XML 47 R39.htm IDEA: XBRL DOCUMENT v3.22.2.2

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).

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ 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 (h)(1)
-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 S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration