| 31. | Share-based payments |
31.1. Option plans
As of December 31, 2017, the Group has the following outstanding option plans:
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2012 Employee Stock Option Plan (ESOP) |
2015 Restricted Stock Unit Plan (RSU Plan) |
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Adoption date |
October, 2012 |
July, 2015 |
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Type of shares |
class B shares |
class B shares |
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Number of options or RSUs reserved |
Up to 7 % of total amount of shares |
Up to 7 % of total amount of shares |
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Exercise price |
Granted during: |
Granted during: |
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Year 2012: U.S. $13.65 |
Year 2016: n/a |
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Year 2013: U.S. $41.24 – 46.57 |
Year 2017: n/a |
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Year 2014: U.S. $34.09 – 37.89 Year 2017: U.S. $ 23.94 |
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Exercise basis |
Shares |
Shares |
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Expiration date |
December 2020 |
December 2022 |
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Vesting period |
Up to 4 years |
Three vesting during up to 2 years |
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Other major terms |
The options are not transferrable |
- The units are not transferrable |
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- All other terms of the units under 2015 RSU Plan are to be determined by the Company’s BOD or the CEO, if so resolved by the BOD, acting as administrator of the Plan |
31.2. Changes in outstanding options
The following table illustrates the movements in share options during the year ended December 31, 2017:
| As of December 31, 2016 |
Granted during the period |
Forfeited during the period |
Exercised during the period |
As of December 31, 2017 |
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2012 ESOP |
1,929,089 | 27,743 | (282,000 | ) | (146,692 | ) | 1,528,140 | |||||||||||||
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2015 RSU Plan |
414,035 | 512,108 | (66,732 | ) | (314,033 | ) | 545,378 | |||||||||||||
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Total |
2,343,124 | 539,851 | (348,732 | ) | (460,725 | ) | 2,073,518 | |||||||||||||
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As of December 31, 2017 the Company has 1,528,140 options outstanding, all of which are vested, and 545,378 RSUs outstanding, of which 51,912 are vested and 493,466 are unvested.
The weighted average price for share options exercised under ESOP during the reporting period was U.S. $13.65 and exercised under RSU plan was nill.
31.3. Valuations of share-based payments
The valuation of all equity-settled options granted are summarized in the table below:
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Option plan/ Grant date |
Number of options/ RSUs |
Dividend yield, % |
Volatility,% | Risk-free interest rate, % |
Expec- ted term, years |
Weighted average share price (U.S. $) |
Weighted average fair value per option/ RSU (U.S. $) |
Valuation method |
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2012 ESOP |
4,128,521 | 0-5.03% | 28%- 49.85% |
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0.29 3.85 |
%- % |
2-4 | 28.10 | 7.14 | Black- Scholes- Merton |
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2015 RSU Plan |
1,095,708 | 0-5.03% | 50.65%- 64.02% |
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2.89 3.19 |
%- % |
0-2 | 15.04 | 14.41 | Binominal | ||||||||||||||||
The forfeiture rate used in valuation models granted during the period is 9%. It is based on historical data and current expectations and is not necessarily indicative of forfeiture patterns that may occur.
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.
31.4. Share-based payment expense
The amount of expense arising from equity-settled share-based payment transactions for the year ended December 31, 2017 was 398 (2016 – 224, 2015 – 88).