Share Based Compensation |
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| Share Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE BASED COMPENSATION |
2018 Share Incentive Plan
In January 2018, the Group adopted the 2018 Share Incentive Plan which allows the Group to offer incentive awards to employees, directors and consultants (the “Participants”). Under the 2018 Share Incentive Plan, the Group may issue incentive awards to the Participants to purchase not more than 9,000,000 Class A ordinary shares. The incentive awards granted under the Share Incentive Plans typically have a maximum life of six years and vest in typical ways as vest ratably over the following four years starting after the first/second/third anniversary of the stated vesting commencement date.
For options granted during the year ended December 31, 2022, the weighted-average grant date fair value for options granted was USD 1.34, computed using the binomial option pricing model. The binomial model requires the input of subjective assumptions including the expected stock price volatility and the expected price multiple at which employees are likely to exercise stock options. The Group uses historical data to estimate forfeiture rate. Expected volatilities are based on the average volatility of the Group and comparable companies. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. During the years ended December 31, 2023 and 2024, no options were granted.
Share-based compensation expenses were immaterial for the years ended December 31, 2022, 2023 and 2024. The fair value of share options was estimated using the following significant assumptions:
The aggregate grant date fair value of the outstanding options was determined to be RMB35,706,209, RMB36,103,497 and RMB 37,117,460 (USD 5,085,071) as of December 31, 2022, 2023 and 2024, respectively. The total fair value of share options vested during the years ended December 31, 2022, 2023 and 2024 were RMB8,998,734, RMB9,145,095 and RMB24,633 (USD3,375).
Total unrecognized compensation expense related to unvested options was insignificant as of December 31, 2024.
The following table summarized the Group’s share option under the option plans:
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