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Share-based payments | 12 Months Ended
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Dec. 31, 2022
Share-based payments |
Share based payments | 26 Share-based payments For the purpose of establishing the Group’s share incentive scheme, Xin Ding Heng Limited (“Xin Ding Heng”) was set up in 2017 as a special purpose vehicle to indirectly hold 66,171,600 ordinary shares of the Company. As the Company has the power to govern the relevant activities of Xin Ding Heng and can derive benefits from the services to be rendered by the grantees, the directors of the Company consider that it is appropriate to consolidate Xin Ding Heng. In September 2020, the Company purchased at par value of the 66,171,600 ordinary shares indirectly held by Xin Ding Heng and deposited these shares to the depositary of its ADS program. The aggregate consideration of RMB88,280,000 for 66,171,600 shares had been recognized as “shares held for share incentive scheme” before the respective shares were effectively transferred to guarantees under share incentive scheme. On November 7, 2017, equity-settled share-based compensation plan (“the Share Option Scheme”) was set up with the objective to recognize and reward the contribution of eligible directors, employees and other persons (collectively, the “Grantees”) for the growth and developments of the Group. On September 10, 2019, the Board of Directors of the company approved to amend and restate the equity-settled share-based compensation plan to supplement the Share Option Scheme with performance-based shares to grant to the Grantees (“the Restricted Share Units Scheme”). The 66,171,600 shares reserved for the share incentive scheme comprise the options previously granted under the Share Option Scheme and the remaining shares for grant under the Restricted Share Units Scheme. Both the Share Option Scheme and the Restricted Share Units Scheme are valid and effective for 10 years from the grant date. Share-based compensation expenses for the years ended December 31, 2020, 2021 and 2022 were allocated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
-Cost of revenue | ​ | 6,904 | ​ | 935 | ​ | —
-Research and development expenses | ​ | 26,635 | ​ | 5,185 | ​ | —
-Selling and marketing expenses | ​ | 21,049 | ​ | 2,854 | ​ | 1,002
-General and administrative expenses | ​ | 35,064 | ​ | 16,435 | ​ | 12,359
Total | ​ | 89,652 | ​ | 25,409 | ​ | 13,361
​ | ​ | ​ | ​ | ​ | ​ | ​
Value of employee's services (Note 7) | ​ | 74,980 | ​ | 22,618 | ​ | 13,176
Value of non-employee's services | ​ | 14,672 | ​ | 2,791 | ​ | 185
Total | ​ | 89,652 | ​ | 25,409 | ​ | 13,361
​ 26 Share-based payments (Continued) (a) Share Option Scheme Subject to the Grantee continuing to be a service provider, 100% of these options will be vested over 4 years upon fulfilling the non-market performance conditions prescribed in the grantee agreement. The exercisable period of options starts no earlier than 12 months after the Company successfully completes an initial public offering and the Company’s shares get listed in the stock exchange (“IPO and Listing”) and no later than 8 years from the grant date. The vesting date is determined by the Board of Directors of the Company. Movements in the number of share options granted to employees are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of share options
​ | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2020 |  | 2021 |  | 2022
At the beginning of the year | ​ | 24,470,325 | ​ | 19,459,994 | ​ | 12,725,995
Exercised | ​ | — | ​ | (5,181,306) | ​ | (621,930)
Forfeited |  | (5,010,331) |  | (1,552,693) |  | (1,966,721)
At the end of the year |  | 19,459,994 |  | 12,725,995 |  | 10,137,344
​ For the outstanding share options, the weighted-average exercise price was RMB24.85 and RMB21.00 per share and the weighted-average remaining contractual life was 4.36 and 3.28 years, respectively, as of December 31, 2021 and 2022, respectively. Share options outstanding at the balance sheet dates have the following expiry dates and exercise prices. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of share options
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | As at December 31,
Grant Year |  | Expiry Year |  | Exercise price |  | Fair value of options | ​ | 2021 |  | 2022
2017 | ​ | 2027 | ​ | RMB1.33 | ​ | RMB0.62 | ​ | 1,109,682 | ​ | 977,951
2017 |  | 2027 |  | RMB2.00 |  | RMB0.52 | ​ | 5,785,221 |  | 5,295,021
2018 |  | 2028 |  | RMB52.00 |  | RMB26.00 | ​ | 4,704,219 |  | 3,044,462
2019 | ​ | 2029 | ​ | RMB52.00 | ​ | RMB23.42 | ​ | 1,126,873 | ​ | 819,910
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 12,725,995 |  | 10,137,344
​ The Company have used the discounted cash flow method to determine the underlying equity fair value of the Company to determine the fair value of the underlying ordinary share before its IPO. Key assumptions, such as discount rate and projections of future performance, are required to be determined by the Company with best estimate. Based on fair value of the underlying ordinary share, the Company have used Binomial option-pricing model to determine the fair value of the share option as at the grant date. Key assumptions are set as below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | November 7, |  | November 8, |  | June 1, |
Date of grant | ​ | 2017 | ​ | 2018 | ​ | 2019 |
Discount rate |  | 24.0 | % | 17.0 | % | 17.0 | %
