11.LAND USE RIGHT, NET

In 2020, the Group obtained a land use right in Foshan from the local authorities. Amortization of the land use right is made over the remaining term of the land use right period from the date when the land was made available for use by the Group. The land use right is summarized as follows:

​

​

The Group had recorded amortization expense of RMB1,273, RMB1,272 and RMB1,273 for the years ended December 31, 2022, 2023, and 2024, respectively.

In addition, the Group also pledged its land use right for the Group’s long-term borrowings (See Note 12).

11.LAND USE RIGHT, NET (Continued)

The estimated future amortization expense for land use rights is as follows:

​

​