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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table sets forth the activities of share options for the years ended December 31, 2019, 2020 and 2021:
|  | Number of options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual life |  |  | Aggregate intrinsic value |  |  | Weighted average grant–date fair value |
|  |  |  |  | US$ |  |  | In Years |  |  | US$ |  |  | US$ |
Outstanding as of January 1, 2019 |  |  | 67,784,739 |  |  |  | 0.50 |  |  |  | 7.64 |  |  |  | 22,714 |  |  |  | 0.12 |
Granted |  |  | 25,679,294 |  |  |  | 1.45 |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (7,242,312 | ) |  |  | 0.84 |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2019 |  |  | 86,221,721 |  |  |  | 0.76 |  |  |  | 7.22 |  |  |  | 65,994 |  |  |  | 0.27 |
Granted |  |  | 26,509,592 |  |  |  | 2.42 |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (5,597,960 | ) |  |  | 1.00 |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2020 |  |  | 107,133,353 |  |  |  | 1.16 |  |  |  | 6.84 |  |  |  | 226,639 |  |  |  | 0.64 |
Granted |  |  | 32,710,153 |  |  |  | 4.14 |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (54,385,484 | ) |  |  | 0.55 |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (2,982,054 | ) |  |  | 1.98 |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2021 |  |  | 82,475,968 |  |  |  | 2.71 |  |  |  | 8.05 |  |  |  | 1,214,916 |  |  |  | 2.82 |
Vested and expected to vest as of December 31, 2021 |  |  | 82,475,968 |  |  |  | 2.71 |  |  |  | 8.05 |  |  |  | 1,214,916 |  |  |  | 2.82 |
Exercisable as of December 31, 2021 |  |  | 22,421,874 |  |  |  | 1.27 |  |  |  | 6.70 |  |  |  | 362,469 |  |  |  | 0.86 |
Summary of Assumptions in the Binomial Option-Pricing Model used to Determine the Fair Value of Stock Options |
|  | For the year ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |
Fair value of ordinary shares on the date of option grant (US$) |  |  | 1.01 - 1.52 |  |  |  | 1.84 - 3.27 |  |  |  | 6.78 - 18.09 |
Risk-free interest rate (1) |  |  | 1.80% -2.76% |  |  |  | 0.82% - 1.70% |  |  |  | 1.6% - 2.0% |
Expected term (in years) |  |  | 10 |  |  |  | 10 |  |  |  | 10 |
Expected dividend yield (2) |  |  | 0% |  |  |  | 0% |  |  |  | 0% |
Expected volatility (3) |  |  | 56.1% - 57.8% |  |  |  | 56.5% -59.0% |  |  |  | 58.8% - 59.8% |
Expected early exercise multiple |  |  | 2.2x-2.8x |  |  |  | 2.2x-2.8x |  |  |  | 2.2x-2.8x |
| (1) | The risk-free interest rate of periods within the contractual life of the share option is based on the market yield of U.S. Treasury Strips with a maturity life equal to the expected life to expiration.
| (2) | The Company has no history or expectation of paying dividends on its ordinary shares.
| (3) | Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.
Summary of RSU activity | The following table summarizes activities of the Company’s RSUs granted to employees:
|  | Number of RSUs |  |  | Weighted average grant-date fair value |
|  |  |  |  | US$ |
Outstanding as of January 1, 2021 |  |  | — |  |  |  | — |
Granted |  |  | 3,521,118 |  |  |  |  |
Outstanding as of December 31, 2021 |  |  | 3,521,118 |  |  |  | 19.05 |
Summary of Stock-Based Compensation Expense | The following table sets forth the amount s of share-based compensation expenses included in each of the relevant financial statement line items:
|  | For the year ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | RMB |  |  | RMB |  |  | RMB |
Cost of revenues |  |  | 944 |  |  |  | 1,920 |  |  |  | 31,467 |
Sales and marketing expenses |  |  | 8,443 |  |  |  | 21,473 |  |  |  | 73,733 |
Research and development expenses |  |  | 13,595 |  |  |  | 30,883 |  |  |  | 137,820 |
General and administrative expenses * |  |  | 11,268 |  |  |  | 602,960 |  |  |  | 1,680,626 |
Total |  |  | 34,250 |  |  |  | 657,236 |  |  |  | 1,923,646 |
| * | In November 2020 and June 2021, the Company granted 24,780,971 and 24,745,531 Class B ordinary shares to TECHWOLF LIMITED , and recorded RMB533.1 million and RMB1,506.4 million of share-based compensation expenses in general and administrative expenses for the years ended December 31, 2020 and 2021, respectively (Note 13).

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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