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SHARE-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2025
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION | 13.SHARE-BASED COMPENSATION Share-based compensation was recognized in operating expenses for the years ended December 31, 2023, 2024 and 2025 as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 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
​ Share Options In October 2014, the Board of Directors of the Company approved the establishment of 2014 Share Incentive Plan, the purpose of which is to provide an incentive for employees contributing to the Group. The 2014 Share Incentive Plan shall be valid and effective until October 30, 2024. The maximum number of shares that may be issued pursuant to all awards (including incentive share options) under 2014 Share Incentive Plan shall be 135,032,132 shares. Option awards are granted with an exercise price determined by the Board of Directors. Those option awards generally vest over a period of four or five years and expire in ten years. In December 2018, the Board of Directors of the Company approved the 2019 Share Incentive Plan, pursuant to which the maximum number of shares of the Company available for issuance shall be a number of up to 2% of the total number of shares issued and outstanding on September 29, 2019 as determined by the Board, plus an annual increase on each September 30 during the term of this 2019 Share Incentive Plan commencing on September 30, 2020, by an amount determined by the Board; provided, however, that (i) the number of shares increased in each year shall not be more than 2% of the total number of shares issued and outstanding on September 29 of the same year and (ii) the aggregate number of shares initially reserved and subsequently increased during the term of this 2019 Share Incentive Plan shall not be more than 8% of the total number of shares issued and outstanding on September 29, 2019 immediately preceding the most recent increase. 13.SHARE-BASED COMPENSATION (Continued) Share Options (Continued) On December 30, 2019, the Company modified the exercise price of 8,113,145 stock options granted under 2014 Share Incentive Plan to US$0.60. For the years ended December 31, 2023, 2024 and 2025, the Group granted 128,000, nil and nil stock options to employees pursuant to the 2014 Share Incentive Plan and 2019 Share Incentive Plan. ​ A summary of the stock option activity under the 2014 and 2019 Share Incentive Plan for the years ended December 31, 2023, 2024 and 2025 is included in the table below. ​
​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Options granted | ​ ​ ​ | Weighted average
​ | ​ | share number | ​ | exercise price per option (US$)
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
​ The following table summarizes information regarding the share options outstanding as of December 31, 2025 and exercise prices and aggregate intrinsic value have been adjusted according to the modification of exercise price in December 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the underlying stock at December 31, 2025. The weighted average grant date fair value of options granted for the years ended December 31, 2023, 2024 and 2025 were US$4.9563, nil and nil per option, respectively. Options exercised for the years ended December 31, 2023, 2024 and 2025 were 2,560,304, 3,944,400 and 1,510,880, respectively. The total intrinsic value of options exercised during year ended December 31, 2025 was approximately HK$170,939 thousand (US$21,962 thousand). 13.SHARE-BASED COMPENSATION (Continued) Share Options (Continued) The fair value of each option granted during 2023, 2024 and 2025 was estimated on the date of each grant using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 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 | ​
​ Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. Expected term is the contract life of the options. As of December 31, 2025, there was HK$1,066 thousand (US$137 thousand) of unrecognized compensation expenses related to the options, adjusted for estimated forfeitures, which is expected to be recognized over a weighted-average period of 1.00 years, and may be adjusted for future changes in estimated forfeitures. Restricted Shares Units Plan In December 2018, the Board of Directors of the Company approved the 2019 Share Incentive Plan. The fair value of restricted share units granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant. The following table summarizes activities of the Company’s restricted share units granted to employees under the plan for the years ended December 31, 2023, 2024 and 2025: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted -
​ | ​ | ​ | ​ | average grant date
​ | ​ ​ ​ | Shares awarded number | ​ ​ ​ | fair value per share(US$)
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
​ For the years ended December 31, 2023, 2024 and 2025, the Group granted 8,769,800, 2,225,760 and 5,702,392 restricted shares units to employees pursuant to the 2019 Share Incentive Plan, respectively. ​ As of December 31, 2025, there was HK$943,387 thousand (US$121,207 thousand) of unrecognized compensation expenses related to the restricted shares units, adjusted for estimated forfeitures, which is expected to be recognized over a weighted-average period of 3.38 years and may be adjusted for future changes in estimated forfeitures.

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