# EDGAR Filing Document

**Accession Number:** 0001995520
**File Stem:** 0001104659-25-067123
**Filing Date:** 2025-7
**Character Count:** 28906
**Document Hash:** 7d606ea249e46fba21d06d5caa3cf48d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-067123.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001104659-25-067123

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250711

**DATE AS OF CHANGE**: 20250711

**EFFECTIVENESS DATE**: 20250711

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yuanbao Inc.
- **CENTRAL INDEX KEY:** 0001995520
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288624
- **FILM NUMBER:** 251117468

**BUSINESS ADDRESS:**
- **STREET 1:** BUILDING 2, NO.8 BEICHEN WEST ROAD
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100101
- **BUSINESS PHONE:** 86-10-6484-9901

**MAIL ADDRESS:**
- **STREET 1:** BUILDING 2, NO.8 BEICHEN WEST ROAD
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100101

**As filed with the Securities and Exchange Commission on J** **uly 11, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Yuanbao Inc.**

*(Exact name of registrant as specified in its charter)*

---

| | |
|:---|:---|
| **Cayman Islands** | **Not Applicable** |
| *(State or other jurisdiction of*<br> *incorporation or organization)* | *(I.R.S. Employer*<br> *Identification Number)* |

---

**Building 2, No.8 Beichen West Road**

**Chaoyang District, Beijing, 100101**

**The People's Republic of China**

*(Address of Principal Executive Offices and Zip Code)*

**2020 Share Option Plan**

**2024 Equity Incentive Plan**

*(Full title of the plan)*

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**(212) 947-7200**

*(Name, address, including zip code, and telephone number, including area code, of agent for service)*

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ◻ <br> Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

***Copies to:***

**Huirui Wan**

**Chief Financial Officer**

**Yuanbao Inc.**

**Building 2, No.8 Beichen West Road**

**Chaoyang District, Beijing, 100101**

**The People's Republic of China**

**+86 10 64849901**

**PART I<br> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1.** **<u>Plan Information\*</u>**

**Item 2.** **<u>Registrant Information and Employee Plan Annual Information\*</u>**

\* Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act and the Note to Part I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants covered by the 2020 Share Option Plan (the "2020 Plan") and 2024 Equity Incentive Plan (the "2024 Plan"), as specified by Rule 428(b)(1) under the Securities Act.

**PART II<br> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3.** **<u>Incorporation of Documents by Reference</u>**

The following documents previously filed by Yuanbao Inc. (the "Registrant") with the Securities and Exchange Commission (the "Commission") are incorporated by reference herein:

(a) [The Registrant's prospectus dated April 29, 2025 filed with the Commission on April 30, 2025 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the "Securities Act") (File No. 333-282164); and](https://www.sec.gov/Archives/edgar/data/1995520/000119312525107431/d425047d424b4.htm)

(b) [The description of the Registrant's Class A ordinary shares contained in the Registrant's registration statement on Form 8-A under the Exchange Act of 1934, as amended (the "Exchange Act") filed on April 24, 2025, as modified by any amendment or report filed for the purpose of updating such description (File No. 001-42616).](https://www.sec.gov/Archives/edgar/data/1995520/000119312525092699/d831660d8a12b.htm)

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), after the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of such documents. Any statement in a document incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or superseded to the extent that a statement contained in this registration statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this registration statement.

**Item 4.** **<u>Description of Securities</u>**

Not applicable.

**Item 5.** **<u>Interests of Named Experts and Counsel</u>**

Not applicable.

**Item 6.** **<u>Indemnification of Directors and Officers</u>**

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The Registrant's sixth amended and restated memorandum and articles of association provides that the Registrant shall indemnify its directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons other than by reason of their own dishonesty, willful default or fraud, in or about the conduct of the Registrant's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of their duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such persons in defending (whether successfully or otherwise) any civil proceedings concerning the Registrant or its affairs in any court whether in the Cayman Islands or elsewhere.

Pursuant to the indemnification agreement, the form of which was filed as Exhibit 10.3 to the Registrant's registration statement on Form F-1, as amended (File No. 333-282164), the Registrant has agreed to indemnify its directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being directors or officers of the Registrant.

The Registrant also maintains a directors and officers liability insurance policy for its directors and officers.

**Item 7.** **<u>Exemption from Registration Claimed</u>**

Not applicable.

**Item 8.** **<u>Exhibits</u>**

See the Index to Exhibits attached hereto.

