# EDGAR Filing Document

**Accession Number:** 0001852440
**File Stem:** 0001213900-25-074942
**Filing Date:** 2025-8
**Character Count:** 439461
**Document Hash:** 261d310a8b3e76f4a66b0c18308d0636
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-074942.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001213900-25-074942

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 27

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jianzhi Education Technology Group Co Ltd
- **CENTRAL INDEX KEY:** 0001852440
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289524
- **FILM NUMBER:** 251206548

**BUSINESS ADDRESS:**
- **STREET 1:** YINGDU BUILDING
- **STREET 2:** 27/F ZHICHUN ROAD, TOWER A
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100086
- **BUSINESS PHONE:** 86 10 58732560

**MAIL ADDRESS:**
- **STREET 1:** YINGDU BUILDING
- **STREET 2:** 27/F ZHICHUN ROAD, TOWER A
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100086

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jianzhi Education Technology Group
- **DATE OF NAME CHANGE:** 20210326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jianzhi Education Group Co Ltd
- **DATE OF NAME CHANGE:** 20210319

#### As filed with the Securities and Exchange Commission on August 12, 2025

#### Registration No. 333-

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION <br>Washington, D.C. 20549

#### ____________________________

#### FORM F-1<br> REGISTRATION STATEMENT <br> UNDER <br>THE SECURITIES ACT OF 1933

#### ____________________________

#### Jianzhi Education Technology Group Company Limited<br> (Exact name of Registrant as specified in its charter)

#### ____________________________

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **8220** | **Not applicable** |
|  **(State or other jurisdiction of incorporation or organization)** | **(Primary Standard Industrial Classification Code Number)** | **(I.R.S. Employer<br> Identification No.)** |

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**15/F, Tower A, Yingdu Building, Zhichun Road<br>Haidian District, Beijing 100086<br>People's Republic of China<br>+86 10 58732560<br>(Address including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

**Cogency Global Inc.<br>122 East 42**<sup>nd</sup> **Street, 18**<sup>th</sup> **Floor<br>New York, New York 10168<br>(800) 221**-0102 **<br>(Name, address, including zip code, and telephone number, including area code, of agent for service)**

***Copies to:***

#### Steve Lin, Esq.<br>Han Kun Law Offices LLP<br>Rooms 4301-10, 43 / F., Gloucester Tower<br>The Landmark<br>15 Queen's Road Central<br>Hong Kong<br>+852 2820 5600

#### ____________________________
Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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. ☐ †

____________

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the SEC, acting pursuant to said Section 8(a), may determine.**

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**The information in this preliminary prospectus is not complete and may be changed. The selling shareholders named in this preliminary prospectus may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission, of which this preliminary prospectus is a part, is effective. This preliminary prospectus is not an offer to sell these securities and the selling shareholders named in this preliminary prospectus is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

#### PRELIMINARY PROSPECTUS (Subject to Completion)
**Dated , 2025.**

#### 5, 800 ,000 American Depositary Shares
**Jianzhi Education Technology Group Company Limited**

**Representing 348,000,000 Class A Ordinary Shares**<br>

We are offering 5,800,000 American depositary shares of Jianzhi Education Technology Group Company Limited ("ADSs") directly to certain investors. Each ADS represents 60 of our Class A ordinary shares, par value $0.0001 per share.

The ADSs are listed on the Nasdaq Capital Market, under the symbol "JZ." On August 11, 2025, the closing trading price for the ADSs, as reported on Nasdaq Capital Market, was US$1.455 per ADS.

Jianzhi Education Technology Group Company Limited ("Jianzhi Education" or the "Company") is a Cayman Islands holding company operating in China through its subsidiaries and contractual arrangements with variable interest entities (the "VIEs"), namely Beijing Sentu Technology Co., Ltd., a limited liability company established under PRC law ("Beijing Sentu" or the "VIE Entity"), and its subsidiaries. The VIEs are consolidated for accounting purpose only and Jianzhi Education does not own any equity interest in the VIEs. Jianzhi Education is not a Chinese operating company and does not conduct operations directly. PRC laws, regulations, and rules restrict and impose conditions on direct foreign investment in certain types of business, including radio and television program production and operation business and value-added telecommunication business, and we therefore operate these businesses in China through the VIE structure which provides investors with exposure to foreign investment in the Chinese operating companies where Chinese law prohibits us from direct foreign investment in the operating companies. Investors are purchasing equity interests in Jianzhi Education, the Cayman Islands holding company, and are not purchasing, and may never directly hold, equity interests in the VIEs. As used in this prospectus, "we", "us", or "our" refers to Jianzhi Education and its subsidiaries.

Our corporate structure is subject to risks relating to our contractual arrangements with Beijing Sentu and its shareholders. Such contractual arrangements have not been tested in any of the PRC courts. There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to these contractual arrangements. If the PRC government finds these contractual arrangements non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant PRC laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIEs or forfeit our rights under the contractual arrangements. Jianzhi Education and investors in our securities face uncertainty about potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with Beijing Sentu and, consequently, significantly affect the financial condition and results of operations of Jianzhi Education. If we are unable to claim our right to control the assets of the VIEs, our securities may decline in value or become worthless. The PRC government could even disallow the VIE structure completely, which would likely result in a material adverse change in our operations and our securities may significantly decline in value or become worthless.

We face various legal and operational risks and uncertainties relating to doing business in China. We operate our business primarily in China, and are subject to complex and evolving PRC laws and regulations. Given that we and the VIEs do not possess a large amount of personal information, and data processed in our and the VIEs' business do not have a bearing on national security and thus may not be classified as core or important data by the authorities, as advised by DeHeng Law Offices, our counsel as to PRC law, as of the date of this prospectus, in connection with this offering, under current PRC laws, regulations and rules, we, our PRC subsidiaries, and the VIEs, (i) are not required by the Cyberspace Administration of China (the "CAC") to go through cybersecurity review, and (ii) other than the filing with the China Securities Regulatory

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Commission (the "CSRC") we are required to make after the completion of the first sale of ADSs under this offering, (a) are not required to obtain permissions from the CSRC, and (b) have not been asked to obtain or denied such and other permissions by any PRC government authority, under current PRC laws, regulations and rules in connection with this offering as of the date of this prospectus supplement.

We cannot assure you that the regulators in China hold the same position with us. Uncertainties in the PRC legal system and the interpretation and enforcement of PRC laws and regulations could limit the legal protection available to you and us, hinder our ability to offer or continue to offer the securities, result in a material adverse effect on our business operations, and damage our reputation, which might further cause our securities to significantly decline in value or become worthless.

The Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted on December 18, 2020. In accordance with the HFCA Act, trading in the ADSs on a national securities exchange or in the over the counter trading market in the United States may be prohibited if the PCAOB determines that it cannot inspect or fully investigate our auditor for three consecutive years beginning in 2021 or any year thereafter, and, as a result, an exchange may determine to delist the ADSs. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two. On February 4, 2022, the U.S. House of Representatives passed a bill, which was signed into law on December 29, 2022 and contained, among other things, an identical provision. On December 23, 2022 the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, such that the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA is reduced from three years to two. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong and our auditor was not subject to this determination. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022. The PCAOB vacated its prior determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. Although we believe that the HFCA Act and the related regulations do not currently affect us, we cannot assure you that there will not be any further implementations and interpretations of the Holding Foreign Companies Accountable Act or the related regulations, which might pose regulatory risks to and impose restrictions on us because of our operations in mainland China.

Cash is transferred among the Company, our WFOE, and the VIE Entity, in the following manners: (i) funds are transferred to Jianzhi Beijing, our WFOE, from the Company as needed through our BVI and/or Hong Kong subsidiaries in the form of capital contributions or shareholder loans, as the case may be; (ii) funds may be paid by Beijing Sentu, the VIE Entity, to Jianzhi Beijing, our WFOE, as service fees according to the contractual arrangements; (iii) dividends or other distributions may be paid by Jianzhi Beijing, our WFOE, to the Company through our Hong Kong and BVI subsidiaries; and (iv) Jianzhi Beijing, our WFOE, and Beijing Sentu, the VIE Entity, lend to and borrow from each other from time to time for business operation purpose. For the year ended December 31, 2021, Beijing Sentu, the VIE Entity, provided a loan of RMB52.4 million to Jianzhi Beijing, our WFOE. For the year ended December 31, 2022, Beijing Sentu, the VIE Entity, received repayments from Jianzhi Beijing, our WFOE, in the amount of RMB36.5 million. For the year ended December 31, 2023, Beijing Sentu, the VIE Entity, provided loans totaling RMB11.9 million to one of subsidiaries of Jianzhi Beijing, meanwhile Beijing Sentu received no repayments from Jianzhi Beijing. For the year ended December 31, 2024, Beijing Sentu, the VIE Entity, provided loans totaling RMB4.3 million (US$0.6 million) to one of subsidiaries of Jianzhi Beijing, meanwhile Beijing Sentu received no repayments from Jianzhi Beijing. Such loans were recorded under "net cash provided by (used in) financing activities" in the VIE Consolidation Schedule. The aforementioned assets transfers were for business operation purposes. We have no plan to distribute earnings or settle amounts owed under the contractual arrangements. As of the date of this prospectus, there were no cash flows between the Company and Jianzhi Beijing, our WFOE, and the Company and Beijing Sentu, the VIE Entity, haven't paid any dividends or made any distributions to their respective shareholders either. We currently have not maintained any cash management policies that dictate the purpose, amount and procedure of cash transfers between the Company, our WFOE, the VIE

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Entity, or investors. Rather, the funds can be transferred in accordance with the applicable PRC laws and regulations. For more details, see "Summary — Restrictions on Foreign Exchange and the Ability to Transfer Cash Between Entities, Across Borders and to U.S. Investors."

To the extent our cash in the business is in the PRC or a PRC entity, the funds may not be available to distribute dividends to our investors, or for other use outside of the PRC, due to interventions in or the imposition of restrictions and limitations on the ability of us, our subsidiaries, or the VIEs by the PRC government to transfer cash. The PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. Our cash dividends, if any, will be paid in U.S. dollars. As a consequence, we might not be able to pay dividends in foreign currencies to our shareholders. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax. In addition, relevant PRC laws and regulations permit the PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The Company's PRC subsidiaries may pay dividends only out of their accumulated after-tax profits upon satisfaction of relevant statutory conditions and procedures, if any, determined in accordance with Chinese accounting standards and regulations; each of the PRC subsidiaries is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of its registered capital. Additionally, the Company's PRC subsidiaries and the VIEs can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the statutory reserves. Such laws and regulations would limit our ability to transfer cash between the Company, our WFOE, the VIE Entity, or investors. See "Summary — Restrictions on Foreign Exchange and the Ability to Transfer Cash Between Entities, Across Borders and to U.S. Investors"

We qualify as a "controlled company" as defined under the corporate governance rules of the Nasdaq, because Ms. Peixuan Wang beneficially owns all our issued and outstanding Class B ordinary shares, or approximately 85.6% of the total voting power of all our issued and outstanding ordinary shares, as of the date of this prospectus. See "Principal Shareholders." For so long as we remain a controlled company under that definition, it is permitted to elect to rely, and may rely, on certain exemptions from Nasdaq corporate governance rules. We currently do not intend to avail ourselves of such corporate governance exemptions.

You should read this prospectus, together with additional information described under the headings "Where You Can Find More Information" and "Incorporation of Documents by Reference" carefully before you invest in any of our securities.

**Investing in our securities involves a high degree of risk. These risks are discussed in this prospectus under "Risk Factors" beginning on page 15 and the "Risk Factors" in "Item 3. Key Information — D. Risk Factors" of our most recent Annual Report on Form 20**-F**, which is incorporated by reference in this prospectus, as well as in any other recently filed reports and, if any, in any applicable prospectus supplement.**

We expect to deliver the ADSs against payment on or about , 2025.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

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| | | |
|:---|:---|:---|
|  | **Per ADS** | **Total** |
|  Public offering price | $| $|
|  Proceeds to us, before expenses | $| $|

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The offering price will be determined through arm's length negotiation between our company and the investors

#### The date of this prospectus is , 2025

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [Prospectus Summary](#T16) | 1 |
|  [The Offering](#T15) | 13 |
|  [Risk Factors](#T14) | 15 |
|  [Special Note Regarding Forward-Looking Statements](#T994001) | 20 |
|  [Use of Proceeds](#T13) | 21 |
|  [Dividend Policy](#T12) | 22 |
|  [Capitalization](#T11) | 23 |
|  [Principal Shareholders](#T994002) | 25 |
|  [Related Party Transactions](#T994003) | 27 |
|  [Description of Share Capital](#T10) | 28 |
|  [Description of American Depositary Shares](#T9) | 37 |
|  [Material Tax Considerations](#T8) | 44 |
|  [Plan of Distribution](#T7) | 45 |
|  [Expenses](#T6) | 46 |
|  [Legal Matters](#T5) | 47 |
|  [Experts](#T4) | 47 |
|  [Where You Can Find Additional Information](#T3) | 47 |
|  [Incorporation of Documents by Reference](#T2) | 48 |
|  [Enforceability of Civil Liabilities](#T1) | 49 |

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#### PROSPECTUS SUMMARY
*This summary highlights selected information about us and information contained in greater detail elsewhere in this prospectus, and in the documents incorporated by reference herein. This summary is not complete and does not contain all of the information that you should consider before investing in the offered ADSs. You should carefully read and consider this entire prospectus and information incorporated by reference into this prospectus, including the financial statements and related notes and "Risk Factors" starting on page 15 of this prospectus, before making an investment decision. If you invest in our securities, you are assuming a high degree of risk.*

#### The Company
Since being established, we, together with the VIEs, have been committed to developing educational content and providing IT related solutions to fulfil the massive demand for high-quality, professional development training resources and to meet the specific needs of educational institutions and other institutional customers in China.

We, together with the VIEs, started operations by providing educational content products and IT services to higher education institutions. After an initial growth period, leveraging our and the VIEs' deep understanding into and rich experience in professional development training and IT related resolutions designed for educational customers, as well as our and the VIEs' strong curriculum and software development capabilities, our and the VIEs' products and brand have gained increasing recognition and acceptance by both higher education institutions and the general public. We, together with the VIEs, then initiated end-user business and started providing products to individual customers, and acquired companies in Shanghai and Guangzhou to facilitate further expansion in the end-user market.