Risk‑free interest rate |  | 4.0 | % | 4.0 | % | 3.0 | %
Volatility |  | 52.0 | % | 51.0 | % | 46.0 | %
Dividend yield |  | 0.0 | % | 0.0 | % | 0.0 | %
​ 26 Share-based payments (Continued) (a) Share Option Scheme (Continued) The Binomial Model requires the input of highly subjective assumptions. The risk-free rate for periods within the contractual life of the option is based on the China Treasury yield curve in effect at the time of grant. The expected dividend yield was estimated based on the Company’s expected dividend policy over the expected life of the options. The Company estimates the volatility of its ordinary shares at the respective dates of grant based on the historical volatility of similar U.S. public companies for a period equal to the expected life preceding the grant date. ​
(b) | Restricted Share Units Scheme
Subject to the Grantee continuing to be a service provider, 100% of these restricted share units will be vested over 4 years upon fulfilling the service conditions and non-market performance conditions prescribed in the grantee agreement. Movements in the number of restricted share units granted to employees are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of restricted share units
​ | ​ | For the year ended December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
At the beginning of the year |  | 2,306,000 |  | 1,751,702 |  | 16,552,829
Granted |  | 470,000 |  | 17,033,120 |  | 28,745,900
Vested | ​ | (424,256) | ​ | (524,358) | ​ | (3,538,551)
Forfeited |  | (600,042) |  | (1,707,635) |  | (5,528,084)
At the end of the year |  | 1,751,702 |  | 16,552,829 |  | 36,232,094
​ 26 Share-based payments (Continued) (b) Restricted Share Units Scheme (Continued) Restricted share units outstanding at the balance sheet dates have the following expiry dates and fair value prices. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Number of restricted share units
​ | ​ | ​ | ​ | ​ | ​ | As at December 31,
​ |  | ​ |  | ​ |  | 2021 |  | 2022
​ | ​ | ​ | ​ | Fair value of restricted share units | ​ | ​ | ​ | ​
Grant Year | ​ | Expiry Year | ​ | RMB | ​ | ​ | ​ | ​
01/09/2019 |  | 01/09/2029 |  | 35.22 | ​ | 545,383 |  | 204,503
01/01/2020 |  | 01/01/2030 |  | 16.18 | ​ | 18,000 |  | 11,509
01/04/2020 |  | 01/04/2030 |  | 16.98 | ​ | 82,500 |  | 45,008
01/07/2020 |  | 01/07/2030 |  | 38.67 | ​ | 17,250 |  | 1,502
01/06/2021 |  | 01/06/2031 |  | 13.69 | ​ | 503,076 |  | 248,043
01/06/2021 |  | 01/06/2031 |  | 14.31 | ​ | 226,000 |  | 7,502
01/06/2021 |  | 01/06/2031 |  | 14.93 | ​ | 1,279,800 |  | 112,500
01/07/2021 |  | 01/07/2031 |  | 15.16 | ​ | 252,000 |  | 147,751
01/09/2021 |  | 01/09/2031 |  | 5.53 | ​ | 7,346,000 |  | 4,198,965
01/10/2021 |  | 01/10/2031 |  | 5.25 | ​ | 448,000 |  | 116,593
01/10/2021 |  | 01/10/2031 |  | 3.91 | ​ | 2,820 |  | —
01/10/2021 |  | 01/10/2031 |  | 4.68 | ​ | 5,832,000 |  | 3,973,655
02/01/2022 | ​ | 02/01/2032 | ​ | 2.40 | ​ | — |  | 126,862
02/01/2022 | ​ | 02/01/2032 | ​ | 2.41 | ​ | — | ​ | 1,740,001
02/01/2022 | ​ | 02/01/2032 | ​ | 3.29 | ​ | — | ​ | 567,700
02/01/2022 | ​ | 02/01/2032 | ​ | 2.64 | ​ | — | ​ | 300,000
02/04/2022 | ​ | 02/04/2032 | ​ | 1.78 | ​ | — | ​ | 130,000
02/07/2022 | ​ | 02/07/2032 | ​ | 2.72 | ​ | — | ​ | 40,000
02/10/2022 | ​ | 02/10/2032 | ​ | 0.98 | ​ | — | ​ | 80,000
16/12/2022 | ​ | 16/12/2032 | ​ | 0.81 | ​ | — | ​ | 24,180,000
​ | ​ | ​ | ​ | ​ | ​ | 16,552,829 | ​ | 36,232,094
​ The Company have used the discounted cash flow method to determine the underlying equity fair value of the Company to determine the fair value of the underlying ordinary share before its IPO. Key assumptions, such as discount rate and projections of future performance, are required to be determined by the Company with best estimate. Based on fair value of the underlying ordinary share, the Company have used the Monte Carlo model to determine the fair value of the restricted share units as at the grant date. Key assumptions are set as below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
Date of grant |  | 2020 | ​ | 2021 | ​ | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate * |  | 15.0 | % | 15.0 | % | 15.0 | %
Risk-free interest rate |  | 2.0%~3.0 | % | 2.0%~3.0 | % | 2.0%~3.0 | %
Volatility |  | 43.0%~49.0 | % | 43.0%~49.0 | % | 43.0%~49.0 | %
Dividend yield |  | 0.0 | % | 0.0 | % | 0.0 | %
* Applicable for the restricted share units granted in September 2019 26 Share-based payments (Continued) (b) Restricted Share Units Scheme (Continued) The Monte Carlo model requires the input of highly subjective assumptions. The risk-free rate for periods within the contractual life of the restricted share units is based on the China Treasury Bond Yield Curve in effect at the time of grant. The expected dividend yield was estimated based on the Company’s expected dividend policy over the expected life of the restricted share units. The Company estimates the volatility of its ordinary shares at the date of grant based on the historical volatility of similar US public companies for a period equal to the expected life preceding the grant date. (c) Share Repurchase In 2022, the board of directors of the Company approved a new share repurchase program in which the Company may purchase its own ADSs for award grant purpose. For the year ended December 31, 2022, the Company repurchased 8.02 million ADSs for a total cost of RMB74,992,000.

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