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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Options | A summary of the share options activities for the years ended December 31, 2022 is presented below:
|  | Number of shares |  |  | Weighted average exercise price |  |  | Weighted remaining contractual years |  |  | Aggregate intrinsic value |
|  |  |  |  | US$ |  |  |  |  |  | US$ |
Outstanding as of January 1, 2022 |  |  | 36,901,955 |  |  |  | 0.27 |  |  |  | 7.90 |  |  |  | 237,704,168 |
Granted |  |  | 3,746,500 |  |  |  | 0.41 |  |  |  |  |  |  |
Exercised |  |  | (8,713,492 | ) |  |  | 0.24 |  |  |  |  |  |  |
Forfeited |  |  | (93,125 | ) |  |  | 0.40 |  |  |  |  |  |  |
Outstanding as of December 31, 2022 |  |  | 31,841,838 |  |  |  | 0.29 |  |  |  | 7.28 |  |  |  | 102,113,143 |
Vested and expect to vest as of December 31, 2022 |  |  | 31,841,838 |  |  |  | 0.29 |  |  |  | 7.28 |  |  |  | 102,113,143 |
Exercisable as of December 31, 2022 |  |  | 15,565,204 |  |  |  | 0.25 |  |  |  | 6.72 |  |  |  | 50,610,197 |
Summary of Stock Option Pricing Model Assumption | The fair value of the options granted is estimated on the date of grant using the binomial option pricing model with the following key assumptions used:
|  | 2020 |  | 2021 |  | 2022
Risk-free rate of return (per annum) |  | 0.70% |  | 1.31% |  | 2.94%-4.12%
Volatility |  | 56.60% |  | 55.42% |  | 60.21%-62.51%
Expected dividend yield |  | 0% |  | 0% |  | 0%
Exercise multiple |  | 2.2-2.8 |  | 2.2-2.8 |  | 2.2-2.8
Fair value of underlying ordinary share |  | 5.12 |  | 10.10 |  | 2.62-3.51
Expected term |  | 10 |  | 10 |  | 10
Summary of Recognized Share-Based Compensation Expenses | Total recognized share-based compensation expenses for the years ended December 31, 2020, 2021 and 2022, were allocated to following expense items:
|  | For the Year Ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | US$ |  |  | US$ |  |  | US$ |
Cost of revenues |  |  | 16,255,275 |  |  |  | 6,299,864 |  |  |  | 4,798,901 |
Selling and marketing expenses |  |  | 7,672,437 |  |  |  | 10,102,733 |  |  |  | 5,774,985 |
General and administrative expenses |  |  | 35,861,913 |  |  |  | 26,729,432 |  |  |  | 14,752,580 |
Technology and product development expenses |  |  | 1,015,858 |  |  |  | 807,418 |  |  |  | 1,364,504 |
Total share-based compensation expenses |  |  | 60,805,483 |  |  |  | 43,939,447 |  |  |  | 26,690,970 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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