Leveraging our and the VIEs' strong capabilities in developing proprietary professional development training content and IT related solutions and success in consolidating educational content and software resources within the industry, we and the VIEs have successfully built up a comprehensive, multi-dimensional digital educational content database and are able to provide customized technological support for educational institutions and other institutional customers. Furthermore, we are actively incorporating AIGC technology into the development of our educational products and services. Our and the VIEs' educational content database offers a wide range of professional development products, including employability skills and entrepreneurship guidance courses, professional skills training courses, skill improvement courses and professional certification quiz banks. We and the VIEs embed proprietary digital education content into the self-developed online learning platforms, which are provided to a wide range of customers through our and the VIE's omni-channel sales system.

#### The VIEs and China Operations
Jianzhi Education is a Cayman Islands holding company and does not conduct operations directly. The operations in China are conducted through (i) Jianzhi Education's PRC subsidiaries, including Jianzhi Beijing (the "WFOE") and its subsidiaries, in which we hold equity ownership interests, and (ii) variable interest entities, namely Beijing Sentu (the "VIE Entity") and its subsidiaries (collectively, the "VIEs"). The VIEs are consolidated for accounting purpose only and Jianzhi Education does not own any equity interest in the VIEs. Investors are purchasing equity interests in Jianzhi Education, the Cayman holding company, and are not purchasing, and may never directly hold, equity interests in the VIEs. In June 2018, the WFOE entered into a series of contractual arrangements with Beijing Sentu and its shareholders. These agreements or their forms are filed as exhibits to the registration statement on Form F-1 of which this prospectus is a part and include: (i) an exclusive business cooperation agreement (the "Exclusive Business Cooperation Agreement"), which enables us to receive substantially all of the economic benefits of Beijing Sentu. Pursuant to the Exclusive Business Cooperation Agreement, Beijing Sentu is obliged to pay service fee to Jianzhi Beijing for the exclusive services such as technical services, Internet support, business consulting, marketing consulting, system integration, product development and system maintenance. The service fee shall consist of 100% of the profit before tax of Beijing Sentu, after the deduction of all costs, expenses, taxes and other fee required under PRC laws and regulations. Beijing Sentu agrees not to accept the same or any similar services provided by any third party and shall not establish cooperation relationships similar to that formed by the Exclusive Business Cooperation Agreement with any third party, except with the prior

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The following diagram illustrates the corporate structure of us and the VIEs, including our significant subsidiaries, Beijing Sentu and its subsidiaries, as of the date of this prospectus:

![](tflowchart_001.jpg)

____________

Notes:

(1) 48.8% equity interest in Shanghai Ang'you is owned by Ms. Xiaoling Tang, a prior management member of Shanghai Ang'you, an entity controlled by Beijing Sentu, the VIE Entity.

(2) 49% equity interest in Wuhan Crossboarder is owned by Zhangmei Technology Co., Ltd.

#### Permissions Required from the PRC Authorities for Our Operations
As of the date of this prospectus, as advised by DeHeng Law Offices, our counsel as to PRC law, our PRC subsidiaries and the VIEs have obtained the requisite licenses and permits from the PRC government authorities for the business operations we and the VIEs conduct in the PRC, including the value-added telecommunications business operating license, license for production and operation of radio and television programs and operating license of publication. For a list of licenses and approvals that our WFOE and the VIEs are required to obtain for the operations we and the VIEs conduct in China as of the date of this prospectus, see "Item 4. Information on the Company — B. Business Overview — Licenses and Approvals" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus. However, we cannot assure you that our PRC subsidiaries and the VIEs are always able to successfully update or renew the licenses or permits required for the relevant business in a timely manner or that these licenses or permits are sufficient to conduct all of our and the VIEs' present or future business. If our PRC subsidiaries and the VIEs (i) do not receive or maintain required permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and our PRC subsidiaries or the VIEs are required to obtain such permissions or approvals in the future, we could be subject to fines, legal sanctions or an order to suspend the VIEs' online educational content services, which may materially and adversely affect the business, financial condition and results of operations of us and the VIEs. For risks relating to licenses and approvals required for our and the VIEs' operations in China, see "Item 3. Key Information — D. Risk Factors — Risks Related to the Business and Industry of Us and the VIEs — The VIEs face risks and uncertainties in the licensing and approval requirements of the VIEs' online educational content services. If the VIEs fail to obtain and maintain the requisite licenses and approvals required under the complex regulatory environment for online education in China, financial condition and results of operations may be materially and adversely affected" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

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On December 28, 2021, the CAC and other ministries and commissions jointly promulgated the Cybersecurity Review Measures (the "Measures"), which came into effect on February 15, 2022, targeting to further restate and expand the applicable scope of the cybersecurity review. Pursuant to the Measures, critical information infrastructure operators that intend to purchase Internet products and services and online platform operators engaging in data processing activities that affect or may affect national security must be subject to cybersecurity review. The Measures further stipulate that if an online platform operator possesses the personal information of more than one million users and intends to list in a foreign country, it shall proactively apply to the Office of Cybersecurity Review for cybersecurity review. However, regulatory requirements on cybersecurity and data security in the PRC are constantly evolving and can be subject to varying interpretations or significant changes, which may result in uncertainties about the scope of our responsibilities in that regard.

DeHeng Law Offices, our counsel as to PRC law, has advised us that, if any of the following circumstance exists, we and the VIEs shall apply with the CAC for cybersecurity review with respect to this offering: (i) we and the VIEs possess over one million individuals' personal information; (ii) we and the VIEs are deemed as critical information infrastructure and intend to purchase internet products and services that will or may affect national security, and (iii) we and the VIEs carry out any data processing activities which has affected or may affect national security. We believe we and the VIEs have none of the aforesaid circumstances, and given that: (i) our and the VIEs' products and services are offered not directly to individual users but through our and the VIEs' institutional customers and our and the VIEs' business partner; (ii) we and the VIEs do not possess a large amount of personal information in our and the VIEs' business operations; and (iii) data processed in our and the VIEs' business do not have a bearing on national security and thus may not be classified as core or important data by the authorities, as advised by DeHeng Law Offices, our counsel as to PRC law, there remains uncertainty as to how the Measures will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Measures. If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we and the VIEs will take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us. However, we cannot assure you that we and the VIEs can fully or timely comply with such laws. In the event that we and the VIEs are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we and the VIEs face uncertainty as to whether any clearance or other required actions can be timely completed, or at all. Given such uncertainty, we and the VIEs may be further required to suspend our and the VIEs' relevant business, shut down our and the VIEs' website, or face other penalties, which could materially and adversely affect our and the VIEs' business, financial condition, and results of operations, and/or the value of the ADSs or could significantly limit or completely hinder our and the VIEs' ability to offer or continue to offer securities to investors. In addition, if any of these events causes us unable to direct the activities of the VIEs or lose the right to receive their economic benefits, we and the VIEs' may not be able to consolidate the VIEs into our consolidated financial statements in accordance with U.S. GAAP, which could cause the value of the ADSs to significantly decline or become worthless.

#### Approvals Required from the PRC Authorities for Offering Securities to Foreign Investors
On February 17, 2023, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines (collectively, the Overseas Listing Trial Measures), which came into effect on March 31, 2023. Pursuant to the Overseas Listing Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC. Domestic companies that have been listed on a foreign stock exchange prior to the effective date of the Overseas Listing Trial Measures are not required to file with the CSRC to maintain its listing status on the foreign stock exchange, but are required to file with the CSRC within three working days after such domestic company completes a security offering on the foreign stock exchange on which its securities have been listed.

On September 6, 2024, the NDRC and MOFCOM issued the Special Administrative Measures for Access of Foreign Investment (Negative List) (2024 Edition) (the "*Negative List 2024*"), which came into effect on November 1, 2024. According to *Negative List 2024*, PRC entities which engage in any field forbidden by the *Negative List 2024* for access of foreign investment shall be approved by competent PRC authorities when they seek listing offshore, and foreign investors shall not participate in operation and management and their shareholding ratio shall be in compliance with PRC laws.

As advised by DeHeng Law Offices, as the Overseas Listing Trial Measures and the *Negative List 2024* were newly promulgated, and due to the lack of further clarifications or detailed rules and regulations, DeHeng Law Offices, our counsel as to PRC law, have further advised us that, there are still uncertainties as to how the

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aforementioned rules will be interpreted or implemented and whether the PRC regulatory agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that PRC regulatory agencies, including the CSRC, would take the same view as they do. We cannot assure you that we and the VIEs can fully or timely comply with such laws. If it is determined that the approval of CSRC or other PRC government authorities is required for this offerings, or if the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for this offerings, we may be unable to obtain a waiver of such approval requirements, and we may face sanctions by the CSRC or other PRC regulatory agencies for failure to obtain or delay in obtaining approvals from the CSRC or other PRC regulatory agencies for this offerings. These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or take other actions that could materially and adversely affect our business, reputation, financial condition, results of operations, prospects, as well as the trading price of the ADSs. The CSRC or other PRC regulatory agencies may also take actions requiring us, or making it advisable for us, to halt this offerings before the settlement and delivery of the ADSs that we are offering. Consequently, if you engage in market trading or other activities in anticipation of and prior to the settlement and delivery of the ADSs we are offering, you would be doing so at the risk that the settlement and delivery may not occur. For risks related to the oversight of the CAC and approval of the CSRC and other PRC government authorities, please refer to "Item 3. Key Information — D. Risk Factors — Risks Related to Doing Business in China — It is unclear whether we and the VIEs will be subject to the oversight of the CAC and how such oversight may impact us. Our and the VIEs' business could be interrupted or we and the VIEs could be subject to liabilities which may materially and adversely affect the results of our and the VIEs' operation and the value of your investment" and "Item 3. Key Information — D. Risk Factors — Risks Related to Doing Business in China — The approval of the CSRC or other equivalent PRC government authorities may be required in connection with our future offerings under current PRC laws, regulations and rules. Any action by the PRC government to exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers could result in a material change in our operation, cause the value of our ordinary shares to significantly decline or become worthless, and significantly limit or completely hinder our ability to offer or continue to offer our ordinary shares to investors" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

We and the VIEs have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC, the CAC, or other PRC regulatory authorities required for overseas listings, including this offerings. For risks relating to regulatory approvals on overseas listings, see "Item 3. Key Information — D. Risk Factors — Risks Related to Doing Business in China — The approval of the CSRC or other equivalent PRC government authorities may be required in connection with our offerings under current PRC laws, regulations and rules. Any action by the PRC government to exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers could result in a material change in our operation, cause the value of our ordinary shares to significantly decline or become worthless, and significantly limit or completely hinder our ability to offer or continue to offer our ordinary shares to investors" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

#### Cash and Asset Flows through Our Organization
For the year ended December 31, 2018, Jianzhi Beijing, our WFOE, provided a loan of RMB36.1 million to Beijing Sentu, the VIE Entity. For the year ended December 31, 2019, Jianzhi Beijing, our WFOE, provided a loan of RMB24.4 million to Beijing Sentu, the VIE Entity (the "2019 Loan"). For the year ended December 31, 2020, Beijing Sentu, the VIE Entity, paid off the 2019 Loan and provided a loan of RMB13.7 million to Jianzhi Beijing, our WFOE. For the year ended December 31, 2021, Beijing Sentu, the VIE Entity, provided another loan of RMB52.4 million to Jianzhi Beijing, our WFOE. For the year ended December 31, 2022, Beijing Sentu, the VIE Entity, received repayments from Jianzhi Beijing, our WFOE, in the amount of RMB36.5 million. For the year ended December 31, 2023, Beijing Sentu, the VIE Entity, provided loans totaling RMB11.9 million to one of subsidiaries of Jianzhi Beijing, meanwhile Beijing Sentu received no repayments from Jianzhi Beijing. For the year ended December 31, 2024, Beijing Sentu, the VIE Entity, provided loans totaling RMB4.3 million (US$0.6 million) to one of subsidiaries of Jianzhi Beijing, meanwhile Beijing Sentu received no repayments from Jianzhi Beijing. Such loans were recorded under "net cash provided by (used in) financing activities" in the VIE Consolidation Schedule. See "Item 3. Key Information — VIE Consolidation Schedule" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus. In addition, Beijing Sentu, the VIE Entity, transferred the copyright

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ownership of educational video content to Jianzhi Beijing, our WFOE, in 2020, which had a total value of RMB22.2 million. From January 1, 2025 to date, Beijing Sentu received repayments from a subsidiary of Jianzhi Beijing in the amount of RMB5.81 million (US$0.8 million). The aforementioned assets transfers were for business operation purposes.

#### Dividends or Distributions Made to the Company
As of the date of this prospectus, Jianzhi Beijing, our WFOE, hasn't paid any dividends or made any distributions to the Company, and the Company and Beijing Sentu haven't paid any dividends or made any distributions to their respective shareholders either.

According to the terms of Contractual Arrangements that our WFOE entered into with Beijing Sentu, the VIE Entity, and its shareholders, our WFOE has a right to charge the VIEs for services provided to them. These service fees shall be recognized as expenses of VIE and its subsidiaries, with a corresponding amount as revenue by our WFOE and then completely eliminate in consolidation level. For income tax purposes, our WFOE and VIEs file income tax returns on a separate company basis. The service fees paid are recognized as a tax deduction by VIEs and as revenue by our WFOE. The PRC's statutory Enterprise Income Tax ("EIT") rates is 25%. VIE Entity and certain its subsidiaries are qualified for preferential EIT rate of 20% or entitled to reduction of taxable income. However, the preferential tax policy is subject to qualification and temporary in nature. It may not be available in a future period when the service fees are really paid. As of the date of this prospectus, Beijing Sentu, the VIE Entity, has not paid any service fees to our WFOE. Therefore, based on our assessment and best estimate, the possibility of significant income tax variance caused by such hypothetical scenario deems remote.

#### Summary Risk Factors
Investing in the ADSs involves a high degree of risk. You should carefully consider the risks and uncertainties summarized below, the risks described under the "Risk Factors" section and the "Risk Factors" in "Item 3. Key Information — D. Risk Factors" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus, as well as in any other recently filed reports and, if any, in any applicable prospectus supplement.