**Item 9.** **<u>Undertakings</u>**

(a) The undersigned Registrant hereby undertakes:

(1) To file, during any period in which offers
 or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by
 Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts
 or events arising after the effective date of this registration statement (or the most recent
 post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
 change in the information set forth in this registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information
 with respect to the plan of distribution not previously disclosed in the registration statement
 or any material change to that information in the registration statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement;

(2) That, for the purpose of determining any liability
 under the Securities Act, each such post-effective amendment shall be deemed to be a new
 registration statement relating to the securities offered therein, and the offering of such
 securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a
 post-effective amendment any of the securities being registered which remain unsold at the
 termination of the offering.

(b) The undersigned Registrant hereby undertakes
 that, for purposes of determining any liability under the Securities Act, each filing of
 the Registrant's annual report pursuant to Section 13(a) or 15(d) of
 the Exchange Act (and, where applicable, each filing of an employee benefit plan's
 annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
 by reference in this registration statement shall be deemed to be a new registration statement
 relating to the securities offered therein, and the offering of such securities at that time
 shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities
 arising under the Securities Act may be permitted to directors, officers and controlling
 persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
 has been advised that in the opinion of the Commission such indemnification is against public
 policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
 that a claim for indemnification against such liabilities (other than the payment by the
 Registrant of expenses incurred or paid by a director, officer or controlling person of the
 Registrant in the successful defense of any action, suit or proceeding) is asserted by such
 director, officer or controlling person in connection with the securities being registered,
 the Registrant will, unless in the opinion of its counsel the matter has been settled by
 controlling precedent, submit to a court of appropriate jurisdiction the question whether
 such indemnification by it is against public policy as expressed in the Securities Act and
 will be governed by the final adjudication of such issue.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit<br> Number | Description |
| [4.1](https://www.sec.gov/Archives/edgar/data/1995520/000119312524220286/d425047dex32.htm) | [Sixth Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2 to the registration statement on Form F-1, as amended (File No. 333-282164))](https://www.sec.gov/Archives/edgar/data/1995520/000119312524220286/d425047dex32.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1995520/000119312524220286/d425047dex42.htm) | [Registrant's Specimen Certificate for Class A ordinary shares (incorporated herein by reference to Exhibit 4.2 to the registration statement on Form F-1, as amended (File No. 333-282164))](https://www.sec.gov/Archives/edgar/data/1995520/000119312524220286/d425047dex42.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1995520/000119312525092670/d425047dex43.htm) | [Form of Deposit Agreement between the Registrant, the depositary and holders of the American Depositary Shares (incorporated herein by reference to Exhibit 4.3 to the registration statement on Form F-1, as amended) (File No. 333-282164)](https://www.sec.gov/Archives/edgar/data/1995520/000119312525092670/d425047dex43.htm) |
| [5.1\*](tm2519932d1_ex5-1.htm) | [Opinion of Maples and Calder (Hong Kong) LLP, Cayman Islands counsel to the Registrant, regarding the legality of the Class A ordinary shares being registered](tm2519932d1_ex5-1.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/1995520/000119312524220286/d425047dex101.htm) | [2020 Share Option Plan (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1, as amended (File No. 333-282164))](https://www.sec.gov/Archives/edgar/data/1995520/000119312524220286/d425047dex101.htm) |
| [10.2](https://www.sec.gov/Archives/edgar/data/1995520/000119312524220286/d425047dex102.htm) | [2024 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1, as amended (File No. 333-282164))](https://www.sec.gov/Archives/edgar/data/1995520/000119312524220286/d425047dex102.htm) |
| [23.1\*](tm2519932d1_ex23-1.htm) | [Consent of PricewaterhouseCoopers Zhong Tian LLP](tm2519932d1_ex23-1.htm) |
| [23.2\*](tm2519932d1_ex5-1.htm) | [Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)](tm2519932d1_ex5-1.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included on signature page hereto)](#a_001) |
| [107\*](tm2519932d1_ex-filingfees.htm) | [Filing Fee Table](tm2519932d1_ex-filingfees.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Beijing, China, on July 11, 2025.

