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Share-Based Compensation (Tables)

12 Months Ended

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 amounts 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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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 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.

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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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