We and the VIEs face risks and uncertainties in realizing business objectives and executing strategies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs face intense competition within each of the business segments, which may affect the business, financial condition and results of operations of us and the VIEs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our and the VIEs' historical financial and operating results may not be indicative of the future performance and our and the VIEs' financial and operating results may be difficult to forecast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs have a history of net loss and we may not be able to achieve or subsequently maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs are subject to risks in connection with customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs are subject to risks associated with brand recognition and market reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs have recorded thin gross profit margins for some of the products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our and the VIEs' business relies heavily on a limited number of promotion companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs are subject to credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs are subject to risks relating to the significant impairment charges against the intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs are subject to goodwill impairment risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the VIEs may fail to manage growth effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The VIEs are subject to the risks in connection with educational content offerings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jianzhi Education is a Cayman Islands holding company operating in China through its subsidiaries and contractual arrangements with Beijing Sentu. Investors in the Securities thus are not purchasing, and may never directly hold, equity interests in the VIEs. There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to such agreements that establish the VIE structure for the majority of our and the VIEs' operations in China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our contractual arrangements with Beijing Sentu and its shareholders may not be as effective in providing operational control as direct ownership, and Beijing Sentu's shareholders may fail to perform their obligations under the contractual arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders of Beijing Sentu may have conflicts of interest with us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The PRC government has significant authority to exert influence on the China operations of an offshore holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are uncertainties in the PRC legal system. Some rules and regulations in China might change quickly with little advance notice. The interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks relating to approvals of PRC government authorities in connection with future offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our auditors is currently subject to PCAOB inspections and has been inspected by the PCAOB on a regular basis. Although we believe that the Holding Foreign Companies Accountable Act and the related regulations do not currently affect us, we cannot assure you that there will not be any further implementations and interpretations of the Holding Foreign Companies Accountable Act or the related regulations, which might pose regulatory risks to and impose restrictions on us because of our operations in mainland China.

#### Corporate History and Structure
In May 2011, Beijing Sentu Huarui Education Technology Co., Ltd., or Sentu Huarui, the predecessor company of Beijing Sentu, was established as a limited liability company in the PRC.

In December 2015, Sentu Huarui was converted from a limited liability company into a joint stock limited liability company and renamed Beijing Sentu Education Technology Co., Ltd., or Beijing Sentu.

In May 2016, Beijing Sentu was listed on the National Equities Exchange and Quotations, or NEEQ in the People's Republic of China (stock code: 837329). However, as the liquidity of shares traded on NEEQ is comparatively low, Beijing Sentu voluntarily ceased to quote its shares on the NEEQ on November 7, 2017.

In October 2016, Shanghai Ang'you Internet Technology Co., Ltd., or Shanghai Ang'you, became a 51.2% owned subsidiary of Beijing Sentu. To further expand the business operations, in October 2017, Beijing Sentu acquired 51% equity interests of Guangzhou Xingzhiqiao Information Technology Co., Ltd., or Guangzhou Xingzhiqiao, and in August 2018, acquired the remaining 49% equity interests of Guangzhou Xingzhiqiao.

In March 2018, Jianzhi Education Technology Group Company Limited was incorporated in the Cayman Islands as an exempted company with limited liability. In March 2018, Jianzhi Education Group Company Limited, or Jianzhi Education (BVI), was incorporated as a wholly-owned subsidiary of Jianzhi Education Technology Group Company Limited. In April 2018, Jianzhi Education Technology (HK) Company Limited, or Jianzhi Education (HK), was incorporated, and was held by Jianzhi Education (BVI) as an investment holding company. In April 2018, Jianzhi Century Technology (Beijing) Co., Ltd., or Jianzhi Beijing, was established in the PRC as a wholly foreign owned enterprise, and was wholly owned by Jianzhi Education (HK).

In July 2018, we issued 11,110,000 ordinary shares (10% of our enlarged share capital reflecting the effect of stock split) to Dongxing Securities (Hong Kong) Financial Holdings Limited, or Dongxing Securities, for a consideration of RMB46.0 million.

In September 2018, the entire equity interests in Beijing Sentu Lejiao Information Technology Co., Ltd., or Sentu Lejiao, was transferred to Jianzhi Beijing such that our Company indirectly held the equity interests in Sentu Lejiao.

In June 2021, Sentu Shuzhi Education Technology (Beijing) Co., Ltd., or Sentu Shuzhi, was established in the PRC as a wholly-owned subsidiary of Sentu Lejiao.

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On August 30, 2022, the Company closed its initial public offering of 5,000,000 ADSs at a public offering price of US$5.00 per ADS for total gross proceeds of approximately US$25,000,000. Each ADS represents two ordinary shares of the Company. The ADSs began trading on August 26, 2022 on the Nasdaq Stock Market under the ticker symbol "JZ."

In December 2022, Wuhan Crossboarder Information Co., Ltd., or Wuhan Crossboarder, became a 51% owned subsidiary of Sentu Guoxin Education Technology (Beijing) Co., Ltd, or Sentu Guoxin. In November 2023, Sentu Guoxin was dissolved and deregistered.

In September 2023, Beijing Sentu acquired 51% equity interests of Wuhan Crossboarder.

On February 15, 2024, the Company announced a change in ADS to ordinary share ratio from each ADS representing two ordinary shares to each ADS representing six ordinary shares. Such ADS ratio change became effective on February 20, 2024.

On June 12, 2025, the Company announced another change in ADS to ordinary share ratio from each ADS representing six ordinary shares to each ADS representing sixty ordinary shares. Such ADS ratio change became effective on June 16, 2025.

Due to PRC regulations that limit foreign equity ownership of entities providing radio and television program production and operation business and value-added telecommunication business, in June 2018, we conduct a substantial part of our operations in China through a series of contractual arrangements with Beijing Sentu and its shareholders, or Contractual Arrangements.

As a result of the Contractual Arrangements that our WFOE entered into with Beijing Sentu, the VIE Entity, and its shareholders, the control and benefits of Beijing Sentu and its subsidiaries were accrued to us subject to the conditions that we have satisfied for consolidation of Beijing Sentu and its subsidiaries under U.S. GAAP. Such conditions include that (i) we control Beijing Sentu through the power to govern the activities which most significantly impact Beijing Sentu's economic performance, (ii) we are contractually obligated to absorb losses of Beijing Sentu that could potentially be significant to Beijing Sentu, and (iii) we are entitled to receive benefits from Beijing Sentu that could potentially be significant to Beijing Sentu. We are deemed as the primary beneficiary of Beijing Sentu and its subsidiaries, and Beijing Sentu and its subsidiaries are treated as our consolidated affiliated entities for accounting purposes under U.S. GAAP. We have consolidated the financial results of Beijing Sentu and its subsidiaries in our (including the VIEs') consolidated financial statements in accordance with U.S. GAAP. We refer to Jianzhi Beijing as our WFOE, and to Beijing Sentu and its subsidiaries as the VIEs.

Under PRC law, we may provide funding to our WFOE only through capital contributions or loans, and to Beijing Sentu only through loans, subject to the satisfaction of applicable government registration and approval requirements. We rely on dividends and other distributions from our WFOE to satisfy part of our liquidity requirement. Our WFOE enjoys the economic interest in the operations of Beijing Sentu in the form of service fees under the Contractual Arrangements among our WFOE, Beijing Sentu, and shareholders of Beijing Sentu. For risks relating to the fund flows of our China operations, see "Risk Factors — Risks Related to Doing Business in China — PRC regulation of loans and direct investment by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of this offering to make loans to our PRC subsidiaries or VIE or to make additional capital contributions to Jianzhi Beijing, which could materially and adversely affect our and the VIEs' liquidity and our and the VIEs' ability to fund and expand our and the VIEs' business operations." and "Risk Factors — Risks Related to Corporate Structure — We are a holding company and the investors will have ownership in a holding company that does not directly own all of its operation in China. We rely on our WFOE and the VIEs for the operation in PRC. We also rely on dividends and other payments from Jianzhi Beijing to pay dividends and other cash distributions to our Shareholders, and any limitation on the ability of Jianzhi Beijing to pay dividends to us could have a material adverse effect on our ability to pay dividends to our shareholders."

#### Restrictions on Foreign Exchange and the Ability to Transfer Cash Between Entities, Across Borders and to U.S. Investors
We currently do not maintain cash management policies that dictate the purpose, amount and procedure of cash transfers between the Company, our WFOE, the VIE Entity, or investors. Rather, the funds can be transferred in accordance with the applicable PRC laws and regulations. To the extent our cash in the business is in the PRC or

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a PRC entity, the funds may not be available to distribute dividends to our investors, or for other use outside of the PRC, due to interventions in or the imposition of restrictions and limitations on the ability of us, our subsidiaries, or the VIEs by the PRC government to transfer cash.

The PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. The majority of our and the VIEs' income is received in Renminbi and shortages in foreign currencies may restrict our ability to pay dividends or other payments, or otherwise satisfy our foreign currency denominated obligations, if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE as long as certain procedural requirements are met. Approval from appropriate government authorities is required if Renminbi is converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders.

Our cash dividends, if any, will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax. See "Item 3. Key Information — D. Risk Factors — Risks Related to the ADSs — If we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders or ADS holders" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

Relevant PRC laws and regulations permit the PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company's PRC subsidiaries and the VIEs can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the statutory reserves. As a result of these and other restrictions under the PRC laws and regulations, the PRC subsidiaries and the VIEs are restricted to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries and the VIEs for working capital and other funding purposes, the Company may in the future require additional cash resources from its PRC subsidiaries and the VIEs due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company's shareholders.

The following diagram illustrates the typical fund flow among the Company, Jianzhi Beijing, our WFOE, and Beijing Sentu, the VIE Entity.

![](tflowchart_002.jpg)

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For a condensed consolidation schedule and consolidated financial statements depicting the results of operations, financial position, and cash flows for Jianzhi Education and the VIEs, see "Item 3. Key Information — VIE Consolidation Schedule" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

#### Corporate Information
Our principal executive offices are located at 15/F, Tower A, Yingdu Building Zhichun Road, Haidian District, Beijing, 100086, the People's Republic of China. Our registered office in the Cayman Islands is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, N.Y. 10168, United States.

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at *www.sec.gov*. You can also find information on our website at *www.jianzhi*-jiaoyu*.com*. The information contained on our website is not a part of this prospectus.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we intend to furnish the depositary with our annual reports, which will include a review of operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of shareholders' meeting and other reports and communications that are made generally available to our shareholders. The depositary will make such notices, reports and communications available to holders of ADSs and at our request and expense, will mail to all record holders of ADSs the information contained in any notice of a shareholders' meeting received by the depositary from us.

#### Implications of Being a Foreign Private Issuer
We report under the Exchange Act as a non-U.S. company with "foreign private issuer" status. As long as we qualify as a foreign private issuer under the Exchange Act, we will continue to be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations with respect to a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement to comply with Regulation FD, which requires selective disclosure of material information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K upon the occurrence of specified significant events.

Foreign private issuers are also exempt from certain more stringent executive compensation disclosure rules. Thus, as long as we remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer. As a result, some investors may find the ADSs less attractive, which could result in a less active trading market for the ADSs or more volatility in the price of the ADSs.

#### Implication of Being a Controlled Company
As of the date of this prospectus, Ms. Peixuan Wang beneficially owns all our issued and outstanding Class B ordinary shares, or approximately 85.6% of the total voting power of all our issued and outstanding ordinary shares. See "Principal Shareholders." We are therefore a "controlled company" as defined under the Nasdaq corporate governance listing standards because Ms. Peixuan Wang holds more than 50% of the voting power for the election of directors due to our dual-class share structure and her holding of all of our Class B ordinary shares. For so

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long as we remain a controlled company, we may rely on certain exemptions from the corporate governance rules, including the rule that we have to establish a nominating and corporate governance committee composed entirely of independent directors. If we elect to rely on such exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. We currently do not intend to avail ourselves of such corporate governance exemptions.

#### Conventions that Apply to This Prospectus
Unless otherwise indicated or the context otherwise requires, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ADSs" are to our American depositary shares, each of which represents sixty Class A ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Beijing Sentu" are to Beijing Sentu Education Technology Co., Ltd., a limited liability company established under PRC law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "China" or "PRC" are to the People's Republic of China, excluding, for the purpose of this prospectus only, Taiwan and the special administrative regions of Hong Kong and Macau;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A ordinary shares" are to our Class A ordinary shares, par value US$0.0001 per share, each entitled holder thereof to one vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B ordinary shares" are to our Class B ordinary shares, par value US$0.0001 per share, each entitled holder thereof to fifty votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company" are to Jianzhi Education Technology Group Company Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ordinary shares" are to our ordinary shares, par value US$0.0001 per share, consisting of Class A Ordinary Shares and Class B Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "our WFOE" are to our wholly foreign-owned enterprise Jianzhi Century Technology (Beijing) Co., Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RMB" or "Renminbi" are to the legal currency of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US$," "U.S. dollars," "$" and "dollars" are to the legal currency of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VIEs" are to Beijing Sentu Technology Co., Ltd. and its subsidiaries.

