Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Compensation [Abstract]

Schedule of Share Options Outstanding

For the six months ended June 30, 2026, changes in the status of total outstanding options, were as follows:

		Number of options				Weighted average exercise price in USD				Weighted average remaining contractual life (In years)				Aggregate Intrinsic Value USD
Outstanding as of December 31, 2025			498				1,844				3.19				—
Forfeited			—
Expired			(498	)
Outstanding as of June 30, 2026			—				—				—				—

A summary of share options outstanding as of June 30, 2026, and activity during the period ended, is presented below:

		Number of options				Weighted average exercise price in USD				Weighted average remaining contractual life (In years)				Aggregate Intrinsic Value USD
Outstanding as of January 1, 2025			3,434				722.4				2.59				57
Granted			—				—				—				—
Exercised			—				—				—				—
Forfeited			(1,839	)			—				—				—
Outstanding as of December 31, 2025			1,595				722.4				1.59				57
Granted			—				—				—				—
Exercised			—				—				—				—
Forfeited			—				—				—				—
Outstanding as of June 30, 2026			1,595				722.4				1.09				57

Schedule of Activity of Service-Based RSUs

A summary of the activity of the service-based RSUs for the six months ended June 30, 2026 is presented as follows:

		Number of restricted shares				Weighted average grant-date fair value
							US$
Unvested as of January 1, 2025			2,500				—
Granted			27,500				3,351,000
Vested			(28,250	)			—
Forfeited			—				—
Unvested as of December 31, 2025			1,750				—
Granted			—				—
Vested			—				—
Forfeited			(1,750	)			—
Unvested as of June 30,2026			—				—

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date

The assumptions used in determining the fair value of the MDRT Options on the grant date were as follows:

Assumptions		2023 MDRT				2024 MDRT 1				2024 MDRT 2
Expected dividend yield (Note i)			3.69	%			3.22	%			3.22	%
Risk-free interest rates (Note ii)			3.88	%			4.81	%			4.44-4.81%
Expected volatility (Note iii)			51.41	%			59.78	%			59.78-60.61%
Expected life in years (Note iv)			4.49				3.29				3.1-3.29
Exercise multiple (Note v)			2.80				1.0				1.0
Fair value of options on grant date			US$115.84~US$119.88				US$33.36~US$33.56				US$28.44~US$48.16

(i)

Expected dividend yield:

The expected dividend yield was estimated by the Group based on its historical and future dividend policy.

(ii)

Risk-free interest rate:

Risk-free interest rate was estimated based on the US Government Bond yield and pro-rated according to the tenor of the options as of the valuation date.

(iii)

Expected volatility:

The volatility of the underlying ordinary shares was estimated based on the annualized standard deviation of the continuously compounded rate of return on the daily average adjusted share price of the Group as of the Valuation Date.

(iv)

Expected life:

The expected life was estimated based on the end of the vesting period and the contractual term of the award of the Options plan.

(v)

Exercise multiple:

The exercise multiple was estimated based on empirical studies.