---

| | |
|:---|:---|
| **Yuanbao Inc.** | **Yuanbao Inc.** |
| By: | /s/ Rui Fang |
| Name: | Rui Fang |
| Title: | Chairman of the Board and Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints, severally and not jointly, each of Rui Fang and Huirui Wan, with full power to act alone, as his or her true and lawful attorney-in-fact, with the power of substitution, for and in such person's name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each said attorney-in-fact may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities on July 11, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| */s/* Rui Fang | Chairman of the Board and Chief Executive Officer |
| Rui Fang | (Principal Executive Officer) |
| */s/* Ying Li | Director and Chief Operating Officer |
| Ying Li |  |
| */s/* Shuli Sun | Director and Chief Product Officer |
| Shuli Sun |  |
| */s/* Dong Li | Independent Director |
| Dong Li |  |
| */s/* Xu Han | Independent Director |
| Xu Han |  |
| */s/* Huirui Wan | Chief Financial Officer |
| Huirui Wan | (Principal Financial and Accounting Officer) |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Yuanbao Inc., has signed this registration statement or amendment thereto in New York, New York on July 11, 2025.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | */s/ Collen A. De Vries* |
| Name: | Collen A. De Vries |
| Title: | Senior Vice President |

---

## Exhibit 5.1

**Exhibit 5.1**

Our Ref: VSL/770711-000005/32658339v3

Yuanbao Inc.

Building 2, No. 8 Beichen West Road

Chaoyang District, Beijing, 100101

People's Republic of China

11 July 2025

Dear Sirs

**Yuanbao Inc. 元保控股有限公司 (the "Company")**

We have acted as Cayman Islands legal counsel to the Company in connection with a registration statement on Form S-8 to be filed with the Securities and Exchange Commission (the "**Commission**") on 11 July 2025 (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the United States Securities Act of 1933, as amended, (the "**Securities Act**") of 37,497,978 Class A ordinary shares, par value US$0.0001 per share (the "**Shares**"), issuable by the Company pursuant to the 2020 Share Option Plan adopted by the directors of the Company on 20 July 2020 (the "**2020 Plan**") and the 2024 Equity Incentive Plan adopted by the directors of the Company on 13 September 2024 (the "**2024 Plan**", and together with the 2020 Plan, the "**Plans**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

For the purposes of giving this opinion, we have examined copies of the Registration Statement and the Plans. We have also reviewed copies of the sixth amended and restated memorandum and articles of association of the Company adopted by special resolution on 13 September 2024 and effective immediately prior to the completion of the initial public offering of the Company's American depositary shares representing the Shares (the "**Memorandum and Articles**"), and the resolutions of the directors of the Company passed 20 July 2020 (adopting the 2020 Plan), 13 September 2024 (adopting the 2024 Plan) and 10 July 2025 (together, the "**Board Resolutions**").

Based upon, and subject to, the assumptions and qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

1. The Shares to be issued by the Company and registered under the Registration Statement have been duly
and validly authorized.

2. When issued and paid for in accordance with the terms of the Plans and in accordance with the Resolutions,
and appropriate entries are made in the register of members (shareholders) of the Company, the Shares will be validly issued, fully paid
and non-assessable.

In this opinion letter, the phrase "non-assessable" means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares and in the absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

These opinions are subject to the qualification that under the Companies Act (As Revised) of the Cayman Islands (the "**Companies Act**"), the register of members of a Cayman Islands company is by statute regarded as *prima facie* evidence of any matters which the Companies Act directs or authorises to be inserted therein. A third party interest in the shares in question would not appear. An entry in the register of members may yield to a court order for rectification (for example, in the event of fraud or manifest error).

These opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. We express no opinion as to the meaning, validity or effect of any references to foreign (i.e. non-Cayman Islands) statutes, rules, regulations, codes, judicial authority or any other promulgations.

We have also relied upon the assumptions, which we have not independently verified, that (a) all signatures, initials and seals are genuine, (b) copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals, (c) where a document has been provided to us in draft or undated form, it will be duly executed, dated and unconditionally delivered in the same form as the last version provided to us, (d) the Memorandum and Articles remain in full force and effect and are unamended, (e) the resolutions set out in the Board Resolutions were duly passed in the manner prescribed in the memorandum and articles of association of the Company effective at the relevant time and have not been amended, varied or revoked in any respect, (f) there is nothing under any law (other than the laws of the Cayman Islands) which would or might affect the opinions set out above, and (g) upon the issue of any Shares, the Company will receive consideration which shall be not less than the par value of such Shares.

We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments thereto. In giving such consent, we do not consider that we are "experts" within the meaning of such term as used in the Securities Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

Yours faithfully

/s/ Maples and Calder (Hong Kong) LLP

Maples and Calder (Hong Kong) LLP

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Yuanbao Inc. of our report dated March 17, 2025 relating to the financial statements, which appears in Yuanbao Inc.'s Registration Statement on Form F-1 (No. 333-282164).