Our reporting currency is the Renminbi. This prospectus also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi into U.S. dollars were made at RMB7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024. We make no representation that the Renminbi or U.S. dollars amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

#### Recent Development
On July 17, 2025, we held an extraordinary general meeting. At the extraordinary general meeting, our shareholders passed, among other things, the following resolutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Resolved as an ordinary resolution, that our authorized share capital be amended with immediate effect by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) re-designating and re-classifying 400,000,000 authorized ordinary shares of par value of US$0.0001 each (including all of the existing issued ordinary shares) as 400,000,000 Class A ordinary shares, where the rights of the existing ordinary shares shall be the same as the Class A ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) cancelling 100,000,000 authorized but unissued ordinary shares and creating a new class of shares comprising of 100,000,000 Class B ordinary shares, which will be entitled to fifty (50) votes per share,

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such that the authorized share capital of the Company shall become US$50,000 divided into (a) 400,000,000 Class A ordinary shares of a par value of US$0.0001 each and (b) 100,000,000 Class B ordinary shares of a par value of US$0.0001 each (collectively, the "Share Capital Reorganization")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Resolved as an ordinary resolution, that the authorized share capital of the Company be increased with effect immediately after the Share Capital Reorganization taking effect from US$50,000 divided into (a) 400,000,000 Class A ordinary shares of a par value of US$0.0001 each and (b) 100,000,000 Class B ordinary shares of a par value of US$0.0001 each to US$1,000,000 divided into (a) 9,900,000,000 Class A ordinary shares of a par value of US$0.0001 each and (b) 100,000,000 Class B ordinary shares of a par value of US$0.0001 each, by creation of an additional 9,500,000,000 Class A ordinary shares of a par value of US$0.0001 each (the "Increase of Authorized Share Capital").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Resolved as a special resolution, that the proposed second amended and restated memorandum and articles of association of the Company (the "Second Restated MAA") be adopted in their entirety and in substitution for and to the exclusion of the existing memorandum and articles of the Company with effect immediately after both the Share Capital Reorganization and the Increase of Authorized Share Capital taking effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Resolved as a special resolution, that subject to the Share Capital Reorganization, Increase of Authorized Share Capital and Second Restated MAA taking effect and the Company's receipt of the consent to repurchase and application for shares duly executed by RongDe Holdings Limited ("RongDe"), 54,790,000 Class A ordinary shares held by RongDe be repurchased by the Company in consideration of and out of the proceeds of the Company's new issuance of 54,790,000 Class B ordinary shares to RongDe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Resolved as an ordinary resolution, that the extraordinary general meeting be adjourned to a later date or dates, if necessary.

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#### THE OFFERING

---

| | |
|:---|:---|
|  Offering Price | A offering price of US$ per ADS, which is [•]% of the closing trading price of the ADSs on , 2025. |
|  ADSs offered by us | 5,800,000 ADSs |
|  ADSs outstanding immediately after this offering | ADSs |
|  Class A Ordinary shares outstanding immediately after this offering | 517,110,000 ordinary shares |
|  The ADSs | Each ADS represents sixty Class A ordinary shares, par value US$0.0001 per share.<br> The depositary will hold the Class A ordinary shares underlying your ADSs with its custodian and you will have rights as provided in the deposit agreement among us, the depositary and owners and holders of ADSs from time to time.<br> We do not expect to pay dividends in the foreseeable future. If, however, we declare dividends on our ordinary shares, the depositary will pay you the cash dividends and other distributions it receives on our Class A ordinary shares, after deducting its fees and expenses in accordance with the terms set forth in the deposit agreement and amounts withheld for taxes or other governmental charges.<br> You may surrender and cancel your ADSs to the depositary in order to receive Class A ordinary shares. The depositary will charge you fees for any cancellation.<br> We may amend or terminate the deposit agreement without your consent. If you continue to hold your ADSs after an amendment to the deposit agreement, you agree to be bound by the deposit agreement as amended.<br> To better understand the terms of the ADSs, you should carefully read the "Description of American Depositary Shares" section of this prospectus. You should also read the deposit agreement, which is filed as an exhibit to the registration statement that includes this prospectus. |
|  Use of proceeds | We expect that we will receive net proceeds of approximately US$ million from this offering, assuming an offering price of US$ per ADS, after deducting estimated offering expenses payable by us, which is [•]% of the closing trading price of the ADSs on , 2025.<br> We intend to use the net proceeds from this offering to development and promotion of AI Agent and further out cooperation with China Mobile. See "Use of Proceeds" for more information. |

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| | |
|:---|:---|
|  Plan of distribution | We are offering ADSs directly to certain investors without participation of underwriters or placement agents. We will enter into subscription agreements directly with investors in connection with this offering. Price and other terms will be determined through arm's length negotiation between our company and each of the investors.<br> Upon receipt of investor funds for the purchase of ADSs offered hereby, we will issue the Class A ordinary shares underlying such ADSs to the depositary for the depositary to deliver ADSs to the investors. The closing of the sale of ADSs in this offering is currently expected to take place on or about , 2025.<br> See "Plan of Distribution" for more information. |
|  Nasdaq trading symbol | JZ |
|  Depositary | The Bank of New York Mellon |

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The number of Class A ordinary shares that will be outstanding immediately after this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is based on Class A ordinary shares issued and outstanding as of the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• includes 348,000,000 Class A ordinary shares represented by ADSs that we will sell in this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes all ordinary shares issuable upon exercise of our outstanding options and ordinary shares reserved for future issuances under our share incentive plan.

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#### RISK FACTORS
*Investing in the ADSs involves a high degree of risk. You should carefully consider the risks described under "Risk Factors" in our Annual Report on Form 20*-F *for the year ended December 31, 2024, as filed with the SEC on April 30, 2025, and all other information contained in, or incorporated by reference in, this prospectus, as updated by those subsequent filings with the SEC under the Exchange Act, before making an investment decision. The risks and uncertainties described below and incorporated by reference are not the only ones we face. Additional risks and uncertainties not presently known to us may also adversely affect our business. Our business, financial condition and/or results of operations could be materially and adversely affected if any of these risks occur, and as a result the trading price of the ADSs could decline and you could lose all or part of your investment.*

*This prospectus also contains forward*-looking *statements that involve risks and uncertainties. See "Cautionary Note Regarding Forward*-Looking *Statements." Our actual results could differ materially and adversely from those anticipated in these forward*-looking *statements as a result of certain factors.*

#### Risks Related to Our Dual-Class Voting Structure

#### The dual-class structure of our ordinary shares may adversely affect the trading market for the ADSs.
Certain shareholder advisory firms have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our ordinary shares may prevent the inclusion of the ADSs representing Class A ordinary shares in such indices and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for the ADSs. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of the ADSs.

***Our dual-class voting structure could limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial.***

Our authorized share capital is divided into Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares will be entitled to one vote per share, while holders of Class B ordinary shares will be entitled to 50 votes per share. We will issue Class A ordinary shares represented by the ADSs in this offering. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

As a result of the dual-class share structure and the concentration of ownership, holders of Class B ordinary shares will have considerable influence over matters such as decisions regarding mergers, consolidations and the sale of all or substantially all of our assets and businesses, appointment of directors and other significant corporate actions. Such holders may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our company and may reduce the price of the ADSs. This concentrated control will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of Class A ordinary shares and ADSs may view as beneficial.

#### Our founder, Ms. Peixuan Wang, will have considerable influence over us and our corporate matters.
As of the date of this prospectus, Ms. Peixuan Wang beneficially owns all our issued and outstanding Class B ordinary shares, or approximately 85.6% of the total voting power of all our issued and outstanding ordinary shares. See "Principal Shareholders." Ms. Peixuan Wang has considerable power to control actions that require shareholder approval under Cayman Islands law, such as amendment of our memorandum and articles of association, liquidation, increase or subdivision of share capital, or change of name and approval of major corporate transactions, such as a Cayman Islands statutory merger or consolidation. This control will limit your

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ability to influence corporate matters and may prevent transactions that would be beneficial to you, including discouraging others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A ordinary shares and the ADSs of the opportunity to sell their shares at a premium over the prevailing market price.

We are therefore a "controlled company" as defined under the Nasdaq corporate governance listing standards because Ms. Peixuan Wang holds more than 50% of the voting power for the election of directors due to our dual-class share structure and her holding of all of our Class B ordinary shares. For so long as we remain a controlled company, we may rely on certain exemptions from the corporate governance rules, including the rule that we have to establish a nominating and corporate governance committee composed entirely of independent directors. If we elect to rely on such exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. We currently do not intend to avail ourselves of such corporate governance exemptions.

***We are a "controlled company" as defined under the Nasdaq corporate governance rules. As a result, we will qualify for exemptions from certain corporate governance requirements that would otherwise provide protection to shareholders of other companies.***

As of the date of this prospectus, Ms. Peixuan Wang beneficially owns all our issued and outstanding Class B ordinary shares, or approximately 85.6% of the total voting power of all our issued and outstanding ordinary shares. See "Principal Shareholders." We are therefore a "controlled company" as defined under the Nasdaq corporate governance listing standards because Ms. Peixuan Wang holds more than 50% of the voting power for the election of directors due to our dual-class share structure and her holding of all of our Class B ordinary shares. For so long as we remain a controlled company, we may rely on certain exemptions from the corporate governance rules, including the rule that we have to establish a nominating and corporate governance committee composed entirely of independent directors. If we elect to rely on such exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. We currently do not intend to avail ourselves of such corporate governance exemptions. Even if we cease to be a controlled company, we may still rely on exemptions available to foreign private issuers, including being able to adopt home country practices in relation to corporate governance matters.

#### Risks Related to this Offering, Our Ordinary Shares, and the ADSs

#### We have broad discretion in the use of the net proceeds of this offering and may not use them effectively.
We currently intend to use the net proceeds from this offering, together with our existing cash and cash equivalents, for the development and promotion of AI Agent and further out cooperation with China Mobile. However, our management will have broad discretion as to the application of the net proceeds. Our shareholders may not agree with the manner in which our management chooses to allocate and spend the net proceeds. Moreover, our management may use the net proceeds for corporate purposes that may not increase our profitability or our market value. See "Use of Proceeds" for a description of our management's intended use of the proceeds from this offering.

***If we cannot meet Nasdaq's continued listing requirements, Nasdaq may delist the ADSs, which could have an adverse impact on the liquidity and market price of the ADSs.***

The ADSs were listed on The Nasdaq Global Select Market since August 26, 2022 and were transferred to The Nasdaq Capital Market at the opening of business on October 8, 2024.

On September 12, 2023, we received a letter from the Listing Qualifications Staff of Nasdaq notifying us that, for the previous 30 consecutive business days, the closing bid price for the Company's ADSs was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until March 11, 2024, to regain compliance under the Listing Rules. On February 15, 2024, we announced a change in ADS to ordinary share ratio from each ADS representing two ordinary shares to each ADS representing six ordinary shares. Such ADS ratio change became effective on February 20, 2024. On March 5, 2024, we

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received a notification letter from the Nasdaq Listing Qualifications Department, informing the Company that it has regained compliance with Nasdaq Listing Rule 5450(a)(1). Accordingly, the Company has regained compliance, and the matter is closed.

On May 22 and July 26, 2024, Listing Qualifications Staff of Nasdaq notified us of our failure to maintain a minimum of $10,000,000 in stockholders equity and $5,00,000 Market Value of Publicly Held Shares in accordance with Listing Rules 5450(b)1)(A) and 5450(b)(1)(C) respectively. On October 4, 2024, we received a notification letter from the Nasdaq Listing Qualifications Department, informing the Company's application to list the ADS on The Nasdaq Capital Market has been approved. Our listing was transferred to the Capital Market at the opening of business on October 8, 2024. Upon transfer to The Nasdaq Capital Market these matters was closed.

On August 7, 2024, we received a letter from the Listing Qualifications Staff of Nasdaq notifying us that, for the previous 30 consecutive business days, the closing bid price for the Company's ADSs was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until February 3, 2025, to regain compliance under the Listing Rules. On November 27, 2024, we received a notification letter from the Nasdaq Listing Qualifications Department, informing the Company that it has regained compliance with Nasdaq Listing Rule 5550(a)(2). Accordingly, the Company has regained compliance, and the matter is closed.

On January 15, 2025, we received a letter from the Listing Qualifications Staff of Nasdaq notifying us that, for the previous 30 consecutive business days, the closing bid price for the Company's ADSs was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until July 14, 2025, to regain compliance under the Listing Rules. On June 12, 2025, we announced another change in ADS to ordinary share ratio from each ADS representing six ordinary shares to each ADS representing sixty ordinary shares. Such ADS ratio change became effective on June 16, 2025.

We cannot assure you that we will regain compliance or remain in compliance with all applicable requirements for continued listing on The Nasdaq Capital Market. If we fail to sustain compliance with all applicable requirements for continued listing on The Nasdaq Capital Market, the ADSs may be subject to delisting by Nasdaq. This could inhibit the ability of holders of the ADSs to trade their ADSs in the open market, thereby severely limiting the liquidity of such ADSs. Although holders of the ADSs may be able to trade such ADSs on the over-the-counter market, there can be no assurance that this would occur. Further, the over-the-counter market provides significantly less liquidity than Nasdaq and other national securities exchanges, is thinly traded and highly volatile, has fewer market makers and is not followed by analysts. As a result, your ability to trade or obtain quotations for these securities may be more limited than if they were quoted on Nasdaq or other national securities exchanges.

#### Raising additional capital may cause dilution to our existing shareholders, restrict our operations or cause us to relinquish valuable rights.
We may seek additional capital through a combination of public and private equity offerings, debt financings, strategic partnerships and alliances and licensing arrangements. To the extent that we raise additional capital through the sale of equity, convertible debt securities or other equity-based derivative securities, your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely affect your rights as holder of ADSs. Any indebtedness we incur would result in increased fixed payment obligations and could involve restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. Any debt or additional equity financing that we raise may contain terms that are not favorable to us or our shareholders. Furthermore, the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of the ADSs to decline and existing shareholders may not agree with our financing plans or the terms of such financings. If we raise additional funds through strategic partnerships, collaborations, and alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our intellectual property, technologies or our product candidates, or grant licenses on terms unfavorable to us.

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***Future sales or issuances of the ADSs in the public markets, or the perception of such sales, could depress the trading price of the ADSs.***

The sale of a substantial number of shares or ADSs or other equity-related securities in the public markets, or the perception that such sales could occur, could depress the market price of the ADSs and impair our ability to raise capital through the sale of additional equity securities. We may sell large quantities of the ADSs at any time in one or more separate offerings. We cannot predict the effect that future sales of ADSs or other equity-related securities would have on the market price of the ADSs.

