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Share-Based Awards (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Awards [Abstract] |
Schedule of Compensation Expense Recognized for Share-Based Awards | Compensation expense recognized for share-based awards was as follow:
|  | Years ended December 31, |
Share-based compensation expenses (In thousands) |  | 2021 |  |  | 2022 |  |  | 2023 |
—Restricted Shares (a) |  |  | 5,573 |  |  |  | 1,006 |  |  |  | 1,999 |
—Share options(b) |  |  | 3,184 |  |  |  | 2,092 |  |  |  | 1,316 |
Total |  |  | 8,757 |  |  |  | 3,098 |  |  |  | 3,315 |
| (a) | Restricted Shares
| (b) | Share options
Schedule of Restricted Shares Activity | A summary of the Restricted Shares activity for the years ended December 31, 2021, 2022 and 2023 is presented below:
(Number of shares) |  | Number of Restricted Shares |
Outstanding as of January 1, 2021 |  |  | — |
Granted |  |  | 6,261,100 |
Forfeited |  |  | (345,000 | )
Vested |  |  | (3,000,000 | )
Outstanding as of December 31, 2021 |  |  | 2,916,100 |
Granted |  |  | 8,822,010 |
Vested |  |  | (3,767,180 | )
Outstanding as of December 31, 2022 |  |  | 7,970,930 |
Granted |  |  | 6,655,170 |
Forfeited |  |  | (1,000,000 | )
Vested |  |  | (5,629,400 | )
Outstanding as of December 31, 2023 |  |  | 7,996,700 |
Schedule of Changes in the Share Options Granted | A summary of the changes in the share options granted by the Company during the years ended December 31, 2021, 2022 and 2023 is as follows:
|  | Number of share options |  |  | Weighted average exercise price |  |  | Aggregate intrinsic value |
Outstanding as of January 1, 2021 |  |  | 22,298,757 |  |  | $ | 0.54 |  |  | $ | 57,082,970 |
Granted |  |  | 820,000 |  |  | $ | 0.68 |  |  | $ | 171,820 |
Forfeited |  |  | (1,973,636 | ) |  | $ | 0.56 |  |  | $ | (3,388,792 | )
Exercised |  |  | (1,919,760 | ) |  | $ | 0.52 |  |  | $ | (5,939,067 | )
Outstanding as of December 31, 2021 |  |  | 19,225,361 |  |  | $ | 0.54 |  |  | $ | 47,926,931 |
Exercisable as of December 31, 2021 |  |  | 13,478,069 |  |  | $ | 0.55 |  |  | $ | 38,703,590 |
Granted |  |  | 716,420 |  |  | $ | 0.81 |  |  | $ | (458,564 | )
Forfeited |  |  | (1,936,841 | ) |  | $ | 0.74 |  |  | $ | (2,428,038 | )
Outstanding as of December 31, 2022 |  |  | 18,004,940 |  |  | $ | 0.53 |  |  | $ | 45,040,329 |
Exercisable as of December 31, 2022 |  |  | 14,644,270 |  |  | $ | 0.54 |  |  | $ | 39,789,170 |
Forfeited |  |  | (885,560 | ) |  | $ | 0.56 |  |  | $ | (2,409,012 | )
Exercised |  |  | (97,200 | ) |  | $ | 0.50 |  |  | $ | (302,604 | )
Outstanding as of December 31, 2023 |  |  | 17,022,180 |  |  | $ | 0.53 |  |  | $ | 42,328,713 |
Exercisable as of December 31, 2023 |  |  | 14,301,480 |  |  | $ | 0.54 |  |  | $ | 38,503,322 |
Schedule of Fair Value of Share Options Granted | Assumptions used to determine the fair value of share options granted during the years ended December 31, 2021, 2022 and 2023 is summarized in the following table:
|  | Years ended December 31, |
(In thousands) |  | 2021 |  |  | 2022 |  |  | 2023 |
Risk-free interest rate(i) |  |  | 1.22%-1.52 | % |  |  | 0.90%-1.67 | % |  |  | N/A |
Expected dividend yield(ii) |  |  | 0.00 | % |  |  | 0.00 | % |  |  | N/A |
Expected volatility(iii) |  |  | 35.01%-36.00 | % |  |  | 29.44%-34.81 | % |  |  | N/A |
Grant date fair value |  | $ | 0.06-$0.65 |  |  | $ | 0.00-$0.0044 |  |  |  | N/A |
(i) | Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect at the time of grant.
(ii) | Expected dividend yield is assumed to be 0% as the Company has no history or expectation of paying dividend on its ordinary shares.
(iii) | Expected volatility is assumed based on the historical volatility of the Company’s comparable companies in the period equal to the expected life of each grant.

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