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Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Compensation

Share-Based Compensation

14. Share-Based Compensation

The following table presents the Group’s share-based compensation expense by type of award:


		Year Ended December 31,
		(Amounts in Thousands)
		2020		2021		2022		2022
		RMB		RMB		RMB		US$
Share options		21,837		18,081		24,195		3,508
Non-vested restricted shares		37,952		32,956		18,105		2,625
Total share-based compensation		59,789		51,037		42,300		6,133

During the year ended December 31, 2017, the Group adopted its 2017 share incentive plan (the “2017 Plan”). Under the 2017 Plan, the maximum aggregate number of shares in respect of which options, restricted shares, or restricted share units may be issued shall be 2,800,000 shares. The term of any options, restricted shares, or restricted share units granted under the 2017 Plan shall not exceed ten years. Options, restricted shares or restricted share units generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months.

During the year ended December 31, 2022, the Group adopted its 2022 share incentive plan (the “2022 Plan”). Under the 2022 Plan, the maximum aggregate number of shares in respect of which options, restricted shares, or restricted share units may be issued shall be 3,000,000 shares. The term of any options, restricted shares, or restricted share units granted under the 2022 Plan shall not exceed ten years. Options, restricted shares or restricted share units generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months.

Share Options:

No options were granted for the years ended December 31, 2020. The weighted-average grant-date fair value of options granted during the year ended December 31, 2021 and 2022 was RMB306.56 and RMB181.04 (US$26.25) per share. There were 134,639, 37,606 and 6,009 options exercised during the years ended December 31, 2020, 2021 and 2022, respectively.

The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted:


		2022
Average risk-free rate of return		3.0~4.1	%
Weighted average expected option life		7.85	years
Estimated volatility		67.1~67.5	%
Average dividend yield		Nil

The following table summarizes option activity during the year ended December 31, 2022:


						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
		Number of		Exercise		Contractual		Value of
		options		Price		Term		Options
				RMB		Years		RMB
Outstanding as of January 1, 2022		433,968		474.97		7.9		18,389
Granted		558,935		198.71
Exercised		(6,009)		257.59
Forfeited or expired		(61,421)		460.62
Outstanding as of December 31, 2022		925,473		310.49		8.4		8,379
Exercisable as of December 31, 2022		242,581		401.05		6.0		—

The aggregate intrinsic value of options exercised during the year ended December 31, 2022 was RMB1,223. As of December 31, 2022, there was RMB112,243 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 3.93 years.

Non-vested Restricted Shares:

A summary of non-vested restricted share activity during the year ended December 31, 2022 is presented below:


				Weighted-
		Number of		average
		non-vested		grant-
		restricted		date fair
Non-vested restricted shares		shares		value
				RMB
Non-vested as of January 1, 2022		150,834		324.12
Granted		4,000		224.85
Vested		(32,312)		493.62
Forfeited		(32,667)		427.29
Non-vested as of December 31, 2022		89,855		300.59

The total fair value of non-vested restricted shares vested during the year ended December 31, 2022 was RMB9,672. As of December 31, 2022, there was RMB28,161 in total unrecognized compensation expense related to such non-vested restricted shares, which is expected to be recognized over a weighted-average period of 4.63 years.