SHARE-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| SHARE-BASED COMPENSATION |
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| Schedule of Share-based compensation recognized in operating expenses |
| | | | | | | | | Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | | (HK$ in thousands) | Research and development expenses | | 201,033 | | 230,830 | | 226,490 | General and administrative expenses | | 69,560 | | 81,966 | | 88,091 | Selling and marketing expenses | | 20,238 | | 22,130 | | 28,443 | Total share-based compensation expenses | | 290,831 | | 334,926 | | 343,024 |
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| Schedule of the stock option activity under the 2014 and 2019 Share Incentive Plan |
| | | | | | | Options granted | | Weighted average | | | share number | | exercise price per option (US$) | Outstanding at December 31, 2022 | | 9,986,146 | | 0.5556 | Exercised | | (2,560,304) | | 0.5574 | Granted | | 128,000 | | 0.6500 | Forfeited | | (294,480) | | 0.6368 | Outstanding at December 31, 2023 | | 7,259,362 | | 0.5533 | Exercised | | (3,944,400) | | 0.5205 | Forfeited | | (656,080) | | 0.3667 | Outstanding at December 31, 2024 | | 2,658,882 | | 0.6480 | Exercised | | (1,510,880) | | 0.6477 | Outstanding at December 31, 2025 | | 1,148,002 | | 0.6483 |
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| Schedule of share options outstanding |
| | | | | | | | | | | As of December 31, 2025 | | | | | | | Weighted- | | | | | | | | | average | | | | | | | Weighted- | | remaining | | | | | | | average | | exercise | | | | | Options | | exercise price | | contractual life | | Aggregate | | | number | | per option | | (years) | | intrinsic value | | | | | US$ | | | | US$ in thousand | Options | | | | | | | | | Outstanding | | 1,148,002 | | 0.6483 | | 2.92 | | 22,820 | Exercisable | | 1,116,002 | | 0.6483 | | 2.85 | | 22,184 | Expected to vest | | 32,000 | | 0.6500 | | 5.50 | | 636 |
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| Schedule of fair value of options granted using the binomial option pricing model |
| | | | | | | | | | 2023 | | 2024 | | 2025 | | | | | | | | | | Risk-free interest rate | | 4.13 | % | NA | | NA | | Expected term (in years) | | 4.00 | | NA | | NA | | Expected dividend yield | | 0 | % | NA | | NA | | Expected volatility | | 40 | % | NA | | NA | | Expected forfeiture rate (post-vesting) | | 15 | % | NA | | NA | |
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| Schedule of activities of the restricted share units granted to employees under the plan |
| | | | | | | | | Weighted - | | | | | average grant date | | | Shares awarded number | | fair value per share(US$) | Outstanding at January 1, 2023 | | 26,692,248 | | 5.3631 | Vested | | (5,683,896) | | 5.0877 | Granted | | 8,769,800 | | 6.1047 | Forfeited | | (2,500,424) | | 5.2052 | Outstanding at December 31, 2023 | | 27,277,728 | | 5.6734 | Vested | | (6,826,392) | | 6.1047 | Granted | | 2,225,760 | | 9.3712 | Forfeited | | (2,665,656) | | 5.2956 | Outstanding at December 31, 2024 | | 20,011,440 | | 5.9879 | Vested | | (6,709,496) | | 9.3712 | Granted | | 5,702,392 | | 10.9081 | Forfeited | | (1,842,848) | | 6.2381 | Outstanding at December 31, 2025 | | 17,161,488 | | 6.2732 |
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