SHARE-BASED PAYMENT (Tables)
 12 Months Ended
Dec. 31, 2013
SHARE-BASED PAYMENT  
Schedule of total compensation cost recognized for share options granted

 

 

 

 

For the Years Ended December 31,

 

 

 

2011

 

2012

 

2013

 

 

 

US$

 

US$

 

US$

 

Cost of revenues

 

—

 

—

 

—

 

General and administrative expenses

 

10,479

 

166

 

211

 

 

 

10,479

 

166

 

211

 
Employees
  
SHARE-BASED PAYMENT  
Schedule of share options granted

 

 

 

 

Number of
Options

 

Weighted-
Average
Exercise
Price (US$)

 

Weighted-
Average
Remaining
Contractual
Life (Years)

 

Aggregate
Intrinsic
Value (US$)

 

Outstanding at January 1, 2013

 

3,635,250

 

0.62

 

4.17

 

38

 

Granted

 

1,300,000

 

0.89

 

—

 

—

 

Exercised

 

(265,547

)

0.49

 

—

 

—

 

Forfeited or cancelled

 

(630,139

)

0.70

 

—

 

—

 

Expired

 

—

 

—

 

—

 

—

 

Outstanding at December 31, 2013

 

4,039,564

 

0.70

 

3.72

 

787

 

Vested and expected to vest at December 31, 2013

 

3,527,057

 

0.71

 

3.72

 

675

 

Exercisable at December 31, 2013

 

1,498,674

 

0.62

 

3.37

 

409

 
Schedule of assumptions used in estimating the grant-date fair value of options granted

 

 

 

 

For the Years Ended December 31,

 

 

 

2011

 

2012

 

2013

 

Suboptimal exercise factor

 

—

 

1.5

 

1.5

 

Risk-free interest rate

 

0.85%

 

0.62%~0.83%

 

1.52%

 

Expected volatility rate

 

71.87%

 

73.4%~89.21%

 

84.86%

 

Expected dividend yield

 

—

 

—

 

—

 

Expected share option life

 

5 years

 

5 years

 

4.62~5 years

 

Estimated forfeiture rate

 

 

 

 

 

 

 

Founders

 

—

 

—

 

—

 

Senior management

 

—

 

—

 

6.7

 

Employees

 

—

 

—

 

6.7

 

Fair value of ordinary shares

 

US$0.39

 

US$0.44~US$0.62

 

US$0.78