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Share-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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.

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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.

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