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Share Incentive Plan | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Share Incentive Plan | 16. SHARE INCENTIVE PLAN 2017 Share Incentive Plan In October 2017, the shareholders of the Company approved the 2017 Share Incentive Plan (the “2017 ESOP”) under which the Company can grant a maximum of 483,846 ordinary shares. On August 24, 2018, the Company further approved an additional 345,503 ordinary shares for issuance, and therefore, 829,349 ordinary shares were reserved for issuance under the 2017 ESOP. Options No options were granted during the years ended December 31, 2020 and 2021. A summary of option activities during the year ended December 31, 2022 were presented below:
|  |  |  |  |  |  |  | Weighted- average |  |  |  |  |  | Weighted- |
|  |  |  |  | Weighted- |  |  | remaining |  |  | Aggregated |  |  | average |
|  | Number of |  |  | average |  |  | contractual |  |  | intrinsic |  |  | grant date |
Share options |  | shares |  |  | exercise price |  |  | term(years) |  |  | value |  |  | fair value |
|  |  |  |  | RMB |  |  |  |  |  | RMB |  |  | RMB |
Outstanding, December 31, 2021 |  |  | 31,931 |  |  |  | 560.95 |  |  |  | 5.81 |  |  |  | — |  |  |  | 271.90 |
Granted |  |  | 375,000 |  |  |  | 26.94 |  |  |  | 5.00 |  |  |  | 2,273 |  |  |  | 18.51 |
Exercised |  |  | (375,000 | ) |  |  | 26.94 |  |  |  | 5.00 |  |  |  | (2,273 | ) |  |  | 18.51 |
Forfeited |  |  | (381 | ) |  |  | 560.95 |  |  |  | — |  |  |  | — |  |  |  | 271.90 |
Outstanding, December 31, 2022 |  |  | 31,550 |  |  |  | 560.95 |  |  |  | 4.81 |  |  |  | — |  |  |  | 271.90 |
The Company granted 375,000 options in 2022, which were fully vested and exercised immediately and compensation expenses of RMB 6,813 were recorded for the year ended December 31, 2022. The Company calculated the estimated fair value of the options on the grant date using Black-Scholes option pricing model, with the following assumptions used:
|  | May 10, |
Grant Dates |  | 2022 |
Risk-free interest rate (1) |  | 2.9% |
Volatility (2) |  | 73.2% |
Expected dividend yield (3) |  | 0% |
Exercise price |  |  | 26.94 |
Expected life (years) (4) |  |  | 5.00 |
Fair value of underlying ordinary share |  |  | 33.00 |
(1) Risk-free interest rate was estimated based on the US Treasury constant maturity yield curve with a maturity that matches the expected term of the option. (2) The volatility was estimated based on historical volatility of the Company's share price applying the guidance provided by ASC 718 and the daily share price volatility of comparable companies for an observation period that matches the life of options. (3) Expected dividend yield was estimated by the Group based on its expected dividend policy over the expected term of the options. (4) Expected life was calculated based on the vesting period and contractual terms of the options. 16. SHARE INCENTIVE PLAN - continued Non-vested Shares On August 1, 2020, the Company granted 80,000 nonvested shares to two employees which were vested immediately and a compensation expense of RMB 27,898 was recorded for the year ended December 31, 2020. No non-vested shares were granted during the years ended December 31, 2021 and 2022. Total share-based compensation expense of share-based awards granted to employees, certain directors and management recognized for the years ended December 31, 2020, 2021 and 2022 were as follows:
|  | Years ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |  |  | RMB |
Cost of revenues |  |  | 146 |  |  |  | 101 |  |  |  | 33 |
Sales and marketing expenses |  |  | 14,278 |  |  |  | (14 | ) |  |  | 4,166 |
General and administrative expenses |  |  | 15,324 |  |  |  | 681 |  |  |  | 2,982 |
|  |  | 29,748 |  |  |  | 768 |  |  |  | 7,181 |
As of December 31, 2022, there were no unrecognized share-based compensation expenses related to share options and non-vested shares.

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