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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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