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SHARE-BASED PAYMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
SHARE-BASED PAYMENTS |
Summary of the activity under the share option scheme | A summary of the activity for the options granted under the 2013 Share Option Scheme is stated below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | Weighted- | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | average | ​ | average | ​ | Aggregate
​ | ​ | Number of | ​ | average exercise | ​ | grant-date | ​ | remaining | ​ | intrinsic
​ |  | options |  | price |  | fair value |  | contractual term |  | value
​ | ​ | ​ | ​ | US$ | ​ | US$ | ​ | Years | ​ | US$
Outstanding, December 31, 2022 |  | 38,366,108 |  | 0.07 |  | 0.86 |  | 6.01 |  | 6,972
Forfeited |  | (1,147,119) |  | 0.07 |  | 1.84 |  | — |  | —
Exercised |  | (4,363,286) |  | 0.07 |  | 0.63 |  | — |  | —
Outstanding, December 31, 2023 |  | 32,855,703 |  | 0.07 |  | 0.85 |  | 5.01 |  | 5,864
Vested and expected to vest at December 31, 2023 |  | 32,855,703 |  | 0.07 |  | 0.85 |  | 5.01 |  | 5,864
Exercisable at December 31, 2023 |  | 27,962,196 |  | 0.07 |  | 0.68 |  | 4.68 |  | 4,994
Summary of the activity for the options issued under the share award scheme | A summary of the activity for the options granted under the 2013 Share Award Scheme is stated below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | Weighted- | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | average | ​ | average | ​ | Aggregate
​ | ​ | Number of | ​ | average exercise | ​ | grant-date | ​ | remaining | ​ | intrinsic
​ |  | options |  | price |  | fair value |  | contractual term |  | value
​ | ​ | ​ | ​ | US$ | ​ | US$ | ​ | Years | ​ | US$
Outstanding, December 31, 2022 |  | 17,068,100 |  | 0.87 |  | 0.31 |  | 6.97 |  | —
Forfeited |  | (2,611,210) |  | 0.87 |  | 0.29 |  | — |  | —
Outstanding, December 31, 2023 |  | 14,456,890 |  | 0.87 |  | 0.32 |  | 5.97 |  | —
Vested and expected to vest at December 31, 2023 |  | 14,456,890 |  | 0.87 |  | 0.32 |  | 5.97 |  | —
Exercisable at December 31, 2023 |  | 12,391,620 |  | 0.87 |  | 0.31 |  | 5.96 |  | —
Schedule of assumptions used to estimate the fair value of the share options | The assumptions used to estimate the fair value of the share options granted for the years ended December 31, 2021 and 2022 are as follows:
​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31
​ |  | 2021 |  | 2022
Risk-free rate |  | 1.13%-1.62% | ​ | 1.75%-2.93%
Expected volatility range |  | 36.28%-38.03% | ​ | 35.62%-46.22%
Exercise multiple |  | 2.20-2.80 |  | 2.20-2.80
Fair market value per ordinary share as at valuation dates |  | US$1.97-US$3.49 |  | US$0.24-US$0.73
​
Summary of acquisition date fair value of each share-based award is estimated | The acquisition date fair value of each Camelot Award is estimated using the binomial tree option pricing model with the following assumptions:
​ | ​ | ​ | ​
​ |  | 2021 |
Risk-free rate |  | 0.21 | %
Expected volatility |  | 50.56 | %
Exercise multiple |  | 2.20 | ​
Fair market value per ordinary share as at valuation dates |  | RMB23.00 | ​
Summary of the amount of share-based compensation expense included in each of the relevant financial statement line items | The following table sets forth the amount of share-based compensation expense included in each of the relevant financial statement line items:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31
​ |  | 2021 |  | 2022 |  | 2023 |  | 2023
​ | ​ | RMB | ​ | RMB | ​ | RMB | ​ | US$
Cost of revenues |  | 17,481 |  | 15,618 |  | 9,757 |  | 1,374
Selling and marketing expenses |  | 72,594 |  | 68,562 |  | 6,977 |  | 983
General and administrative expenses |  | 193,886 |  | 187,843 |  | 114,766 |  | 16,164
Research and development expenses |  | 150,389 |  | 87,812 |  | 50,145 |  | 7,063
​ |  | 434,350 |  | 359,835 |  | 181,645 |  | 25,584
​
2013 Share Award Scheme |
SHARE-BASED PAYMENTS |
Summary of the activity for the restricted shares issued under the share award scheme | A summary of the activity for the restricted shares issued under the 2013 Share Award Scheme is stated below:
​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted-average
​ |  | shares |  | grant-date fair value
​ | ​ | ​ | ​ | US$
Outstanding, December 31, 2022 |  | 30,148,902 |  | 1.33
Vested |  | (9,271,339) |  | 1.08
Forfeited |  | (7,740,183) |  | 1.45
Outstanding, December 31, 2023 |  | 13,137,380 |  | 1.22
Expected to vest at December 31, 2023 |  | 13,137,380 |  | 1.22
2021 Share Award Scheme |
SHARE-BASED PAYMENTS |
Summary of the activity for the options issued under the share award scheme | In November 2021, the Company adopted the 2021 Share Award Scheme. A summary of the activity for the restricted shares with option features (the “RSUs”) issued under the 2021 Share Award Scheme is stated below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ |  | Weighted- |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | average | ​ | Weighted- | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | grant- | ​ | average | ​ | Aggregate
​ | ​ | Number of | ​ | average exercise | ​ | date | ​ | remaining | ​ | intrinsic
​ |  | the RSUs |  | price |  | fair value |  | contractual term |  | value
​ | ​ | ​ | ​ | US$ | ​ | US$ | ​ | Years | ​ | US$
Outstanding, December 31, 2022 |  | 104,003,481 |  | 0.01 |  | 0.32 |  | 9.44 |  | 25,786
Granted |  | 154,646,877 |  | 0.01 |  | 0.27 |  | — |  | —
Exercised |  | (40,048,900) |  | 0.01 |  | 0.28 |  | — |  | —
Forfeited |  | (12,449,108) |  | 0.01 |  | 0.37 |  | — |  | —
Outstanding, December 31, 2023 |  | 206,152,350 |  | 0.01 |  | 0.29 |  | 9.38 |  | 54,682
Vested and expected to vest at December 31, 2023 |  | 206,152,350 |  | 0.01 |  | 0.29 |  | 9.38 |  | 54,682
Exercisable at December 31, 2023 |  | 63,021,373 |  | 0.01 |  | 0.26 |  | 9.23 |  | 15,251

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