***You are reliant on the Depositary to exercise your voting rights and to receive distributions on ADSs and, as a result, you may be unable to exercise your voting rights on a timely basis or you may not receive certain distributions.***

In certain circumstances, holders of ADSs may have limited rights relative to holders of ordinary shares. The rights of holders of ADSs with respect to the voting of ordinary shares and the right to receive certain distributions may be limited in certain respects by the Deposit Agreement among us, The Bank of New York Mellon as depositary and ADS holders from time to time. For example, although ADS holders are entitled under the Deposit Agreement, subject to any applicable provisions of Cayman Islands law and of our Constitution, to instruct the depositary as to the exercise of the voting rights pertaining to the ordinary shares represented by the ADSs, and the depositary has agreed that, if we asked it to solicit voting instructions, it will try, as far as practical, to vote the ordinary shares so represented in accordance with such instructions. ADS holders may not receive notices sent by the depositary in time to ensure that the depositary will vote the ordinary shares. This means that, from a practical point of view, the holders of ADSs may not be able to exercise their right to vote. Holders of ADSs in respect of which no timely voting instructions have been received shall be deemed to have instructed the depositary to give a discretionary proxy to a person designated by us to vote the ordinary shares represented by such holders' ADSs if we confirm to the depositary that (i) we wish such proxy to be given, (ii) we reasonably do not know of any substantial shareholder opposition to the matter , and (iii) the matter is not materially adverse to the interests of shareholders. In addition, under the Deposit Agreement, the depositary has the right to restrict distributions to holders of the ADSs in the event that it is unlawful or impractical to make such distributions. We have no obligation to take any action to permit distributions to holders of the ADSs. As a result, holders of ADSs may not receive distributions.

#### There remain uncertainties regarding interpretation and implementation of Overseas Listing Trial Measures.
On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Overseas Listing Trial Measures") and the related guidelines, which became effective on March 31, 2023. The Overseas Listing Trial Measures regulate both direct and indirect overseas offering and listing by PRC domestic companies by adopting a filing-based regulatory regime. The Overseas Listing Trial Measures provide that if the issuer meets both of the following criteria, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering subject to the filing procedure set forth under the Overseas Listing Trial Measures: (i) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by the issuer's domestic companies; and (ii) the issuer's business activities are substantially conducted in mainland China, or its principal place of business are located in mainland China, or the senior managers in charge of its business operations and management are mostly Chinese citizens or domiciled in mainland China. The determination as to whether or not an overseas offering and listing by domestic companies is indirect, shall be made on a substance over form basis.

According to the Overseas Listing Trial Measures, subsequent securities offerings of an issuer in the same overseas market where it has previously offered and listed securities shall be filed with the CSRC within 3 working days after the offering is completed. Other than the CSRC filing we are required to make after the completion of the first sale of ADSs under this offering, we and our PRC subsidiaries, as advised by DeHeng Law Offices, our PRC legal counsel, (i) are not required to obtain permissions from the CSRC, and (ii) have not been asked to obtain or denied such and other permissions by any PRC government authority, under current PRC laws, regulations and rules in connection with this offering as of the date of this prospectus supplement.

As there is uncertainty with respect to the filing requirements and implementation, we cannot assure you that we would be able to complete the filing procedures, obtain the approvals or complete other compliance procedures

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in a timely manner, or at all, or that any completion of filing or approval or other compliance procedures would not be rescinded. Any such failure would subject us to sanctions by the CSRC or other PRC regulatory authorities, which may include fines and penalties, restrictions on or prohibition of the payments or remittance of dividends by our subsidiaries in China, restrictions on or delays to the repatriation of the proceeds from future capital raising activities into China, restrictions on or delays to our future offering of securities, or other actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our ordinary shares. Accordingly, the value of your investment may be materially and adversely affected or become worthless.

***There remain uncertainties regarding interpretation and implementation of Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises.***

On February 24, 2023, CSRC published the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises (![](timage_001.jpg)) (the "Provisions"), which became effective on March 31, 2023 together with Overseas Listing Trial Measures. According to the Provisions, a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant entities or individuals including securities companies, securities service providers, and overseas regulators, documents and materials that contain state secrets or government work secrets, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level. Further, a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant entities or individuals including securities companies, securities service providers, and overseas regulators, other documents and materials that, if divulged, will cause adverse impact on national security or public interest, shall strictly fulfill relevant procedures stipulated by applicable national regulations.

Opinions remain unclear on how they will be interpreted and implemented by relevant PRC governmental authorities. While we have implemented policies and procedures with the intent to comply with the Provisions, we cannot ensure that we will be able to fully comply with the future interpretations and implementations of the Provisions. Domestic companies that fail to comply with the requirements under the Provisions in the course of their indirect overseas issuance and listing may be held legally liable by competent authorities or become subject to criminal penalties.

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**SPECIAL NOTE REGARDING FORWARD**-LOOKING **STATEMENTS**

This prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors," that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

In some cases, you can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future business development, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected growth of the general education sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding demand for, and market acceptance of, our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government policies and regulations relating to our business and industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding keeping and strengthening our relationships with users;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectation regarding the use of proceeds from this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and business conditions in China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions underlying or related to any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty about the spread of the natural disasters, health epidemics and other outbreaks and the impact they may have on our and the VIEs' operations, the demand for the Company's products and services, and economic activity in general.

You should read this prospectus and the documents that we refer to in this prospectus thoroughly with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this prospectus include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should read this prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

This prospectus also contains statistical data and estimates that we obtained from industry publications and reports generated by government or third-party providers of market intelligence. Although we have not independently verified the data, we believe that the publications and reports are reliable. However, the statistical data and estimates in these publications and reports are based on a number of assumptions and if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. In addition, due to the rapidly evolving nature of the industry in which we operate, projections or estimates about our business and financial prospects involve significant risks and uncertainties.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this offering of approximately US$ million after deducting estimated offering expenses payable by us. These estimates are based upon a offering price of US$ per ADS, which is [•]% of the closing trading price of the ADSs on , 2025. A US$1.00 increase (decrease) in the offering price of US$ per ADS would increase (decrease) the net proceeds to us from this offering by US$ million, assuming the number of ADSs offered by us, as set forth on the front cover of this prospectus, remains the same and after deducting the estimated expenses payable by us.

We plan to use the net proceeds of this offering in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 60% to develop our development center "AI Agent";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 20% for working capital of the digital content business in cooperation with China Mobile and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 20% for the promotion of and the distribution channels development of AI Agent.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus.

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#### DIVIDEND POLICY
Our board of directors has discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid out of share premium if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors may deem relevant.

We do not have any plan to pay any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

We are a holding company incorporated in the Cayman Islands. For our cash requirements, including any payment of dividends to our shareholders, we rely upon payments from our operating entities. PRC regulations may restrict the ability of our PRC subsidiary to pay dividends to us. See "Item 4. Information on the Company — B. Business Overview — Regulations — Regulations on Foreign Exchange and Offshore Investment" and "Item 4. Information on the Company — B. Business Overview — Regulations — Regulations on Dividend Distribution" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

If we pay any dividends on our ordinary shares, we will pay those dividends which are payable in respect of the ordinary shares underlying the ADSs to the depositary, as the registered holder of such ordinary shares, and the depositary then will pay such amounts to the ADS holders in proportion to the Class A ordinary shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder and amounts withheld for taxes or other governmental charges. Cash dividends on our ordinary shares, if any, will be paid in U.S. Dollars.

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#### CAPITALIZATION
The following table sets forth the capitalization of us and the VIEs as of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to reflect the issuance and sale of 348,000,000 ordinary shares represented by ADSs by us in this offering at a public offering price of US$ per ADS, after deducting the estimated offering expenses payable by us.

You should read this table together with our (including the VIEs') consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Actual** | **Actual** | **As Adjusted** | **As Adjusted** |
|  | **RMB** | **US$** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Shareholders' equity:** |  |  |  |  |
|  Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized; 100,000,000 shares issued and outstanding) | 112784 | 16910 |  |  |
|  Additional paid-in capital | 318979171 | 44749654 |  |  |
|  Treasury stock | (7664) | (1050) |  |  |
|  Statutory reserve | 23557710 | 3318034 |  |  |
|  Accumulated deficit | (325318655) | (45691491) |  |  |
|  Accumulated other comprehensive income | (6261156) | (839005) |  |  |
|  Non-controlling interest | (6389911) | (875414) |  |  |
|  **Total shareholders' equity** | **29974413** | **4106476** |  |  |
|  **Total capitalization** | **29974413** | **4106476** |  |  |

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#### DILUTION
If you purchase the ADSs in this offering, your interest will be diluted for each ADS you purchase to the extent of the difference between the public offering price per ADS and our net tangible book value per ADS after this offering. Dilution results from the fact that the public offering price per ADS is substantially in excess of the book value per ordinary share based on our presently outstanding ordinary shares.

Our net tangible book value as of December 31, 2024 was approximately RMB 30.0 million (or US$4.1 million), or RMB 3.91 (US$0.54) per ADS, or US$ per ordinary share and US$ per ADS on a pro forma basis. Net tangible book value represents the amount of total consolidated tangible assets, minus the amount of total consolidated liabilities, mezzanine equity and non-controlling interests. Dilution is determined by subtracting pro forma as adjusted net tangible book value per ordinary share after giving effect to the additional proceeds we expect to receive from this offering, from a offering price of US$ per ADS, which is the [•]% of closing trading price of the ADSs on , 2025, and after deducting the non-accountable expense allowance and estimated offering expenses payable by us.

Without taking into account any other changes in such net tangible book value after December 31, 2024, other than to give effect to the sale of 5,800,000 ADSs in this offering at a offering price of US$ per ADS, which is [•]% of the closing trading price of the ADSs on , 2025, after deducting the non-accountable expense allowance and estimated offering expenses payable by, our pro forma as adjusted net tangible book value as of December 31, 2024 would have been US$ million, or US$ per ordinary share and US$ per ADS. This represents an immediate increase in net tangible book value of US$ per ordinary share and US$ per ADS to the existing shareholders and an immediate dilution in net tangible book value of US$ per ordinary share and US$ per ADS to investors purchasing ADSs in this offering. The following table illustrates such dilution:

---

| | | |
|:---|:---|:---|
|  Offering price per ADS | US$ |  |
|  Net tangible book value ordinary share as of December 31, 2024 | US$ | 0.54 |
|  Pro forma as adjusted net tangible book value per share after giving effect to this offering | US$ |  |
|  Amount of dilution in net tangible book value per ordinary share to new investors in the offering | US$ |  |
|  Amount of dilution in net tangible book value per ADS to new investors in the offering | US$ |  |

---

The following table summarizes, on a pro forma as adjusted basis as of December 31, 2024, the differences between the existing shareholders and the new investors with respect to the number of ordinary shares (including ordinary shares represented by ADSs) purchased from us in this offering, the total consideration paid and the average price per ordinary share paid and per ADS at the public offering price of US$ per ADS before deducting the placement agent fees, non-accountable expense allowance and estimated offering expenses payable by us.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary shares <br>purchased** | **Total consideration** | **Average <br>price per <br>ordinary <br>share** | **Average <br>price per <br>ADS** |
|  | **Number** | **Amount <br>(in US$ <br>thousands)** | **US$** | **US$** |
|  Existing shareholders% |  |  |  |  |
|  New investors% |  |  |  |  |
|  Total% |  |  |  |  |

---

The pro forma as adjusted information discussed above is illustrative only.

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#### PRINCIPAL SHAREHOLDERS
Except as specifically noted, the following table sets forth information with respect to the beneficial ownership of our ordinary shares as of the date of this prospectus by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to beneficially own 5% or more of our ordinary shares.

The calculations in the table below are based on (1) 169,110,000 ordinary shares issued and outstanding as of the date immediately prior to the completion of this offering, and (2) 348,000,000 Class A ordinary shares to be sold by us in this offering represented by ADSs.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares beneficially owned<br>prior to this offering** | **Ordinary shares beneficially owned<br>prior to this offering** | **Ordinary shares beneficially owned<br>prior to this offering** | **Ordinary shares beneficially owned<br>prior to this offering** | **Ordinary shares beneficially owned<br>immediately after this offering** | **Ordinary shares beneficially owned<br>immediately after this offering** | **Ordinary shares beneficially owned<br>immediately after this offering** | **Ordinary shares beneficially owned<br>immediately after this offering** |
|  | **Class A <br>ordinary <br>shares** | **Class B <br>ordinary <br>shares** | **% of <br>beneficial <br>ownership** | **% of <br>aggregate <br>voting <br>power\*** | **Class A <br>ordinary <br>shares** | **Class B <br>ordinary <br>shares** | **% of <br>beneficial <br>ownership** | **% of <br>aggregate <br>voting <br>power\*** |
|  **Directors and Executive Officers†** |  |  |  |  |  |  |  |  |
|  Peixuan Wang<sup>(1)</sup> |  | 54790000 | 32.40% | 95.99% |  | 54790000 | 10.60% | 85.56% |
|  Yong Hu<sup>(2)</sup> | 5100000 |  | 3.02% | 0.18% | 5100000 |  | 0.99% | 0.16 |
|  Chui Man Lung Everett |  |  |  |  |  |  |  |  |
|  Lau Wai Leung Alfred |  |  |  |  |  |  |  |  |
|  Haribayasi Keikyo |  |  |  |  |  |  |  |  |
|  Huichao Wang |  |  |  |  |  |  |  |  |
|  **All Directors and Executive Officers as a Group (6 individuals)** | **5100000** | **54790000** | **35.41%** | **96.17%** | **5100000** | **54790000** | **11.58%** | **85.72%** |
|  RongDe Holdings<sup>(3)</sup> |  | 54790000 | 32.40% | 95.99% |  | 54790000 | 10.60% | 85.56% |
|  ZhongSiZhiDa<sup>(4)</sup> | 20950000 |  | 12.39% | 0.73% |  | 20950000 | 4.05% | 0.65% |
|  RoseFinch Aquarius<sup>(5)</sup> | 19160000 |  | 11.33% | 0.67% |  | 19160000 | 3.71% | 0.60 |
|  Dongxing Securities (Hong Kong)<sup>(6)</sup> | 11110000 |  | 6.57% | 0.39 |  | 11110000 | 2.15 | 0.35 |

---

____________

\* For each person or group included in this column, percentage of total voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our Class A and Class B ordinary shares as a single class. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to 50 votes per share on all matters submitted to them for a vote.

† The business address of our directors and executive officers is 15/F, Tower A, Yingdu Building, Zhichun Road, Haidian District, Beijing, 100086, the People's Republic of China.

