v3.26.1
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
SHARE-BASED COMPENSATION  
Schedule of Share-based compensation recognized in operating expenses

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Year ended December 31, 

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2023

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2024

  ​ ​ ​

2025

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(HK$ in thousands)

Research and development expenses

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201,033

 

230,830

 

226,490

General and administrative expenses

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69,560

 

81,966

 

88,091

Selling and marketing expenses

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20,238

 

22,130

 

28,443

Total share-based compensation expenses

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290,831

 

334,926

 

343,024

Schedule of the stock option activity under the 2014 and 2019 Share Incentive Plan

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Options granted

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Weighted average

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share number

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exercise price per option (US$)

Outstanding at December 31, 2022

 

9,986,146

 

0.5556

Exercised

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(2,560,304)

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0.5574

Granted

 

128,000

 

0.6500

Forfeited

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(294,480)

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0.6368

Outstanding at December 31, 2023

 

7,259,362

 

0.5533

Exercised

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(3,944,400)

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0.5205

Forfeited

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(656,080)

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0.3667

Outstanding at December 31, 2024

 

2,658,882

 

0.6480

Exercised

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(1,510,880)

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0.6477

Outstanding at December 31, 2025

 

1,148,002

 

0.6483

Schedule of share options outstanding

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As of December 31, 2025

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Weighted-

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average

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Weighted-

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remaining

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average

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exercise

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Options

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exercise price

 

contractual life

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Aggregate

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  ​ ​ ​

number

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per option

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(years)

  ​ ​ ​

intrinsic value

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US$

 

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US$ in thousand

Options

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Outstanding

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1,148,002

 

0.6483

 

2.92

 

22,820

Exercisable

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1,116,002

 

0.6483

 

2.85

 

22,184

Expected to vest

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32,000

 

0.6500

 

5.50

 

636

Schedule of fair value of options granted using the binomial option pricing model

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2023

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2024

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2025

 

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Risk-free interest rate

 

4.13

%

NA

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NA

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Expected term (in years)

 

4.00

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NA

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NA

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Expected dividend yield

 

0

%

NA

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NA

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Expected volatility

 

40

%

NA

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NA

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Expected forfeiture rate (post-vesting)

 

15

%

NA

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NA

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Schedule of activities of the restricted share units granted to employees under the plan

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Weighted -

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average grant date

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Shares awarded number

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fair value per share(US$)

Outstanding at January 1, 2023

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26,692,248

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5.3631

Vested

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(5,683,896)

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5.0877

Granted

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8,769,800

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6.1047

Forfeited

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(2,500,424)

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5.2052

Outstanding at December 31, 2023

 

27,277,728

 

5.6734

Vested

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(6,826,392)

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6.1047

Granted

 

2,225,760

 

9.3712

Forfeited

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(2,665,656)

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5.2956

Outstanding at December 31, 2024

 

20,011,440

 

5.9879

Vested

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(6,709,496)

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9.3712

Granted

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5,702,392

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10.9081

Forfeited

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(1,842,848)

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6.2381

Outstanding at December 31, 2025

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17,161,488

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6.2732

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