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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2025
SHARE-BASED COMPENSATION |
Schedule of Share-based compensation recognized in operating expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Year ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ | ​ | (HK$ in thousands)
Research and development expenses | ​ | 201,033 |  | 230,830 |  | 226,490
General and administrative expenses | ​ | 69,560 |  | 81,966 |  | 88,091
Selling and marketing expenses | ​ | 20,238 |  | 22,130 |  | 28,443
Total share-based compensation expenses | ​ | 290,831 |  | 334,926 |  | 343,024
Schedule of the stock option activity under the 2014 and 2019 Share Incentive Plan | ​
​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Options granted | ​ ​ ​ | Weighted average
​ | ​ | share number | ​ | exercise price per option (US$)
Outstanding at December 31, 2022 |  | 9,986,146 |  | 0.5556
Exercised | ​ | (2,560,304) | ​ | 0.5574
Granted |  | 128,000 |  | 0.6500
Forfeited | ​ | (294,480) | ​ | 0.6368
Outstanding at December 31, 2023 |  | 7,259,362 |  | 0.5533
Exercised | ​ | (3,944,400) | ​ | 0.5205
Forfeited | ​ | (656,080) | ​ | 0.3667
Outstanding at December 31, 2024 |  | 2,658,882 |  | 0.6480
Exercised | ​ | (1,510,880) | ​ | 0.6477
Outstanding at December 31, 2025 |  | 1,148,002 |  | 0.6483
Schedule of share options outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | average | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | remaining | ​ | ​
​ | ​ | ​ | ​ | average | ​ | exercise | ​ | ​
​ | ​ | Options | ​ | exercise price |  | contractual life | ​ | Aggregate
​ | ​ ​ ​ | number | ​ ​ ​ | per option | ​ ​ ​ | (years) | ​ ​ ​ | intrinsic value
​ | ​ | ​ |  | US$ |  | ​ |  | US$ in thousand
Options | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding | ​ | 1,148,002 |  | 0.6483 |  | 2.92 |  | 22,820
Exercisable | ​ | 1,116,002 |  | 0.6483 |  | 2.85 |  | 22,184
Expected to vest | ​ | 32,000 |  | 0.6500 |  | 5.50 |  | 636
Schedule of fair value of options granted using the binomial option pricing model | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate |  | 4.13 | % | NA | ​ | NA | ​
Expected term (in years) |  | 4.00 | ​ | NA | ​ | NA | ​
Expected dividend yield |  | 0 | % | NA | ​ | NA | ​
Expected volatility |  | 40 | % | NA | ​ | NA | ​
Expected forfeiture rate (post-vesting) |  | 15 | % | NA | ​ | NA | ​
Schedule of activities of the restricted share units granted to employees under the plan | ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted -
​ | ​ | ​ | ​ | average grant date
​ | ​ ​ ​ | Shares awarded number | ​ ​ ​ | fair value per share(US$)
Outstanding at January 1, 2023 | ​ | 26,692,248 | ​ | 5.3631
Vested | ​ | (5,683,896) | ​ | 5.0877
Granted | ​ | 8,769,800 | ​ | 6.1047
Forfeited | ​ | (2,500,424) | ​ | 5.2052
Outstanding at December 31, 2023 |  | 27,277,728 |  | 5.6734
Vested | ​ | (6,826,392) | ​ | 6.1047
Granted |  | 2,225,760 |  | 9.3712
Forfeited | ​ | (2,665,656) | ​ | 5.2956
Outstanding at December 31, 2024 |  | 20,011,440 |  | 5.9879
Vested | ​ | (6,709,496) | ​ | 9.3712
Granted | ​ | 5,702,392 | ​ | 10.9081
Forfeited | ​ | (1,842,848) | ​ | 6.2381
Outstanding at December 31, 2025 | ​ | 17,161,488 | ​ | 6.2732
​

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