SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

SHARE-BASED COMPENSATION [Abstract]

Share Options Activity

A summary of share options activity for the years ended December 31, 2021, 2020 and 2019 is as follows:

	Number of Share Options			Weighted Average Exercise Price US$		Weighted Average Remaining Contractual Years		Aggregate Intrinsic Value US$
Outstanding at January 1, 2019		21,036,130			1.03		5.60		27,246,206
Granted		580,000			2.21
Exercised		-			-
Forfeited		-			-
Expired		-			-
Outstanding at December 31, 2019		21,616,130			1.07		4.69		28,639,946
Granted		-			-
Exercised		-			-
Forfeited		(2,640,000	)		1.66
Expired		-			-
Outstanding at December 31, 2020		18,976,130			0.98		3.56		24,410,306
Granted		-			-
Exercised		-			-
Forfeited		(5,492,000	)		1.42
Expired		(593,000	)		1.19
Outstanding at December 31, 2021		12,891,130			0.79
Modification of option as of 30/12/2021		9,225,271			1.10
Outstanding at December 31, 2021		9,225,271			1.10		2.60		42,799,081
Expected to vest at December 31, 2021		486,623			2.86		5.02		1,399,353
Exercisable as of December 31, 2021		8,738,648			1.00		2.46		41,399,727

Fair Value Assumptions

The assumptions used in the valuation model are summarized in the following table.

		For the Year Ended December 31,
		2021			2020		2019
		Modification	Before Modification
Expected volatility		58.09%-91.85%	82.33%-93.48%		82.33%-93.48%		82.33%-93.48%
Expected dividends yield		0%	0%		0%		0%
Risk-free interest rate per annum		0.06%-1.36%	1.84%-2.40%		1.84%-2.40%		1.84%-2.40%
The fair value of underlying ordinary shares (per share)		US$5.74	US$1.21-US$2.92		US$1.21-US$2.92		US$1.21-US$2.92