XML 149 R124.htm IDEA: XBRL DOCUMENT v3.26.1
WARRANTS (Details)
$ / shares in Units, ¥ in Thousands
Sep. 23, 2025
USD ($)
Y
$ / shares
shares
Mar. 31, 2025
USD ($)
Y
Mar. 30, 2025
USD ($)
Mar. 27, 2025
USD ($)
Y
$ / shares
shares
Mar. 01, 2025
Nov. 13, 2023
USD ($)
Y
$ / shares
shares
Dec. 31, 2025
CNY (¥)
Dec. 31, 2024
CNY (¥)
Jul. 31, 2022
USD ($)
shares
Apr. 30, 2021
USD ($)
Y
$ / shares
shares
Feb. 28, 2021
$ / shares
shares
Jan. 31, 2021
USD ($)
Y
Dec. 31, 2009
$ / shares
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $ $ 2,400,000         $ 488,881              
Warrants forfeitable, previously granted                 51,972,960        
Warrants and rights outstanding | $                 $ 92,000,000        
Exercise price of warrant | $ / shares                         $ 19.5
Expiration term of warrants 2 years                        
Securities subject to lock up period 6 months 6 months     6 months 6 months              
Aggregate consideration of securities | $ $ 2,000,000         $ 12,000,000              
Convertible notes payable                          
SHAREHOLDER RIGHTS PLAN                          
Term of convertible note (in years)           2 years              
Line of credit annual interest rate           3.00%              
Principal amount           $ 6,000,000 ¥ 48,152 ¥ 43,061          
Weighted Average Risk-free Interest Rate                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input 0.0353         0.0502       0.0037   0.0018  
Expected Life                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input | Y 2         2       3   3  
Expected Volatility                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input 0.966         1.11       2.36   1.90  
Dividend Yield                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input 0         0       0   0  
Investors                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants                     207,891,840    
Over-allotment option                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $                       $ 122,000,000  
American Depositary Shares                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants 471,696         400,000              
Exercise price of warrant | $ / shares $ 12.72         $ 60              
Expiration term of warrants           2 years              
Issuance of ordinary shares (in shares) 219,780         500,000              
Aggregate price per share | $ / shares $ 9.1         $ 12              
American Depositary Shares | Convertible notes payable                          
SHAREHOLDER RIGHTS PLAN                          
Conversion price | $ / shares           $ 15              
American Depositary Shares | Over-allotment option                          
SHAREHOLDER RIGHTS PLAN                          
Expiration term of warrants                   3 years      
Class A ordinary shares                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants 141,508,800         120,000,000              
Exercise price of warrant | $ / shares $ 0.0424                        
Issuance of ordinary shares (in shares) 65,934,000         150,000,000              
Class A ordinary shares | Convertible notes payable                          
SHAREHOLDER RIGHTS PLAN                          
Conversion price | $ / shares           $ 15              
Class A ordinary shares | Investors                          
SHAREHOLDER RIGHTS PLAN                          
Warrants issued                     8,108,100    
Class A ordinary shares | Investors | Tranche I-III                          
SHAREHOLDER RIGHTS PLAN                          
Share price | $ / shares                     $ 0.1233    
Class A ordinary shares | Investors | Tranche IV                          
SHAREHOLDER RIGHTS PLAN                          
Share price | $ / shares                     $ 0.2667    
Time Frames of 6 months                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $                       100,000,000  
Time Frames of 12 months                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $                       300,000,000  
Time Frames of 24 months                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $                       500,000,000  
Time Frames of 36 months                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $                       $ 1,000,000,000  
First warrant                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $       $ 2,800,000                  
Aggregate consideration of securities | $       $ 4,960,000                  
First warrant | Weighted Average Risk-free Interest Rate                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input       0.0373                  
First warrant | Expected Life                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input | Y       2                  
First warrant | Expected Volatility                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input       1.937                  
First warrant | Dividend Yield                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input       0                  
First warrant | American Depositary Shares                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants       300,000                  
Exercise price of warrant | $ / shares       $ 60                  
Expiration term of warrants       2 years                  
Issuance of ordinary shares (in shares)       390,000                  
Aggregate price per share | $ / shares       $ 12.72                  
First warrant | Class A ordinary shares                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants       90,000,000                  
Exercise price of warrant | $ / shares       $ 0.2                  
Issuance of ordinary shares (in shares)       117,000,000                  
Second warrant                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $       $ 4,500,000                  
Expiration term of warrants       2 years                  
Aggregate consideration of securities | $     $ 2,000,000                    
Second warrant | Weighted Average Risk-free Interest Rate                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input       0.0397                  
Second warrant | Expected Life                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input | Y       2                  
Second warrant | Expected Volatility                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input       1.9278                  
Second warrant | Dividend Yield                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input       0                  
Second warrant | American Depositary Shares                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants       471,696                  
Exercise price of warrant | $ / shares       $ 12.72                  
Issuance of ordinary shares (in shares)       157,232                  
Aggregate price per share | $ / shares       $ 12.72                  
Second warrant | Class A ordinary shares                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants       141,508,800                  
Exercise price of warrant | $ / shares       $ 0.0424                  
Issuance of ordinary shares (in shares)       47,169,600                  
Third warrant                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $   $ 2,200,000                      
Aggregate consideration of securities | $   $ 1,000,000                      
Third warrant | Weighted Average Risk-free Interest Rate                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input   0.0397                      
Third warrant | Expected Life                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input | Y   2                      
Third warrant | Expected Volatility                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input   1.9278                      
Third warrant | Dividend Yield                          
SHAREHOLDER RIGHTS PLAN                          
Warrants, measurement input   0                      
Third warrant | American Depositary Shares                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants       235,848                  
Exercise price of warrant | $ / shares       $ 12.72                  
Expiration term of warrants       2 years                  
Issuance of ordinary shares (in shares)       78,616                  
Aggregate price per share | $ / shares       $ 12.72                  
Third warrant | Class A ordinary shares                          
SHAREHOLDER RIGHTS PLAN                          
Number of shares called by warrants       70,754,400                  
Exercise price of warrant | $ / shares       $ 0.0424                  
Issuance of ordinary shares (in shares)       23,584,800                  
Maxim Groups LLC | Over-allotment option                          
SHAREHOLDER RIGHTS PLAN                          
Fair value of warrants | $                   $ 94,000,000      
Maxim Groups LLC | American Depositary Shares                          
SHAREHOLDER RIGHTS PLAN                          
Warrants issued                   3,765,100      
Share price | $ / shares                   $ 0.75      
Number of shares called by warrants                   2,823,825      
Maxim Groups LLC | American Depositary Shares | Over-allotment option                          
SHAREHOLDER RIGHTS PLAN                          
Warrants issued                   564,760      
Number of shares called by warrants                   423,570      
Maxim Groups LLC | Class A ordinary shares                          
SHAREHOLDER RIGHTS PLAN                          
Warrants issued                   112,953,000      
Maxim Groups LLC | Class A ordinary shares | Over-allotment option                          
SHAREHOLDER RIGHTS PLAN                          
Warrants issued                   16,942,800      
Maxim Groups LLC | Maximum                          
SHAREHOLDER RIGHTS PLAN                          
Exercise price of warrant | $ / shares                   $ 36      
Maxim Groups LLC | Minimum                          
SHAREHOLDER RIGHTS PLAN                          
Exercise price of warrant | $ / shares                   $ 33.2