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SHARE BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of fair value of the options granted was estimated on the date of grant that prepared by the management with the assistance of an independent third party appraiser, and was determined using a binomial model | The fair value of the options granted was estimated on the date of grant that prepared by the management with the assistance of an independent third‑party appraiser, and was determined using a binomial model with the following assumptions:
|  | Fair value per ordinary share at grant date(1) |  |  | Exercise price(2) |  |  | Expected volatility(3) |  | Contractual life(4) |  | Risk-free interest rate(5) |  | Expected dividend(6) |
|  | US$ | US$ |  |  |  |  |  |  |  |
Granted in 2014 |  |  | 0.008 |  |  |  | 0.00001 |  |  | 40% |  | 10 years |  | 3.0-3.1% |  |  | 0.0 |
Granted in 2015 |  | 0.008-0.016 |  |  |  | 0.00001 |  |  | 39% |  | 10 years |  | 2.5-3.1% |  |  | 0.0 |
Granted in 2016 |  | 0.019-0.030 |  |  |  | 0.00001 |  |  | 39% |  | 10 years |  | 2.3-3% |  |  | 0.0 |
Granted in 2017 |  | 0.034-0.059 |  |  | 0.00001-0.040 |  |  | 39% |  | 10 years |  | 3.0-3.2% |  |  | 0.0 |
Granted in 2018 |  | 0.147-0.405 |  |  | 0.0001-0.200 |  |  | 35-38% |  | 10 years |  | 3.1-3.8% |  |  | 0.0 |
Granted in 2019 |  | 0.274-0.484 |  |  | 0.00001-0.274 |  |  | 37-39% |  | 10 years |  | 3.0-3.4% |  |  | 0.0 |
Granted in 2021 |  | 0.2184 |  |  |  | 1.1853 |  |  | 55% |  | 10 years |  | 0.88% |  |  | 0.0 |
(1) Fair value of underlying ordinary shares. Prior to the completion of initial public offering, the estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a valuation with the assistance of a third party appraiser. The fair value of the underlying ordinary shares is determined based on the closing market price of the share after the completion of initial public offering in March 2019. (2) Exercise price. The exercise price of the options was determined by the Company’s Board of Directors. (3) Volatility. The volatility of the underlying ordinary shares was estimated based on the historical share price movement of the comparable companies for the period of time close to the expected time to exercise. (4) Contractual life. The contractual life of the share options was the period between the grant date and the expiry date. (5) Risk free rate. Risk free rate is estimated based on market yield of U.S. Sovereign Curve with maturity close to the share options as of the valuation date, plus country spread. (6) Expected dividend. The Company does not expect to declare any dividends in the foreseeable future.
Summary of share option activities | A summary of the Company’s share option activities for the years ended December 31, 2023 and 2024 is presented below:
|  | Number of share options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual life |  |  | Aggregate intrinsic value |
|  |  |  |  | US$ |  |  | Years |  |  | US$ |
Outstanding as of January 1, 2023 |  |  | 28,431,196 |  |  |  | 0.03046 |  |  |  | 5.82 |  |  |  | 7,335,391 |
Exercised |  |  | (2,323,795 | ) |  |  | 0.03554 |  |  |  |  |  |  |
Outstanding as of December 31, 2023 |  |  | 26,107,401 |  |  |  | 0.03001 |  |  |  | 4.83 |  |  |  | 7,243,680 |
Exercised |  |  | (1,727,500 | ) |  |  | 0.03112 |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 24,379,901 |  |  |  | 0.02993 |  |  |  | 3.85 |  |  |  | 10,450,903 |
Schedule of service based RSU | A summary of the Company’s RSU activities for the years ended December 31, 2023 and 2024 is presented below:
|  | Number of Units |  |  | Weighted-Average Grant-Date Fair Value |
|  |  |  |  | US$ |
Unvested as of January 1, 2023 |  |  | 79,527,746 |  |  |  | 0.40 |
Granted |  |  | 36,225,520 |  |  |  | 0.24 |
Exercised |  |  | (29,165,983 | ) |  |  | 0.43 |
Forfeited |  |  | (5,954,634 | ) |  |  | 0.42 |
Unvested as of December 31, 2023 |  |  | 80,632,649 |  |  |  | 0.31 |
Granted |  |  | 39,883,435 |  |  |  | 0.31 |
Exercised |  |  | (29,344,005 | ) |  |  | 0.33 |
Forfeited |  |  | (5,292,247 | ) |  |  | 0.30 |
Unvested as of December 31, 2024 |  |  | 85,879,832 |  |  |  | 0.31 |

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- 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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