(1) Represents 54,790,000 Class B ordinary shares held by RongDe Holdings Limited, a British Virgin Islands company wholly-owned by Ms. Peixuan Wang. RongDe Holdings Limited pledged the shares in our Company held by RongDe Holdings Limited to Dongxing Securities (Hong Kong) Financial Holdings Limited. The registered address of RongDe Holdings Limited is Sertus Incorporations (BVI) Limited, Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.

(2) Represents 5,100,000 Class A ordinary shares held by Mr. Yong Hu.

(3) Represents 54,790,000 Class B ordinary shares held by RongDe Holdings Limited, a British Virgin Islands company wholly-owned by Ms. Peixuan Wang. RongDe Holdings Limited pledged the shares in our Company held by RongDe Holdings Limited to Dongxing Securities (Hong Kong) Financial Holdings Limited. The registered address of RongDe Holdings Limited is Sertus Incorporations (BVI) Limited, Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.

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(4) Represents 20,950,000 Class A ordinary shares held by ZhongSiZhiDa Limited, a British Virgin Islands company wholly-owned by SEAVI Limited, of which Mr. Derrick Lee Meow Chan is the sole shareholder and a director. The registered address of ZhongSiZhiDa Limited is Sertus Incorporations (BVI) Limited, Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.

(5) Represents 19,160,000 Class A ordinary shares held by RoseFinch Aquarius Limited, a British Virgin Islands company controlled by Mr. Li Meiliang. The registered address of RoseFinch Aquarius Limited is Sertus Incorporations (BVI) Limited, Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.

(6) Represents 11,110,000 Class A redeemable ordinary shares held by Dongxing Securities (Hong Kong) Financial Holdings Limited, a Hong Kong company wholly-owned by Dongxing Securities Co., Ltd.\*, which in turn is 52.74% owned by China Orient Asset Management Corporation. Dongxing Securities, through its subsidiaries, is primary engaged in provision of investment and financial services in Hong Kong. The registered address of Dongxing Securities (Hong Kong) Financial Holdings Limited is Room 6805-6806A, 68<sup>th</sup> Floor, World Trade Plaza, 1 Kirstyon Road West, Kowloon, Hong Kong.

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#### RELATED PARTY TRANSACTIONS

#### Contractual Arrangements with Our Consolidated Affiliated Entities and Their Respective Shareholders
See "Item 4. Information on the Company — C. Organizational Structure" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

#### Transaction with Company Affiliate
During the year ended December 31, 2021, our chairwoman of board of directors, Peixuan Wang, paid off professional fees on behalf of the Company in the amount of RMB2,485,486 and the Company repaid the payment in the same year. In addition, the Company, its wholly-owned subsidiaries, the VIE and the VIE's subsidiaries advanced RMB2.5 million to Peixuan Wang for payments of professional fees. During the year ended December 31, 2022, Peixuan Wang returned RMB1.4 million to the Company. As of December 31, 2023 and 2024, the Company had a balance of due from a related party of RMB1.0 million and RMB1.0 million (US$143 thousand).

As of December 31, 2022 and December 31, 2023, the Company, its wholly-owned subsidiaries, VIE and VIE's subsidiaries had balance due to Xinyutong Kezhiyong Enterprise Management Center in the amount of approximately RMB24.7 million and RMB24.7 million, respectively, representing the outstanding payables to Xinyu Tongkezhiyong Enterprise Management Center for the purchase of 51% equity interest of Xingzhiqiao on September 30, 2017 and 49% equity interest of Xingzhiqiao on August 31, 2018. During the year ended December 31, 2024, the balance due has been repaid.

On May 18, 2021 and July 26, 2021, the Company's subsidiary and Rongde entered into two loan agreements, pursuant to which the Company's subsidiary borrowed an aggregation of approximately RMB47.2 million from Rongde. The borrowings are interest free. The proceeds from borrowings are for the working capital needs in operations. During the year ended December 31, 2022, the Company and its wholly-owned subsidiaries repaid approximately RMB20.0 million to Rongde. As of December 31, 2023, the remaining balance was RMB21.9 million. During the year ended December 31, 2024, the related party waived the liabilities owed by the Company.

On August 24, 2022, the Company's subsidiary and Rongde entered into an additional loan agreement, pursuant to which the Company's subsidiary borrowed approximately RMB13.7 million from Rongde. The borrowing is interest free and is due in August 2023. The proceeds from borrowings are for the working capital needs in operations. During the year ended December 31, 2024, the related party waived the liabilities owed by the Company.

The Company calculated the present value of the loan to be RMB13.9 million and RMB14.9 million (US$2.1 million) by using its incremental rate of 3.45%, respectively. The difference between the present value and the cash received was RMB0.5 million and RMB0.5 million (US$0.1 million), respectively, which was considered as a contribution from the principal shareholder and recorded as additional paid-in capital since the transaction was occurred between entities under common control.

On July 17, 2025, the Company repurchased 54,790,000 Class A ordinary shares held by RongDe and issued 54,790,000 Class B ordinary shares to RongDe, in consideration of and out of the proceeds of the Company's new issuance of such Class B ordinary shares to RongDe.

#### Share Incentive Plan
See "Item 6. Directors, Senior Management and Employees — B. Compensation — Equity Incentive Plan" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

#### Employment Agreements and Indemnification Agreements
See "Item 6. Directors, Senior Management and Employees — B. Compensation — Employment Agreements and Indemnification Agreements" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

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#### DESCRIPTION OF SHARE CAPITAL
We are an exempted company incorporated in the Cayman Islands with limited liability and our affairs are governed by our memorandum and articles of association, and the Companies Act of the Cayman Islands, as amended, which we refer to as the Cayman Companies Act, and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital was US$100,000 divided into 10,000,000,000 shares comprising of (i) 9,900,000,000 Class A ordinary shares of a par value of US$0.0001 each, (ii) 100,000,000 Class B ordinary shares of a par value of US$0.0001 each. As of the date of this prospectus, we have 414,320,000 Class A ordinary shares issued and outstanding and 54,790,000 Class B ordinary shares issued and outstanding. 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 is entitled to one vote per share, while each Class B ordinary share is entitled to fifty votes per share. Holders of Class A and Class B ordinary shares will vote together as one class on all matters that require a shareholders' vote. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while each Class A ordinary share is not convertible into Class B ordinary shares under any circumstance. The capital structure and/or disparate voting rights may have antitakeover effects preventing a change in control transaction that shareholders might consider in their best interest.

#### Our Memorandum and Articles of Association
The following are summaries of material provisions of our currently effective memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of our ordinary shares.

*Objects of Our Company.* Under our currently effective memorandum and articles of association, the objects of our Company are unrestricted, and we have the full power and authority to carry out any object not prohibited by the law of the Cayman Islands.

*Ordinary Shares.* Our ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of our Class A ordinary shares and Class B ordinary shares will have the same rights except for voting and conversion rights. Our ordinary shares are issued in registered form and are issued when registered in our register of members (shareholders). We may not issue shares to bearer. Our shareholders who are nonresidents of the Cayman Islands may freely hold and vote their shares.

*Conversion.* Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any sale, transfer, assignment, disposition, or a change of ultimate beneficial ownership of any Class B ordinary shares to any person who is not Ms. Peixuan Wang or an affiliate of Peixuan Wang, such Class B ordinary shares shall be automatically and immediately converted into the same number of Class A ordinary shares.

*Dividends.* The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors or declared by our shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended by our directors). Our currently effective memorandum and articles of association provide that dividends may be declared and paid out of profits of the Company, realized or unrealized, or from any reserve set aside from profits which the directors determine is no longer needed. The currently effective memorandum and articles of association also provide that our board may also declare dividends out of the share premium account or any other fund or account of our Company lawfully available therefor. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* Holders of Class A ordinary shares and Class B ordinary shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of our company. On all matters subject to a vote at general meetings of our company on a poll, each Class A ordinary share shall be entitled to one vote, and each Class B ordinary share shall be entitled to fifty votes.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding ordinary shares

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at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our currently effective memorandum and articles of association, a reduction of our issued share capital and the winding up of our Company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our currently effective memorandum and articles of association provide that we may (but are not obliged to) in each year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors.

Shareholders' general meetings may be convened by the chairman or chairwoman of our board of directors or by a majority of our directors (acting by a resolution of our board). Advance notice of at least ten clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business and present throughout the meeting, one or more of our shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third in nominal value of the total issued voting shares in our Company entitled to vote at such general meeting.

The Companies Act provides shareholders with only limited rights to requisition a general meeting where the articles of association of a company does not contain any regulations as to summoning of general meetings, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our currently effective memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of the total issued and paid up share capital of our Company carrying the right to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, our currently effective memorandum and articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form, in a form prescribed by the relevant stock exchange or any other form approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required in accordance with the rules of the Nasdaq, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

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*Liquidation.* On the winding up of our Company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our Company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such the assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

*Calls on Shares and Forfeiture of Shares.* Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors or by our shareholders before the issue or conversion may by special resolution determine. Our Company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors or by an ordinary resolution of our shareholders. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits, our share premium account or the proceeds of a fresh issue of shares made for the purpose of the repurchase or subject to the Companies Act, out of capital and in the case of any premium payable on the purchase price over the par value of the shares to be repurchased, out of either or both the profits of our Company or from sums standing to the credit of our share premium account or subject to the Companies Act, out of capital. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares.* Whenever the capital of our Company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the consent in writing of the holders of two-thirds of all of the issued shares of that class or with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

*Issuance of Additional Shares.* Our currently effective memorandum and articles of association authorizes our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

Our currently effective memorandum and articles of association also authorizes our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dividend rights, dividend rates, conversion rights, voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our shareholders to the extent authorized but unissued. Issuance of these shares may dilute the voting power of holders of ordinary shares.

*Inspection of Books and Records.* Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements and the right to inspect our register of members under our currently effective memorandum and articles of association.

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*Anti*-Takeover *Provisions.* Some provisions of our currently effective memorandum and articles of association may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable, including provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares subject to a re-classification of the authorized share capital of the Company to be approved by our shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our currently effective memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may issue negotiable or bearer shares or shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

" Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (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).

#### Differences in Corporate Law
The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and

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(b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by, in the case of a scheme of arrangement with shareholders or class of shareholders, seventy-five per cent in value of the shareholders or class of shareholders, as the case may be, with whom the arrangement is to be made and in the case of a scheme of arrangement with creditors or class of creditors, a majority in number of the creditors or class of creditors, as the case may be, with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of the creditors or each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

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If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority."

*Indemnification of Directors and Executive Officers and Limitation of Liability.* Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, 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. Our currently effective memorandum and articles of association provide that that we shall indemnify our directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our currently effective memorandum and articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties.* Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

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As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent.* Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law and our currently effective memorandum and articles of association provide that shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

*Shareholder Proposals.* Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act provides shareholders with only limited rights to requisition a general meeting where the articles of association of a company does not contain any regulations as to summoning of general meetings, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our currently effective memorandum and articles of association allow our shareholders holding shares which carry in aggregate not less than one-third of the total issued and paid up share capital of our Company carrying the right to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our currently effective memorandum and articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting.* Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our currently effective memorandum and articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors.* Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our currently effective memorandum and articles of association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated or; (v) is removed from office pursuant to any other provisions of our currently effective memorandum and articles of association.

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*Transactions with Interested Shareholders.* The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up.* Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares.* Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our currently effective memorandum and articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the consent in writing of two-thirds of the holders of the issued shares of that class or with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class.

*Amendment of Governing Documents.* Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our currently effective memorandum and articles of association may only be amended with a special resolution of our shareholders.

*Rights of Non*-resident *or Foreign Shareholders.* There are no limitations imposed by our currently effective memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our currently effective memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

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#### History of Securities Issuances
The following is a summary of our securities issuances in the past three years.

#### Ordinary Shares
In August 2022, at the closing of our initial public offering, we issued and sold an aggregate of 10,000,000 ordinary shares represented by ADSs at a public offering price of US$5.00 per ADS.

On February 20, 2024, the Company changed the ratio of its American Depositary Shares ("ADSs") from current one (1) ADS representing two (2) ordinary shares to one (1) ADS representing six (6) ordinary shares (the "ADS Ratio Change"). For Jianzhi's ADS holders, the ADS Ratio Change had the same effect as a one-for-three reverse ADS split. Each ADS holder of record at the close of business on February 20, 2024 was to surrender and exchange every three (3) existing ADSs then held for one (1) new ADS.

On June 16, 2025, the Company further changed the ratio of its ADSs from current one (1) ADS representing six (6) ordinary shares to one (1) ADS representing sixty (60) ordinary shares (the "2025 ADS Ratio Change"). For Jianzhi's ADS holders, the 2025 ADS Ratio Change had the same effect as a one-for-ten reverse ADS split. Each ADS holder of record at the close of business on June 16, 2025 was to surrender and exchange every ten (10) existing ADSs then held for one (1) new ADS.

On July 17, 2025, we repurchased 54,790,000 Class A ordinary shares held by RongDe Holdings Limited ("RongDe") and issued 54,790,000 Class B ordinary shares to RongDe.

#### Share Options
We adopted a share incentive plan on August 30, 2024, or the 2024 Share Incentive Plan, which provided for the grant of restricted ordinary shares. We have granted restricted shares to purchase our ordinary shares to certain of our directors, employees and consultants.

As of the date of this prospectus, 42,300,000 restricted shares have been granted under the 2024 Share Incentive Plan, and 42,300,000 restricted shares have vested.

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#### DESCRIPTION OF AMERICAN DEPOSITARY SHARES

#### American Depositary Shares
The Bank of New York Mellon, is the depositary for our American Depositary Shares, also referred to as ADSs. Each ADS represents sixty Class A ordinary shares (or a right to receive sixty Class A ordinary shares) deposited with The Hongkong and Shanghai Banking Corporation Limited, as custodian for the depositary in Hong Kong. Each ADS will also represent any other securities, cash or other property that may be held by the depositary. The deposited shares together with any other securities, cash or other property held by the depositary are referred to as the deposited securities. The depositary's office at which the ADSs are administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.

You may hold ADSs either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

Registered holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.

As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. The laws of the Cayman Islands governs shareholder rights. The depositary will be the holder of the shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement among us, the depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.

