v3.24.1.u1
REDEEMABLE CONVERTIBLE PREFERRED SHARES (Tables)
12 Months Ended
Dec. 31, 2023
REDEEMABLE CONVERTIBLE PREFERRED SHARES  
Schedule of Company's activities with respect to the redeemable convertible preferred shares

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Series Pre-A 

    

Series A

    

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Preferred Shares  

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Preferred Shares

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Total

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Shares

    

US$ 

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Shares

    

US$ 

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Shares

    

US$ 

Balance as of January 1, 2021 and 2022

 

—

 

—

 

—

 

—

 

—

 

—

Issuance of preferred shares

 

35,552,179

 

153,126

 

27,343,520

 

190,723

 

62,895,699

 

343,849

Re-designation of ordinary shares into preferred shares

 

5,332,827

 

23,650

 

—

 

—

 

5,332,827

 

23,650

Accretion of redeemable convertible preferred shares

 

—

 

508

 

—

 

402

 

—

 

910

Balance as of December 31, 2022

 

40,885,006

 

177,284

 

27,343,520

 

191,125

 

68,228,526

 

368,409

Accretion of redeemable convertible preferred shares

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—

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7,225

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—

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7,896

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—

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15,121

Balance as of December 31, 2023

 

40,885,006

 

184,509

 

27,343,520

 

199,021

 

68,228,526

 

383,530

Schedule of assumptions used in determination of fair value of Series Pre-A Preferred Shares before and after the modification

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October 11, 2022 –

    

October 11, 2022 –

 

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  before modification

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  after modification

 

Risk-free interest rate

 

2.45

%  

2.52

%

Expected volatility

 

61.52

%  

60.26

%

Expected dividend yield

 

0.00

%  

0.00

%

Expected terms

 

2.22 – 4.39 years

 

2.22 – 5.00 years

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Fair value of ordinary share

 

US$3.79

 

US$3.66

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