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SHARE-BASED AWARDS | 12 Months Ended
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Dec. 31, 2025
SHARE-BASED AWARDS |
SHARE-BASED AWARDS | 23.SHARE-BASED AWARDS On October 16, 2008, the Board of Directors adopted the 2008 Share Incentive Plan (the “2008 Share Incentive Plan”). The 2008 Share Incentive Plan provides for the granting of options, share appreciation rights, or other share based awards to key employees, directors or consultants, which was subsequently amended on November 17, 2009 and November 26, 2011 to increase the number of ordinary shares available for grant under the plan. The total number of the Company’s ordinary shares that may be issued under the 2008 Share Incentive Plan is up to 13,218,000 ordinary shares. Share options On February 18, 2014, the Company granted options to purchase 3,479,604 ordinary shares to its employees at an exercise price of $2.04 per share that have a contractual life of eight years and vest over four equal installments on the first, second, third, and fourth anniversary of the grant date. The Company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. The Company calculated the estimated grant date fair value of the share options granted on February 18, 2014, using a Binomial Tree Model, with key assumptions as follows. ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | February 18, 2014 |
Risk-free interest rate |  | 2.33 | %
Dividend yield |  | 5 | %
Exercise multiple |  | 2.5 | ​
Expected volatility range |  | 39.03 | %
​ The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the Company’s shares that would have been received by the option holders if all in-the-money options had been exercised on the issuance date. There were no options granted or exercised for the years ended December 31, 2023, 2024 and 2025. As of December 31, 2025, unrecognized share-based compensation cost related to share options was nil. For the outstanding share options granted to employees as at December 31, 2022, all them has lapsed and the excersiable shares at December 31, 2024 and 2025 was nil. Restricted shares On February 18, 2014, July 1, 2014 and August 1, 2014, the Company granted 1,370,250, 21,132 and 69,564 restricted shares of the Company (“Restricted Shares”) to the employees of the Company, respectively. The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of Restricted Shares on annual basis over a four-year period ending the fourth anniversary of the grant date. The Group did not grant any Restricted Shares in 2015 and 2016. On August 7, 2017, August 8, 2017, September 13, 2017 and October 2, 2018, the Company granted 1,453,950, 3,319,200, 45,000 and 5,992,605 Restricted Shares to the employees of the Company, respectively. The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of restricted shares on annual basis over a four-year period ending the fourth anniversary of the grant date. ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Fair Value per Share
​ | ​ | ​ | ​ | at the Grant
Grant Date | ​ ​ ​ | Number of Awards | ​ ​ ​ | date (US$)
February 18, 2014 |  | 1,370,250 |  | 1.93
July 1, 2014 |  | 21,132 |  | 2.35
August 1, 2014 |  | 69,564 |  | 2.44
August 7, 2017 |  | 1,453,950 |  | 1.33
August 8, 2017 |  | 3,319,200 |  | 1.34
September 13, 2017 |  | 45,000 |  | 1.33
October 2, 2018 |  | 5,992,605 |  | 1.19
​ All of the share options granted to employees has expired.

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