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Share Repurchase Program | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Share Repurchase Program | 9. SHARE REPURCHASE PROGRAM In May 2021, the Company announced that its Board of Directors had approved a share repurchase program of up to US$150 million of the Company’s outstanding ADSs over the next 12 months. In May 2022, the Board of Directors of the Company approved an extension of the expiration date of the share repurchase program to May 21, 2023. Under the terms of this program, the Company may repurchase its issued and outstanding ADSs in open-market transactions on the New York Stock Exchange. As of December 31, 2022, the Company has repurchased 2,302,141 ADSs (equivalent to 2,302,141 Class A ordinary shares) for approximately US$27,014,697 under this program. The Company accounts for repurchased ordinary shares under the cost method and includes such treasury stock as a component of the shareholders’ equity.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2208821 + Details
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