SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION [Abstract]

Employee Share Option Activity

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, 2023		68,533,186			60.87
Granted		1,925,000			60.00
Cancelled or forfeited		(9,292,295	)		104.02
Exercised		(1,336,980	)		7.19
Outstanding, December 31, 2023		59,828,911			55.34		6.18		944,611
Vested and exercisable as of December 31, 2023		42,877,386			35.29		5.51		887,174
Outstanding, January 1, 2024		59,828,911
Cancelled		(6,600,000	)		120.00
Exercised		(10,148,635	)		14.40
Outstanding, December 31, 2024		43,080,276			55.08		5.24		2,426,627
Vested and exercisable as of December 31, 2024		36,830,100			47.63		5.00		2,312,733
Outstanding, January 1, 2025		43,080,276
Exercised		(3,823,890	)		14.87
Outstanding, December 31, 2025		39,256,386			59.00		4.44		2,691,965
Vested and exercisable as of December 31, 2025		36,006,386			54.22		4.29		2,641,113

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 2023
Risk-free interest rates		3.60% – 4.10%
Expected term	6.5 – 7 years
Expected volatility		60.2% – 62.0%
Expected dividend yield		–

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, 2023		9,652,231			120.48		8.81		502,206
Granted		7,119,505			63.46
Vested		(4,130,583	)		109.11
Forfeited		(1,786,921	)		116.01
Unvested, December 31, 2023 and January 1, 2024		10,854,232			90.02		8.86		439,596
Granted		10,718,971			48.32
Vested		(6,099,527	)		93.83
Forfeited		(1,688,983	)		73.93
Unvested, December 31, 2024 and January 1, 2025		13,784,693			82.18		8.74		1,462,556
Granted		1,268,009			132.41
Vested		(5,494,734	)		93.05
Forfeited		(947,634	)		66.27
Unvested, December 31, 2025		8,610,334			84.39		8.06		1,098,420

Total Compensation Expense of Share Options, 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, 2023, 2024 and 2025 is as follows:

	Year ended December 31,
	2023		2024		2025
	$		$		$
Share options:
General and administrative expenses		253,408		155,051		115,087
Research and development expenses		44		–		–
		253,452		155,051		115,087
Cash received for the exercise in the respective years		10,643		146,081		56,825
RSAs/ RSUs:
Cost of revenue		12,727		10,795		9,071
Sales and marketing expenses		35,988		32,257		25,279
General and administrative expenses		99,048		231,610		258,466
Research and development expenses		282,381		274,624		208,530
		430,144		549,286		501,346
SARs:
Cost of revenue		383		2,235		1,306
Sales and marketing expenses		710		4,125		3,578
General and administrative expenses		200		4,197		3,238
Research and development expenses		141		945		440
		1,434		11,502		8,562