/s/ PricewaterhouseCoopers Zhong Tian LLP

Beijing, the People's Republic of China

July 11, 2025

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table**

**Form S-8**

(Form Type)

**Yuanbao Inc.**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered Securities**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security<br> Type** | **Security <br> Class** <br> **Title<sup>(1)</sup>** | **Fee <br> Calculation** <br> **Rule** | **Amount<br> Registered<sup>(2)</sup>** | **Proposed<br> Maximum <br> Offering<br> Price<br> Per Share** | **Maximum<br> Aggregate<br> Offering Price** | **Fee Rate** | **Amount of** <br> **Registration<br> Fee** |
| Equity | Class A ordinary shares, par value US$0.0001 per share | Rule 457(h) | 24348175<sup>(3)</sup> | US$0.22<sup>(3)</sup> | US$5,356,598.50 | US$153.1 per US$1,000,000 | US$820.10 |
| Equity | Class A ordinary shares, par value US$0.0001 per share | Rule 457(c) and Rule 457(h) | 13149803<sup>(4)</sup> | US$3.61<sup>(4)</sup> | US$47,470,788.83 | US$153.1 per US$1,000,000 | US$7,267.78 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | **US$** **52,827,387.33** |  | **US$** **8,087.88** |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  | **—** |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | **US$** **8,087.88** |

---

(1) These shares may be represented by the Registrant's American Depositary Shares, or ADSs, each representing six Class A ordinary shares. The Registrant's ADSs issuable upon deposit of the Class A ordinary shares registered hereby have been registered under a separate registration statement on Form F-6, as amended (File No. 333-283431).

(2) Represents Class A ordinary shares issuable upon vesting or exercise of awards granted under the Registrant's 2020 Share Incentive Plan (the "2020 Plan") and 2024 Equity Incentive Plan (the "2024 Plan" and together with the 2020 Plan, the "Plans")). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement also covers an indeterminate number of additional shares which may be offered and issued to prevent dilution from share splits, share dividends or similar transactions as provided in the Plans. Any Class A ordinary shares covered by an award granted under the Plans (or portion of an award) that terminates, expires or lapses for any reason will be deemed not to have been issued for purposes of determining the maximum aggregate number of Class A ordinary shares that may be issued under the Plans.

(3) The amounts to be registered represent Class A ordinary shares issuable upon exercise of outstanding options granted under the 20 20 Plan, and the corresponding proposed maximum offering price per share represents weighted average exercise price of these outstanding options, which is estimated solely for the purposes of calculating the registration fee under Rule 457(h) under the Securities Act.

(4) These Class A ordinary shares are reserved for future award grants under the Plans. The initial maximum number of Shares which may be issuable pursuant to the 2024 Plan and other applicable share incentive schemes of the Company is 35,522,337 Shares, provided, however, that the maximum number of Shares pursuant to the 2024 Plan and other applicable share incentive schemes of the Company shall be 35,522,337 Shares plus an annual increase on the first day of each year during the term of the 2024 Plan commencing with the year beginning January 1, 2025, by an amount equal to the lesser of (i) an automatically increased additional one and a half percent (1.5%) of the then total issued and outstanding Shares plus the Shares issuable pursuant to share incentive schemes of the Company on the last day of the immediately preceding year (i.e., December 31 of each calendar year), and such increase shall only occur once a fiscal year, and (ii) such number of Shares as may be determined by the Committee, if and whenever the unallocated Shares which may be issuable pursuant to Awards under the Plan account for less than three percent (3.0%) of the then total issued and outstanding Shares plus the Shares issuable pursuant to share incentive schemes of the Company as of the first day of each fiscal year (i.e., January 1 of each calendar year). Notwithstanding anything to the contrary above, the Board may, at its full discretion, at any time during the year, increase the number of unallocated Shares under this plan and other applicable share incentive schemes at that time by any amount as deemed necessary and reasonable by the Board. Additional Class A ordinary shares are being registered on this registration statement to cover the additional Class A ordinary shares that may be issued under the 2024 Plan and other applicable share incentive schemes pursuant to such annual increases. To the extent that the actual number of shares that may be offered pursuant to the 2024 Plan and other applicable share incentive schemes exceeds the number of shares registered on this registration statement, the Registrant will file a new registration statement to register the additional shares. The proposed maximum offering price per share, which is estimated solely for the purposes of calculating the registration fee under Rule 457(c) and Rule 457(h) under the Securities Act, is based on the average of the high and low prices for the Registrant's ADSs as quoted on the Nasdaq Global Market on July 3, 2025, adjusted for ADS to Class A ordinary share ratio.