The following is a summary of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of ADR. Directions on how to obtain copies of those documents are provided "Where You Can Find Additional Information".

#### Dividends and Other Distributions

#### How will you receive dividends and other distributions on the shares?
The depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of shares your ADSs represent.

***Cash.*** The depositary will convert any cash dividend or other cash distribution we pay on the shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.

Before making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted. See "Taxation". The depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. *If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some of the value of the distribution.*

***Shares.*** The depositary may distribute additional ADSs representing any shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute the net proceeds in the same way as

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it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those shares) sufficient to pay its fees and expenses in connection with that distribution.

***Rights to purchase additional shares.*** If we offer holders of our securities any rights to subscribe for additional shares or any other rights, the depositary may (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse. *In that case, you will receive no value for them.* The depositary will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of shares, new ADSs representing the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

***Other Distributions.*** The depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares, rights or anything else to ADS holders. *This means that you may not receive the distributions we make on our shares or any value for them if it is illegal or impractical for us to make them available to you*.

#### Deposit, Withdrawal and Cancel l ation

#### How are ADSs issued?
The depositary will deliver ADSs if you or your broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

#### How can ADS holders withdraw the deposited securities?
You may surrender your ADSs to the depositary for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs to the extent it would require delivery of a fraction of a deposited share or other security. The depositary may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.

#### How do ADS holders interchange between certificated ADSs and uncertificated ADSs?
You may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.

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#### Voting Rights

#### How do you vote?
ADS holders may instruct the depositary how to vote the number of deposited shares their ADSs represent. If we request the depositary to solicit your voting instructions (and we are not required to do so), the depositary will notify you of a shareholders' meeting and send or make voting materials available to you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical, subject to the laws of the Cayman Islands and the provisions of our articles of association or similar documents, to vote or to have its agents vote the shares or other deposited securities as instructed by ADS holders. If we do not request the depositary to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.

*Except by instructing the depositary as described above, you won't be able to exercise voting rights unless you surrender your ADSs and withdraw the shares.* However, you may not know about the meeting enough in advance to withdraw the shares. In any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as instructed or as described in the following sentence. If (i) we asked the depositary to solicit your voting instructions to be received by a specified date before the meeting date, (ii) the depositary does not receive voting instructions from you by the specified date and (iii) we confirm to the depositary that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we wish to receive a proxy to vote uninstructed shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we reasonably do not know of any substantial shareholder opposition to a particular question; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the particular question is not materially adverse to the interests of shareholders,

the depositary will consider you to have authorized and directed it to give a discretionary proxy to a person designated by us to vote the number of deposited securities represented by your ADSs as to that question.

We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote the shares represented by your ADSs. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. *This means that you may not be able to exercise voting rights and there may be nothing you can do if the shares represented by your ADSs are not voted as you requested.*

In order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to Deposited Securities, if we request the Depositary to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 45 days in advance of the meeting date.

#### Fees and Expenses

---

| | |
|:---|:---|
|  ***Persons depositing or withdrawing shares or ADS holders must pay:*** | ***For:*** |
|  $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property |
|  | Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates |
|  ***Persons depositing or withdrawing shares or ADS holders must pay:*** | ***For***: |
|  $.05 (or less) per ADS | Any cash distribution to ADS holders |
|  A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders |
|  $.05 (or less) per ADS per calendar year | Depositary services |

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| | |
|:---|:---|
|  Registration or transfer fees | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares |
|  Expenses of the depositary | Cable (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement) |
|  | Converting foreign currency to U.S. dollars |
|  Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | As necessary |
|  Any charges incurred by the depositary or its agents for servicing the deposited securities | As necessary |

---

The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its fees for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

From time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.

The depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary's obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends or other distributions from us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.

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#### Payment of Taxes
You will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.

#### Tender and Exchange Offers; Redemption, Replacement or Cancel l ation of Deposited Securities
The depositary will not tender deposited securities in any voluntary tender or exchange offer unless instructed to do so by an ADS holder surrendering ADSs and subject to any conditions or procedures the depositary may establish.

If deposited securities are redeemed for cash in a transaction that is mandatory for the depositary as a holder of deposited securities, the depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs.

If there is any change in the deposited securities such as a sub-division, combination or other reclassification, or any merger, consolidation, recapitalization or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities, the depositary will hold those replacement securities as deposited securities under the deposit agreement. However, if the depositary decides it would not be lawful and practical to hold the replacement securities because those securities could not be distributed to ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon surrender of the ADSs.

If there is a replacement of the deposited securities and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs representing the new deposited securities or ask you to surrender your outstanding ADSs in exchange for new ADSs identifying the new deposited securities.

If there are no deposited securities underlying ADSs, including if the deposited securities are canceled, or if the deposited securities underlying ADSs have become apparently worthless, the depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.

#### Amendment and Termination

#### How may the deposit agreement be amended?
We may agree with the depositary to amend the deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. *At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended*.

#### How may the deposit agreement be terminated?
The depositary will initiate termination of the deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 60 days have passed since the depositary told us it wants to resign but a successor depositary has not been appointed and accepted its appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we delist the ADSs from an exchange in the United States on which they were listed and do not list the ADSs on another exchange in the United States or make arrangements for trading of ADSs on the U.S. over-the-counter market;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we delist our shares from an exchange outside the United States on which they were listed and do not list the shares on another exchange outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary has reason to believe the ADSs have become, or will become, ineligible for registration on Form F-6 under the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we appear to be insolvent or enter insolvency proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all or substantially all the value of the deposited securities has been distributed either in cash or in the form of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are no deposited securities underlying the ADSs or the underlying deposited securities have become apparently worthless; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there has been a replacement of deposited securities.

If the deposit agreement will terminate, the depositary will notify ADS holders at least 90 days before the termination date. At any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.

After the termination date and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind that have not settled if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities, but, after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties under the deposit agreement except as described in this paragraph.

#### Limitations on Obligations and Liability

#### Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs
The deposit agreement expressly limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith, and the depositary will not be a fiduciary or have any fiduciary duty to holders of ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable if we are or it is prevented or delayed by law or by events or circumstances beyond our or its ability to prevent or counteract with reasonable care or effort from performing our or its obligations under the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable if we or it exercises discretion permitted under the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by the proper person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable for the acts or omissions of any securities depository, clearing agency or settlement system; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary has no duty to make any determination or provide any information as to our tax status, or any liability for any tax consequences that may be incurred by ADS holders as a result of owning or holding ADSs or be liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.

In the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances.

#### Direct Registration System
In the deposit agreement, all parties to the deposit agreement acknowledge that the Direct Registration System, also referred to as DRS, and Profile Modification System, also referred to as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.

In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary's reliance on and compliance with instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of the depositary.

#### Shareholder communications; inspection of register of holders of ADSs
The depositary will make available for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available to you if we ask it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.

#### Waiver of Jury Trial
The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.

You will not, by agreeing to the terms of the deposit agreement, be deemed to have waived our or the depositary's compliance with U.S. federal securities laws or the rules and regulations promulgated thereunder.

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#### MATERIAL TAX CONSIDERATIONS
See "Item 10. Additional Information — E. Taxation" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

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#### PLAN OF DISTRIBUTION
We are offering ADSs directly to certain investors without participation of underwriters or placement agents. We will enter into subscription agreements directly with investors in connection with this offering. Price and other terms will be determined through arm's length negotiation between our company and each of the investors. Our obligations to issue and sell the ADSs offered hereby to the investors are subject to the conditions set forth in the subscription agreements. An investor's obligation to purchase ADSs offered hereby is subject to the conditions set forth in the relevant subscription agreement as well.

Upon receipt of investor funds for the purchase of ADSs offered hereby, we will issue the Class A ordinary shares underlying such ADSs to the depositary for the depositary to deliver ADSs to the investors. The closing of the sale of ADSs in this offering is currently expected to take place on or about , 2025.

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#### EXPENSES
The following table sets forth the estimated costs and expenses payable by the registrant expected to be incurred in connection with the issuance and distribution of the offered ADSs being registered hereby. All of such expenses are estimates, except for the SEC registration fee.

---

| | |
|:---|:---|
|  SEC registration fee | $|
|  Legal fees and expenses |  |
|  Accountants' fees and expenses |  |
|  Miscellaneous |  |
|  Total | $|

---

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#### LEGAL MATTERS
We are being represented by Han Kun Law Offices LLP with respect to certain legal matters of United States federal securities and New York state law. The validity of the Class A ordinary shares represented by the ADSs offered in this offering and legal matters as to Cayman Islands law will be passed upon for us by Conyers Dill & Pearman. Certain legal matters as to PRC law will be passed upon for us by DeHeng Law Offices. Han Kun Law Offices LLP and Conyers Dill & Pearman may rely upon DeHeng Law Offices with respect to matters governed by PRC law.

#### EXPERTS
The consolidated financial statements of Jianzhi Education Technology Group Company Limited as of December 31, 2023 and 2024, and for each of the years in the three-year period ended December 31, 2024 have been incorporated by reference herein in reliance upon the report of WWC, P.C., independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We are currently subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we are required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference room. Our SEC filings may also be obtained over the Internet at the SEC's website at *www.sec.gov.*

Our corporate website is *www.jianzhi*-jiaoyu*.com.* The information contained on our websites is not a part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

This prospectus is part of a registration statement that we filed with the SEC and does not contain all the information in the registration statement. You will find additional information about us in the registration statement. Any statement made in this prospectus concerning a contract or other document of ours is not necessarily complete, and you should read the documents that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding of the document or matter. Each such statement is qualified in all respects by reference to the document to which it refers.

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#### INCORPORATION OF DOCUMENTS BY REFERENCE
The SEC allows us to "incorporate by reference" the information we have filed with it, which means that we can disclose important information to you by referring you to those documents. The information we incorporate by reference is an important part of this prospectus. We specifically are incorporating by reference the following documents filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Annual Report on [Form 20-F](http://www.sec.gov/Archives/edgar/data/1852440/000121390025037744/ea0238932-20f_jianzhi.htm) for the year ended December 31, 2024, filed with the SEC on April 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Reports of Foreign Private Issuer on Form 6-K furnished to the SEC on [<u>June</u> <u>12, 2025</u>](http://www.sec.gov/Archives/edgar/data/1852440/000121390025053593/ea0245237-6k_jianzhi.htm), [<u>June</u> <u>13, 2025</u>](http://www.sec.gov/Archives/edgar/data/1852440/000121390025054382/ea0245671-6k_jianzhi.htm), [<u>July</u> <u>15, 2025</u>](http://www.sec.gov/Archives/edgar/data/1852440/000121390025063937/ea0248983-6k_jianzhi.htm) and [<u>July</u> <u>18, 2025</u>](http://www.sec.gov/Archives/edgar/data/1852440/000121390025065352/ea0249503-6k_jianzhi.htm); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the description of our securities contained in our Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1852440/000121390022038467/ea162690-8a12b_jianzhiedu.htm) filed with the SEC on July 11, 2022, as updated by [Exhibit 2.4](http://www.sec.gov/Archives/edgar/data/1852440/000121390025037744/ea023893201ex2-4_jianzhi.htm) to our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 initially filed with the SEC on April 30, 2025, and including any

The information relating to us contained in this prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated or deemed to be incorporated by reference in this prospectus.

You should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else to provide you with different information. You should not assume that the information in this prospectus is accurate as of any date other than the date of this prospectus or the date of the documents incorporated by reference in this prospectus. As you read the above documents, you may find inconsistencies in information from one document to another. If you find inconsistencies between the documents and this prospectus, you should rely on the statements made in the most recent document. All information appearing in this prospectus is qualified in its entirety by the information and financial statements, including the notes thereto, contained in the documents incorporated by reference herein.

We will provide you without charge, upon your written or oral request, a copy of any of the documents incorporated by reference in this prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. Please direct your written or telephone requests to:

Jianzhi Education Technology Group Co Ltd<br>15/F, Tower A, Yingdu Building, Zhichun Road<br>Haidian District, Beijing 100086<br>People's Republic of China<br>+86 10 58732560

You may also obtain information about us by visiting our website at *www.jianzhi*-jiaoyu*.com.* Except for the specific incorporated documents listed above, no information available on or through our website shall be deemed to be incorporated in this prospectus or the registration statement of which it forms a part.

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#### ENFORCEABILITY OF CIVIL LIABILITIES
We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides protections for investors to a lesser extent. In addition, Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Most of our operations are conducted in China, and most of our assets are located in China. In addition, most of our directors and officers are residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce in United States courts judgments obtained in United States courts based on the civil liability provisions of the United States federal securities laws against us and our officers and directors.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the U.S. District Court for the Southern District of New York under the federal securities laws of the U.S. or of any state in the U.S. or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

Conyers Dill & Pearman, our counsel as to Cayman Islands law, has advised us that the courts of the Cayman Islands are unlikely (1) to recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (2) in original actions brought in the Cayman Islands to impose liabilities against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States so far as the liabilities imposed by those provisions are penal in nature.

In addition, Conyers Dill & Pearman has advised us that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands would recognize as a valid, final and conclusive judgment *in personam* obtained in such jurisdiction under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an *in personam* judgment for non-monetary relief, and would give a judgment based thereon provided that (i) such courts had proper jurisdiction over the parties subject to such judgment; (ii) such courts did not contravene the rules of natural justice of the Cayman Islands; (iii) such judgment was not obtained by fraud; (iv) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (v) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (vi) there is due compliance with the correct procedures under the laws of the Cayman Islands A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

DeHeng Law Offices, our PRC legal adviser, has advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. DeHeng Law Offices has advised us further that under PRC law, courts in the PRC will not recognize or enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national sovereignty, security or social public interest. As there exists no treaty or other form of reciprocity between China and the United States governing the recognition and enforcement of judgments as of the date of this prospectus, including those predicated upon the liability provisions of the United States federal securities laws, there is uncertainty whether and on what basis a PRC court would enforce judgments rendered by United States courts. In addition, because there is no treaty or other form of reciprocity between the Cayman Islands and China governing the recognition and enforcement of judgments as of the date of this prospectus, there is further uncertainty as to whether and on what basis a PRC court would enforce judgments rendered by a Cayman Islands court.

