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Share-based compensation

12 Months Ended

Dec. 31, 2024

Share-based compensation

Share-based compensation

19. Share-based compensation

Stock options

On December 9, 2016, the Board of Directors of Qudian Inc. approved the 2016 Equity Incentive Plan (the “2016 Plan”). All the share options granted under the 2016 Plan were vested over 3 to 5 years. The 2016 Plan expires 10 years from the date of the grant. The Company reserved 1,000,000 shares for issuance under the 2016 Plan. The exercise price for such options is RMB 0.0006 (US$ 0.0001) per share.

The Company has set up the Share Based Payment Trust for the purpose of holding options awarded to certain employees and underlying shares before they are exercised as instructed by the employees. Shares options held by Share Based Payment Trust are legally outstanding upon satisfaction of vesting conditions.

The Company estimated the fair value of the options based on the quoted share price at grant date. Due to the options’ di minimis exercise price, the various assumptions used in the binomial option pricing model will not have a material impact in the calculation of the fair value of the options.

The Company recognized compensation cost for the share options on a graded vesting basis. The total share-based compensation expenses recognized by the Company for the share option granted were RMB 24,053,760, RMB 4,935,782 and RMB 2,257,795 (US$ 309,317) for the years ended December 31, 2022, 2023 and 2024, respectively.

A summary of share option activities under the 2016 Plan for the years ended December 31, 2023 and 2024 is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​		​	​	​		​		Weighted		​
​	​	​	​	​	​	​	​	average	​	​
​	​	​	​	​	​	​	​	remaining	​	Aggregated
​	​	​		Weighted average	​	Weighted average	​	contractual	​	intrinsic
​	​	Number of options	​	exercise price	​	grant date fair value	​	term	​	value
​	​	​	​	RMB	​	RMB	​	Years	​	RMB
Balance, December 31, 2022	​	9,461,786	​	—	​	17.26	​	5.31	​	61,990,313
Exercised	​	(274,925)	​	—	​	11.12	​	—	​	3,601,562
Forfeited	​	(12,500)	​	—	​	19.86	​	—	​	—
Balance, December 31, 2023		9,174,361		—		17.44		4.32		132,873,059
Exercised		(254,326)		—		28.02		2.93		3,938,396
Forfeited		—		—		—		—		—
Balance, December 31, 2024		8,920,035		—		33.17		3.42		183,603,721
Vested and Exercisable as of December 31, 2024		8,920,035		—		33.17		3.42		183,603,721

​

​

19. Share-based compensation - continued

Stock options - continued

The aggregate intrinsic value in the table above represents the difference between the exercise price and the Company’s closing stock price on the last trading day in 2022, 2023 and 2024, respectively. The total intrinsic value of options exercised for the years ended December 31, 2022, 2023 and 2024 was RMB 2,023,265, RMB 3,056,001 and RMB 3,938,396 (US$ 539,558) respectively. The total fair value of shares vested during the years ended December 31, 2022, 2023 and 2024 was RMB 50,943,916, RMB 29,797,645 and RMB 2,257,960 (US$ 309,339), respectively.

For the years ended December 31, 2022, 2023 and 2024, the Company allocated share-based compensation expense as follows:

​

​	​	​	​	​	​	​	​	​
​	​	For the years ended December 31,
​	​	2022	​	2023	​	2024
​		RMB		RMB		RMB		US$
Sales and marketing	​	527,537	​	265,862	​	299,806	​	41,073
General and administrative	​	21,102,104	​	4,649,664	​	1,754,168	​	240,320
Research and development	​	2,424,119	​	20,256	​	203,821	​	27,924
​	​	24,053,760	​	4,935,782	​	2,257,795	​	309,317

​

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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