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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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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.

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Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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