SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

The following table summarizes the Company’s share option activity under the Plan:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
				$		Years		$
Outstanding, January 1, 2019		35,706,882			12.54
Granted		15,327,884			15.00
Exercised		(3,736,976	)		5.58
Forfeited		(109,236	)		14.24
Outstanding, December 31, 2019		47,188,554			13.89		8.18		1,242,496
Vested and expected to vest at December 31, 2019		47,188,554			13.89
Exercisable as of December 31, 2019		19,664,736			12.35		7.35		548,035
Outstanding, January 1, 2020		47,188,554			13.89
Granted		5,809,024			18.59
Exercised		(5,486,180	)		11.29
Forfeited		(45,678	)		14.09
Outstanding, December 31, 2020		47,465,720			14.76		7.57		8,747,373
Vested and expected to vest at December 31, 2020		47,465,720			14.76
Exercisable as of December 31, 2020		25,298,368			13.73		7.03		4,688,260
Outstanding, January 1, 2021		47,465,720			14.76
Granted		4,162,121			269.09
Exercised		(5,405,228	)		14.44
Forfeited		–
Outstanding, December 31, 2021		46,222,613			37.70		6.89		8,822,987
Vested and expected to vest at December 31, 2021		46,222,613			37.70
Exercisable as of December 31, 2021		30,707,210			14.13		6.32		6,435,641

Assumptions Used for Estimated Fair Value of Options

The Company calculated the estimated fair value of the options on the respective grant dates using the Black-Scholes option pricing model with the following assumptions.

	Granted in 2019	Granted in 2020	Granted in 2021

Risk-free interest rates	2.34% – 2.68%	0.39% – 1.66%	0.74% – 1.07%
Expected term	5.5 – 8.5 years	5.5 – 7.5 years	5.6 – 7.5 years
Expected volatility	33.0% – 35.0%	32.4% – 33.7%	32.1% – 33.0%
Expected dividend yield	–	–	–
Fair value of share options	$4.58 – $13.59	$13.81 – $50.58	$71.70 – $84.14

RSAs/RSUs Activity

The following table summarizes the Company’s RSAs/RSUs activity under the Plan:

	Number of RSAs/RSUs			Weighted average grant date fair value		Weighted average remaining contractual life		Aggregate intrinsic value
				$		Years		$

Unvested, January 1, 2019		4,754,972			12.34		9.17		53,826
Granted		6,249,313			20.50
Vested		(2,131,415	)		13.67
Forfeited		(791,433	)		15.22
Unvested, December 31, 2019 and January 1, 2020		8,081,437			18.02		8.93		325,035
Granted		5,034,735			72.37
Vested		(3,332,063	)		19.25
Forfeited		(442,181	)		28.74
Unvested, December 31, 2020 and January 1, 2021		9,341,928			46.36		8.64		1,859,511
Granted		3,551,491			258.97
Vested		(4,127,006	)		40.59
Forfeited		(637,193	)		102.92
Unvested, December 31, 2021		8,129,220			137.76		8.47		1,818,588

Total Compensation Expense of RSAs, RSUs and SARs Granted to Employees

Total compensation expense relating to share options, RSAs, RSUs and SARs granted to employees after deducting forfeitures recognized for the years ended December 31, 2019, 2020 and 2021 is as follows:

	Year ended December 31,
	2019		2020		2021
	$		$		$
Share options:

Cost of revenue		244		130		390
Sales and marketing expenses		156		69		5
General and administrative expenses		71,787		179,544		207,204
Research and development expenses		567		401		33
		72,754		180,144		207,632

Cash received for the exercise in the respective years		20,867		61,949		77,639

RSAs/ RSUs:

Cost of revenue		1,714		4,385		8,318
Sales and marketing expenses		3,017		10,100		23,350
General and administrative expenses		26,761		37,433		67,421
Research and development expenses		11,429		45,820		148,592
		42,921		97,738		247,681

SARs:

Cost of revenue		319		2,867		3,389
Sales and marketing expenses		749		5,462		6,850
General and administrative expenses		313		3,534		3,658
Research and development expenses		13		501		1,114
		1,394		12,364		15,011