ORDINARY SHARES |
12 Months Ended |
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Dec. 31, 2025 | |
| Equity [Abstract] | |
| ORDINARY SHARES | 10. ORDINARY SHARES
Upon incorporation in 2014, the Company’s authorized shares were shares with a par value of US$ per share. In May 2023, the Company’s authorized shares were updated to be shares with a par value of US$ per share, including Class A Ordinary Shares, Class B Ordinary Shares and Preferred Shares. The Company re-designated and re-classified Ordinary Shares into Class A Ordinary Shares and Class B Ordinary Shares. Class B Ordinary Shares were held by Snoweagle-s Limited and Diamondbird-s Limited, which were beneficially owned by Mr. Peng Xue, the Company’s founder, chairman of the board of directors and chief executive officer. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share shall entitle the holder one vote on all matters subject to vote at general meetings of the Company. Each Class B Ordinary Share shall entitle the holder ten votes on all matters subject to vote at general meetings of the Company. Each Class B Ordinary Share is convertible into one Class A Ordinary Share. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. The share, per share amounts and disclosures in the consolidated financial statements have been retroactively adjusted to reflect the above designation and reclassification.
Immediately prior to the completion of IPO, the Company’s authorized shares were updated to be shares with a par value of US$ per share, including Class A Ordinary Shares, Class B Ordinary Shares and shares of a par value of US$ each of such class or classes (however designated) as the board of directors may determine in accordance with the Company’s post-offering memorandum and articles of association.
Immediately prior to the completion of the IPO, all outstanding redeemable convertible preferred shares, including (i) Series A Preferred Shares of a par value of US$ each, (ii) Series B Preferred Shares of a par value of US$ each, (iii) Series C Preferred Shares of a par value of US$ each, (iv) Series C-1 Preferred Shares of a par value of US$ each, (v) Series C-2 Preferred Shares of a par value of US$ each, (vi) Series D-1 Preferred Shares of a par value of US$ each and (vii) Series D-2 Preferred Shares of a par value of US$ each, were converted into Class A ordinary shares on a one-for-one basis.
In October 2024, upon the completion of the Company’s IPO, the Company issued Class A Ordinary Shares, at public offering price of US$ per share. The net proceeds after deducting underwriting discounts and commissions were approximately US$62.3 million (equivalent to RMB447,967).
As of December 31, 2024 and 2025, there were and ordinary shares issued and will be used to settle share options and Class A restricted share units upon their exercise and vest. No consideration was received by the Company for this issuance of ordinary shares. These ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes. Any ordinary shares not used in the settlement of share options and Class A restricted share units will be returned to the Company.
As of December 31, 2025, Class A Ordinary Shares were issued and Class A Ordinary Shares were outstanding, Class B Ordinary Shares were issued and outstanding.
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