  | 2022
​ | ​ | (HK$ in thousands)
​ | ​ | ​ | ​ | ​
Research and development expenses | ​ | 25,202 | ​ | 69,170
General and administrative expenses | ​ | 4,924 | ​ | 20,294
Selling and marketing expenses | ​ | 3,290 | ​ | 7,787
Total share-based compensation expenses | ​ | 33,416 | ​ | 97,251
| ​
​ | ​ | ​ | ​ | ​
​ |  | Nine months ended September 30,
​ |  | 2021 |  | 2022
​ | ​ | (HK$ in thousands)
Research and development expenses | ​ | 49,290 |  | 106,395
General and administrative expenses | ​ | 8,913 |  | 30,694
Selling and marketing expenses | ​ | 6,092 |  | 11,616
Total share-based compensation expenses | ​ | 64,295 |  | 148,705
Schedule of the stock option activity under the 2014 and 2019 Share Incentive Plan | ​
​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted average
​ | ​ | Options granted | ​ | exercise price per
​ | ​ | share number | ​ | option (US$)
​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2021 |  | 13,341,466 |  | 0.5703
Exercised | ​ | (1,197,536) | ​ | 0.6469
Forfeited | ​ | (303,040) | ​ | 0.5634
Outstanding at June 30, 2022 | ​ | 11,840,890 | ​ | 0.5627
​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2020 | ​ | 19,042,336 | ​ | 0.5628
Exercised | ​ | (2,395,392) | ​ | 0.4365
Forfeited |  | (505,360) |  | 0.6572
Outstanding at June 30, 2021 |  | 16,141,584 |  | 0.5786
| ​
​ | ​ | ​ | ​ | ​
​ |  | Options granted |  | Weighted average
​ | ​ | share number | ​ | exercise price per option (US$)
Outstanding at December 31, 2021 |  | 13,341,466 |  | 0.5703
Exercised | ​ | (1,475,848) | ​ | 0.5996
Forfeited | ​ | (347,136) | ​ | 0.6368
Outstanding at September 30, 2022 |  | 11,518,482 |  | 0.5645
​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2020 | ​ | 19,042,336 | ​ | 0.5628
Exercised | ​ | (4,192,000) | ​ | 0.3619
Granted |  | 1,080,000 |  | 0.0444
Forfeited | ​ | (743,998) | ​ | 0.6548
Outstanding at September 30, 2021 |  | 15,186,338 |  | 0.5769
Schedule of share options outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | average | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | remaining | ​ | ​
​ | ​ | ​ | ​ | average | ​ | exercise | ​ | ​
​ | ​ | Options | ​ | exercise price | ​ | contractual life | ​ | Aggregate
​ | ​ | number | ​ | per option | ​ | (years) | ​ | intrinsic value
​ |  | ​ |  | US$ |  | ​ |  | US$ in thousands
Options |  |  |  |  |  |  |  |
Outstanding |  | 13,341,466 |  | 0.5703 |  | 3.42 |  | 165,157
Exercisable |  | 2,825,014 |  | 0.5729 |  | 2.85 |  | 34,964
Expected to vest |  | 10,516,452 |  | 0.5696 |  | 3.57 |  | 130,193
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30, 2022
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | average | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | remaining | ​ | ​
​ | ​ | ​ | ​ | average | ​ | exercise | ​ | ​
​ | ​ | Options | ​ | exercise price |  | contractual life | ​ | Aggregate
​ |  | number |  | per option |  | (years) |  | intrinsic value
​ | ​ | ​ |  | US$ |  | ​ |  | US$ in thousands
Options | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding | ​ | 11,840,890 |  | 0.5627 |  | 3.00 |  | 64,020
Exercisable | ​ | 1,654,999 |  | 0.5198 |  | 2.36 |  | 9,019
Expected to vest | ​ | 10,185,891 |  | 0.5697 |  | 3.10 |  | 55,001
| ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | average | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | remaining | ​ | ​
​ | ​ | ​ | ​ | average | ​ | exercise | ​ | ​
​ | ​ | Options | ​ | exercise price |  | contractual life | ​ | Aggregate
​ |  | number |  | per option |  | (years) |  | intrinsic value
​ |  | ​ |  | US$ |  | ​ |  | US$ in thousands
Options | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding | ​ | 13,341,466 |  | 0.5703 |  | 3.42 |  | 165,157
Exercisable | ​ | 2,825,014 |  | 0.5729 |  | 2.85 |  | 34,964
Expected to vest | ​ | 10,516,452 |  | 0.5696 |  | 3.57 |  | 130,193
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of September 30, 2022
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | average | ​ | ​
​ | ​ | ​ | ​ | Weighted- |  | remaining | ​ | ​
​ | ​ | ​ | ​ | average | ​ | exercise | ​ | ​
​ |  | Options |  | exercise price |  | contractual life |  | Aggregate
​ | ​ | number | ​ | per option | ​ | (years) | ​ | intrinsic value
​ | ​ | ​ |  | US$ |  | ​ |  | US$ in thousands
Options | ​ |  |  |  |  |  |  |
Outstanding | ​ | 11,518,482 |  | 0.5645 |  | 2.76 |  | 51,515
Exercisable | ​ | 1,653,781 |  | 0.4808 |  | 2.51 |  | 7,535
Expected to vest | ​ | 9,864,701 |  | 0.5786 |  | 2.80 |  | 43,980
Schedule of fair value of options granted using the binomial option pricing model |  | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine months ended September 30, |
​ |  | 2021 |  | 2022 | ​
Risk-free interest rate |  | 0.09%-0.89 | % | NA | ​
Expected term (in years) |  | 5.00 |  | NA | ​
Expected dividend yield |  | 0 | % | NA | ​
Expected volatility |  | 40 | % | NA | ​
Expected forfeiture rate (post-vesting) |  | 15 | % | NA | ​
Schedule of activities of the restricted share units granted to employees under the plan | ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted - average grant
​ | ​ | ​ | ​ | date fair value per
​ |  | Shares awarded number |  | share(US$)
​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2021 | ​ | 16,961,864 | ​ | 5.6793
Granted | ​ | 48,000 | ​ | 5.4125
Forfeited | ​ | (1,152,240) | ​ | 5.0585
Outstanding at June 30, 2022 | ​ | 15,857,624 | ​ | 5.7236
​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2020 | ​ | 6,067,400 | ​ | 4.6827
Forfeited | ​ | (171,200) | ​ | 4.7350
Outstanding at June 30, 2021 |  | 5,896,200 |  | 4.6812
| ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted -
​ | ​ | ​ | ​ | average grant date
​ |  | Shares awarded number |  | fair value per share(US$)
Outstanding at December 31, 2021 |  | 16,961,864 |  | 5.6793
Vested | ​ | (134,600) | ​ | 20.1363
Granted |  | 2,827,320 |  | 5.4125
Forfeited | ​ | (1,355,240) | ​ | 5.3584
Outstanding at September 30, 2022 |  | 18,299,344 |  | 5.5555
​
​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2020 | ​ | 6,067,400 |  | 4.6827
Granted |  | 837,072 | ​ | 20.1363
Forfeited | ​ | (231,680) | ​ | 4.7350
Outstanding at September 30, 2021 |  | 6,672,792 |  | 6.6195

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