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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 stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted |  | Weighted |  |  |  | Weighted
​ | ​ | ​ | ​ | average | ​ | average | ​ | Aggregate | ​ | average
​ | ​ | Number of | ​ | exercise | ​ | remaining | ​ | intrinsic | ​ | grant-date
​ | ​ | options | ​ | price | ​ | contractual life | ​ | value | ​ | fair value
​ |  | ​ |  | US$ | ​ | In Years | ​ | US$ | ​ | US$
Outstanding as of January 1, 2021 |  | 107,133,353 |  | 1.16 |  | 6.84 |  | 226,639 |  | 0.64
Granted |  | 32,701,729 |  | 4.14 |  |  |  |  |  |
Forfeited |  | (2,463,934) |  | 1.85 |  |  |  |  |  |
Outstanding as of June 30, 2021 |  | 137,371,148 |  | 1.85 |  | 7.45 |  | 2,468,589 |  | 1.93
Outstanding as of January 1, 2022 |  | 82,475,968 |  | 2.71 |  | 8.05 |  | 1,214,916 |  | 2.82
Granted |  | 8,424 |  | — |  |  |  |  |  |
Exercised |  | (6,812,174) |  | 1.30 |  |  |  |  |  |
Forfeited |  | (1,113,600) |  | 2.50 |  |  |  |  |  |
Outstanding as of June 30, 2022 |  | 74,558,618 |  | 2.84 |  | 7.68 |  | 767,897 |  | 2.90
Vested and expected to vest as of June 30, 2022 |  | 74,558,618 |  | 2.84 |  | 7.68 |  | 767,897 |  | 2.90
Exercisable as of June 30, 2022 |  | 30,629,972 |  | 2.12 |  | 6.93 |  | 337,665 |  | 1.79
| ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted |  | Weighted |  |  |  | Weighted
​ | ​ | ​ | ​ | average | ​ | average | ​ | Aggregate | ​ | average
​ | ​ | Number of | ​ | exercise | ​ | remaining | ​ | intrinsic | ​ | grant-date
​ | ​ | options | ​ | price | ​ | contractual life | ​ | value | ​ | fair value
​ |  | ​ |  | US$ | ​ | In Years | ​ | US$ | ​ | US$
Outstanding as of January 1, 2021 |  | 107,133,353 |  | 1.16 |  | 6.84 |  | 226,639 |  | 0.64
Granted |  | 32,710,153 |  | 4.08 |  |  |  | ​ |  |
Exercised | ​ | (47,697,284) | ​ | 0.54 | ​ | ​ | ​ | ​ | ​ | ​
Forfeited |  | (2,924,868) |  | 1.95 |  |  |  | ​ |  |
Outstanding as of September 30, 2021 |  | 89,221,354 |  | 2.53 |  | 8.21 |  | 1,379,942 |  | 2.77
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding as of January 1, 2022 |  | 82,475,968 |  | 2.71 |  | 8.05 |  | 1,214,916 |  | 2.82
Granted |  | 8,424 |  | — |  |  |  | ​ |  |
Exercised |  | (9,071,268) |  | 1.45 |  |  |  | ​ |  |
Forfeited |  | (1,356,950) |  | 2.91 |  |  |  | ​ |  |
Outstanding as of September 30, 2022 |  | 72,056,174 |  | 2.86 |  | 7.45 |  | 410,810 |  | 2.93
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and expected to vest as of September 30, 2022 |  | 72,056,174 |  | 2.86 |  | 7.45 |  | 410,810 |  | 2.93
Exercisable as of September 30, 2022 |  | 32,174,348 |  | 2.07 |  | 6.70 |  | 204,988 |  | 1.71
Summary of assumptions in the binomial option-pricing model used to determine the fair value of stock options | ​
a | ​ | ​
​ |  | For the six months ended
​ | ​ | June 30, 2021
Fair value of ordinary shares on the date of option grant |  | 6.78 – 18.09
Risk-free interest rate(1) |  | 1.7% – 2.0%
Expected term (in years) |  | 10
Expected dividend yield(2) |  | 0%
Expected volatility(3) |  | 58.8% – 59.8%
Expected early exercise multiple |  | 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.
| ​
​ | ​ | ​ | ​
​ |  | For the nine months ended |
​ | ​ | September 30, 2021 |
Fair value of ordinary shares on the date of option grant |  | 6.78 - 18.09 | ​
Risk-free interest rate(1) |  | 1.6% - 2.0% | ​
Expected term (in years) |  | 10 | ​
Expected dividend yield(2) |  | 0 | ​
Expected volatility(3) |  | 58.8% - 59.8% | ​
Expected early exercise multiple |  | 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 | ​
​ | ​ | ​ | ​ | ​
​ |  | Number of |  | Weighted average
​ | ​ | RSUs | ​ | grant-date fair value
​ | ​ | ​ | ​ | US$
Outstanding as of January 1, 2022 | ​ | 3,521,118 | ​ | 19.05
Granted |  | 8,118,214 |  |
Vested |  | (257,420) |  |
Forfeited |  | (242,012) |  |
Outstanding as of June 30, 2022 |  | 11,139,900 |  | 12.81
| ​
​ | ​ | ​ | ​ | ​
​ |  | Number of |  | Weighted average
​ | ​ | RSUs | ​ | grant-date fair value
​ | ​ | ​ | ​ | US$
Outstanding as of January 1, 2021 | ​ | — | ​ | —
Granted | ​ | 202,274 | ​ | ​
Vested | ​ | — | ​ | ​
Forfeited | ​ | — | ​ | ​
Outstanding as of September 30, 2021 | ​ | 202,274 | ​ | 19.40
​ | ​ | ​ | ​ | ​
Outstanding as of January 1, 2022 | ​ | 3,521,118 | ​ | 19.05
Granted |  | 11,994,570 |  |
Vested |  | (313,464) |  |
Forfeited |  | (334,176) |  |
Outstanding as of September 30, 2022 |  | 14,868,048 |  | 12.35
Summary of stock-based compensation expense | ​
​ | ​ | ​ | ​ | ​
​ |  | For the six months ended June 30,
​ | ​ | 2021 |  | 2022
​ | ​ | RMB | ​ | RMB
Cost of revenues | ​ | 13,137 | ​ | 16,113
Sales and marketing expenses | ​ | 26,922 | ​ | 63,817
Research and development expenses |  | 58,633 |  | 115,117
General and administrative expenses* |  | 1,610,559 |  | 87,999
Total |  | 1,709,251 |  | 283,046
* | In June 2021, the Company granted 24,745,531 Class B ordinary shares to TECHWOLF LIMITED, and recorded share- based compensation expenses of RMB1,506.4 million in general and administrative expenses upon the grant (Note 13).
| ​
​ | ​ | ​ | ​ | ​
​ |  | For the nine months ended September 30,
​ | ​ | 2021 |  | 2022
​ | ​ | RMB | ​ | RMB
Cost of revenues | ​ | 24,568 | ​ | 25,204
Sales and marketing expenses | ​ | 44,838 | ​ | 106,613
Research and development expenses |  | 95,321 |  | 184,945
General and administrative expenses* |  | 1,643,447 |  | 131,199
Total |  | 1,808,174 |  | 447,961
| * | In June 2021, the Company granted 24,745,531 Class B ordinary shares to TECHWOLF LIMITED and recorded share- based compensation expenses of RMB1,506.4 million in general and administrative expenses upon the grant (Note 12).

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