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SHARE OPTIONS (Tables) | 12 Months Ended
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Dec. 31, 2019
SHARE OPTIONS |
Schedule of assumptions used for estimating the fair value of each option granted on the date of grant |
|  | Year ended December 31, |
|  | 2017 |  | 2018 |
Risk-free interest rate per annum |  |  | 2.45 | % |  | 2.90-3.20 | %
Exercise multiple |  |  | 2.2 |  |  | 2.2 |
Expected volatility |  |  | 71.7 | % |  | 66.4-69.5 | %
Expected dividend yield |  |  | 0 | % |  | 0 | %
Fair value of ordinary shares |  | $ | 0.70 |  |  | 0.44-1.04 |
Expected terms (in years) |  |  | 10 |  |  | 10 |
| (1) |  | Risk-free interest rate
Risk-free interest rate was estimated based on the yield to maturity of China international government bonds with a maturity period close to the contractual term of the options.
| (2) |  | Exercise multiple
Exercise multiple represents the value of the underlying share as a multiple of exercise price of the option which, if achieved, results in exercise of the option.
| (3) |  | Volatility
The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of the Company’s publicly traded stock.
| (4) |  | Dividend yield
The dividend yield was estimated by the Group based on its expected dividend policy over the contractual term of the options.
| (5) |  | Fair value of underlying ordinary shares
The fair value of the underlying ordinary shares is determined based on the closing market price of the ADS of the Company as of the grant date.
Summary of the stock option activity under the 2008 Plan |
|  |  |  | Weighted average
|  |  |  | exercise price
|  | Options granted |  | per option
Outstanding at January 1, 2019 |  | 619,650 |  | $ | 1.61
Granted |  | — |  | $ | —
Exercised |  | (93,000) |  | $ | 0.01
Forfeited |  | (321,950) |  | $ | 1.58
Outstanding at December 31, 2019 |  | 204,700 |  | $ | 2.39
Summary of information regarding the share options granted |
|  | As of December 31, 2019
|  |  |  |  |  |  | Weighted- |  |  |
|  |  |  | Weighted- |  | average remaining |  |  |
|  |  |  | average exercise |  | contractual |  | Aggregate
|  | Options Number |  | price per option |  | life (years) |  | intrinsic value
Options |  |  |  |  |  |  |  |  |  |
Outstanding |  | 204,700 |  | $ | 2.39 |  | 4.83 |  | $ | —
Exercisable |  | 200,700 |  | $ | 2.42 |  | 4.77 |  | $ | —
Expected to vest |  | 4,000 |  | $ | 0.89 |  | 7.83 |  | $ | —

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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