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers.
The Cayman Companies Act does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, 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 dishonesty, willful default or fraud or the consequences of committing a crime. Our articles of association provide that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and executive officers that will provide such persons with additional indemnification beyond that provided in our articles of association.

Under the indemnification agreements with our directors and executive officers, the form of which was filed as Exhibit 10.2 to our registration statement on Form F-1, as amended (File No. 333-234356), we have agreed to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or executive officer.

Any underwriting agreement entered into in connection with an offering of our securities may also provide for indemnification of us and our officers and directors in certain cases.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

We also maintain a directors and officers liability insurance policy for our directors and officers.

#### Item 7. Recent Sales of Unregistered Securities
During the past three years, we have issued the following securities. We believe that the following issuance was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

On July 17, 2025, we repurchased 54,790,000 Class A ordinary shares held by RongDe and issued 54,790,000 Class B ordinary shares to RongDe, in consideration of and out of the proceeds of our new issuance of such Class B ordinary shares to RongDe.

#### Item 8. Exhibits and Financial Statement Schedules.
The following exhibits are filed with this Registration Statement.

The agreements included or incorporated by reference as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

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The undersigned registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading.

#### Exhibit Index

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| | |
|:---|:---|
|  **Exhibit<br>Number** | **Description of Document** |
|  3.1\* | [Second Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect](ea020853604ex3-1_jianzhi.htm) |
| 4.1 | [Specimen American Depositary Receipt (included in Exhibit 4.3)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021055286/ff12021a4ex4-3_jianzhi.htm) |
|  4.2\* | [Registrant's Specimen Certificate for Class A Ordinary Shares](ea020853604ex4-2_jianzhi.htm) |
| 4.3 | [Form of Deposit Agreement, among the Registrant, the depositary and the owners and holders of American Depositary Shares issued thereunder (incorporated herein by reference to Exhibit 4.3 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021055286/ff12021a4ex4-3_jianzhi.htm) |
|  5.1\* | [Opinion of Conyers Dill & Pearman regarding the validity of the ordinary shares being registered and certain Cayman Islands tax matters](ea020853604ex5-1_jianzhi.htm) |
|  8.1\* | [Opinion of Conyers Dill & Pearman regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea020853604ex5-1_jianzhi.htm) |
|  8.2\* | [Opinion of Deheng Law Offices regarding certain PRC tax matters (included in Exhibit 99.2)](ea020853604ex99-2_jianzhi.htm) |
| 10.1 | [Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-1_jianzhiedu.htm) |
| 10.2 | [Form of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-2_jianzhiedu.htm) |
| 10.3 | [English translation of the executed form of the Voting Rights Proxy Agreement granted by shareholders of Beijing Sentu. (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-3_jianzhiedu.htm) |
| 10.4 | [English translation of the executed form of the Equity Pledge Agreement among Jianzhi Beijing, Beijing Sentu and shareholders of Beijing Sentu (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-4_jianzhiedu.htm) |
| 10.5 | [English translation of the executed form of the Exclusive Business Cooperation Agreement between Beijing Sentu and Jianzhi Beijing (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-5_jianzhiedu.htm) |
| 10.6 | [English translation of the executed form of the Exclusive Call Option Agreement among Jianzhi Beijing, Beijing Sentu and shareholders of Beijing Sentu (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-6_jianzhiedu.htm) |
| 10.7 | [English translation of the executed form of the Exclusive Asset Option Agreement among Jianzhi Beijing, Beijing Sentu and shareholders of Beijing Sentu (incorporated herein by reference to Exhibit 10.7 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-7_jianzhiedu.htm) |
| 10.8 | [English translation of form of letter of undertakings, from each individual shareholder of direct shareholders of Beijing Sentu (incorporated herein by reference to Exhibit 10.8 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-8_jianzhiedu.htm) |
| 10.9 | [English translation of form of spousal consent letter, from the spouse of each individual shareholder of direct shareholders of Beijing Sentu (incorporated herein by reference to Exhibit 10.9 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex10-9_jianzhiedu.htm) |
|  10.10† | [Form Light Class Business Agency Settlement Cooperative Agreement Between Guangzhou 5G Information Technology Co., Ltd and Jianzhi Education Entity (incorporated herein by reference to Exhibit 10.10 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021038326/ff12021a1ex10-10_jianzhiedu.htm) |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **Exhibit<br>Number** | **Description of Document** |
|  10.11† | [Form Cooperation Framework Agreement on the Virtual Commodities Between Telefen E-commerce (Shanghai) Co., Ltd. and Jianzhi Education Entity (incorporated herein by reference to Exhibit 10.11 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021038326/ff12021a1ex10-11_jianzhiedu.htm) |
|  10.12† | [Form Operation Service Agreement on Broadcast Content of Audio-Visual Programs of \[Selected Product Package of Fish Learning\] With E-surfing Media Co., Ltd. (incorporated herein by reference to Exhibit 10.12 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021038326/ff12021a1ex10-12_jianzhiedu.htm) |
|  10.13† | [English translation of Loan Agreement Between RongDe Holdings Limited and Hong Kong Sentu Education Technology Ltd (incorporated herein by reference to Exhibit 10.13 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390022025108/ff12022a9ex10-13_jianzhi.htm) |
|  10.14† | [English translation of Loan Agreement Between RongDe Holdings Limited and Jianzhi Education Group Company Limited, a subsidiary of the Company (incorporated herein by reference to Exhibit 10.14 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390022025108/ff12022a9ex10-14_jianzhi.htm) |
|  10.15\*\* | Form of Securities Purchase Agreement |
| 21.1 | [List of Significant Subsidiaries and VIE of the Registrant (incorporated herein by reference to Exhibit 8.1 to the Form 20-F (File No. 001-41445), filed with the SEC on April 30, 2024)](http://www.sec.gov/Archives/edgar/data/1852440/000121390025037744/ea023893201ex8-1_jianzhi.htm) |
|  23.1\* | [Consent of WWC, P.C., an independent registered public accounting firm](ea020853604ex23-1_jianzhi.htm) |
|  23.2\* | [Consent of Conyers Dill & Pearman (included in Exhibit 5.1)](ea020853604ex5-1_jianzhi.htm) |
|  23.3\* | [Consent of Deheng Law Offices (included in Exhibit 99.2)](ea020853604ex99-2_jianzhi.htm) |
|  24.1\* | [Powers of Attorney (included on signature page)](#T301) |
| 99.1 | [Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No. 333-257865), as amended, initially filed with the SEC on July 13, 2021)](http://www.sec.gov/Archives/edgar/data/1852440/000121390021036658/ff12021ex99-1_jianzhiedu.htm) |
|  99.2\* | [Opinion of Deheng Law Offices regarding certain PRC law matters](ea020853604ex99-2_jianzhi.htm) |
|  107\* | [Filing Fee Table](ea020853604ex-fee_jianzhi.htm) |

---

____________

\* Filed herewith.

\*\* To be filed by amendment.

† Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because they both are not material and would likely cause competitive harm to the Registrant if publicly disclosed.

#### Item 9. Undertakings.
The undersigned Registrant hereby undertakes:

(a) (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the 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 the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 such information in the registration statement;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, *provided* that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That, for the purpose of determining liability under the Securities Act to any purchasers, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 Securities and Exchange 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 of 1933 and will be governed by the final adjudication of such issue.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it complies with all of the requirements for filing on Form F-1 and has duly caused this registration statement on Form F-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in Beijing, China on August 12, 2025.

---

| | |
|:---|:---|
|  **Jianzhi Education Technology Group Co Ltd** | **Jianzhi Education Technology Group Co Ltd** |
|  By: | /s/ Yong Hu |
|  Name:  | Yong Hu |
|  Title: | Director and Chief Executive Officer |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Mr. Yong Hu as his or her true and lawful attorneys-in-fact and agents, each with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all post-effective amendments thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitutes or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, the registration statement has been signed by the following persons on August 12, 2025 in the capacities indicated.

---

| | |
|:---|:---|
|  **Signature** | **Title** |
|  /s/ Peixuan Wang | Chairwoman of the Board |
|  Name: Peixuan Wang |  |
|  /s/ Yong Hu | Director and Chief Executive Officer |
|  Name: Yong Hu |  |
|  /s/ Man Lung Everett Chui | Independent Director |
|  Name: Man Lung Everett Chui |  |
|  /s/ Wai Leung Alfred Lau | Independent Director |
|  Name: Wai Leung Alfred Lau |  |
|  /s/ Keikyo Haribayashi | Independent Director |
|  Name: Keikyo Haribayashi |  |
|  /s/ Huichao Wang | Chief Financial Officer |
|  Name: Huichao Wang |  |

---

[**Table of Contents**](#TOC001)

#### Signature of authorized representative in the United States
Pursuant to the requirements of the Securities Act, the Registrant's duly authorized representative has signed this Registration Statement on Form F-1 on this August 12, 2025.

**Cogency Global Inc.**

Authorized U.S. Representative

---

| | |
|:---|:---|
|  By: | /s/ Colleen A. De Vries |
|  Name: | Colleen A. De Vries |
|  Title: | Senior Vice President |

---

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THE SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Jianzhi Education Technology Group Company Limited**

(Adopted by way of a special resolution passed on 17 July 2025)

1. The name of the Company is Jianzhi Education Technology Group Company Limited.

2. The registered office of the Company shall be at the offices of Cricket Square, Hutchins Drive, P.O. Box
2681, Grand Cayman, KY1-1111, Cayman Islands

3. Subject to the following provisions of this Memorandum, the objects for which the Company is established
are unrestricted.

4. Subject to the following provisions of this Memorandum, the Company shall have and be capable of exercising
all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by Section 27(2)
of the Companies Act.

5. Nothing in this Memorandum shall permit the Company to carry on a business for which a licence is required
under the laws of the Cayman Islands unless duly licensed.

6. The Company shall not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this clause shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
for the carrying on of its business outside the Cayman Islands.

7. The liability of each member is limited to the amount from time to time unpaid on such member's
shares.

8. The share capital of the Company is US$1,000,000 divided into (a) 9,900,000,000 class A ordinary shares
of a nominal or par value of US$0.0001 each and (b) 100,000,000 class B ordinary shares of a nominal or par value of US$0.0001 each.

9. The Company may exercise the power contained in the Companies Act to deregister in the Cayman Islands
and be registered by way of continuation in another jurisdiction.

**The Companies Act (Revised)**

**Company Limited by Shares**

**THE SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Jianzhi Education Technology Group Company Limited**

(Adopted by way of a special resolution passed on 17 July 2025)

**Contents**

---

| | |
|:---|:---|
| **TABLE A** | **1** |
| **INTERPRETATION** | **1** |
| **SHARE CAPITAL** | **5** |
| **ALTERATION OF CAPITAL** | **6** |
| **SHARE RIGHTS** | **7** |
| **VARIATION OF RIGHTS** | **9** |
| **SHARES** | **9** |
| **SHARE CERTIFICATES** | **10** |
| **LIEN** | **11** |
| **CALLS ON SHARES** | **12** |
| **FORFEITURE OF SHARES** | **13** |
| **REGISTER OF MEMBERS** | **14** |
| **RECORD DATES** | **15** |
| **TRANSFER OF SHARES** | **15** |
| **TRANSMISSION OF SHARES** | **17** |
| **UNTRACEABLE MEMBERS** | **17** |
| **GENERAL MEETINGS** | **18** |
| **NOTICE OF GENERAL MEETINGS** | **18** |
| **PROCEEDINGS AT GENERAL MEETINGS** | **19** |
| **VOTING** | **20** |
| **PROXIES** | **21** |
| **CORPORATIONS ACTING BY REPRESENTATIVES** | **22** |
| **WRITTEN RESOLUTIONS OF MEMBERS** | **23** |
| **BOARD OF DIRECTORS** | **24** |
| **DISQUALIFICATION OF DIRECTORS** | **24** |
| **EXECUTIVE DIRECTORS** | **25** |
| **ALTERNATE DIRECTORS** | **25** |
| **DIRECTORS' FEES AND EXPENSES** | **26** |
| **DIRECTORS' INTERESTS** | **26** |
| **GENERAL POWERS OF THE DIRECTORS** | **28** |
| **BORROWING POWERS** | **30** |
| **PROCEEDINGS OF THE DIRECTORS** | **30** |
| **AUDIT COMMITTEE** | **32** |
| **OFFICERS** | **32** |
| **REGISTER OF DIRECTORS AND OFFICERS** | **32** |
| **MINUTES** | **33** |
| **SEAL** | **33** |
| **AUTHENTICATION OF DOCUMENTS** | **33** |
| **DESTRUCTION OF DOCUMENTS** | **34** |
| **DIVIDENDS AND OTHER PAYMENTS** | **34** |
| **RESERVES** | **38** |
| **CAPITALISATION** | **38** |
| **SUBSCRIPTION RIGHTS RESERVE** | **39** |
| **ACCOUNTING RECORDS** | **41** |
| **AUDIT** | **42** |
| **NOTICES** | **42** |
| **SIGNATURES** | **43** |
| **WINDING UP** | **44** |
| **INDEMNITY** | **44** |
| **AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION AND NAME OF COMPANY** | **45** |
| **INFORMATION** | **45** |
| **EXCLUSIVE FORUM** | **45** |

---

i

**<u>TABLE A</u>**

1. The regulations in Table A in the Schedule to the Companies Act (Revised) do not apply to the Company.

 **<u>INTERPRETATION</u>**

2. (1) In these Articles, unless the context otherwise requires, the words standing in the first column
of the following table shall bear the meaning set opposite them respectively in the second column.

---

| | |
|:---|:---|
| <u>WORD</u> | <u>MEANING</u> |
| "Act" | The Companies Act (Revised) of the Cayman Islands. |
| "ADSs" | American Depositary Shares representing the Company's ordinary shares. |
| "Affiliate" | means in respect of a person or entity, any other person or entity that, directly or indirectly (including through one or more intermediaries), controls, is controlled by, or is under common control with, such person or entity, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, a trust solely for the benefit of any of the foregoing, a company, partnership or entity wholly owned by one or more of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity. |
| "Articles" | these Articles in their present form or as supplemented or amended or substituted from time to time. |
| "Audit Committee" | the audit committee of the Company formed by the Board pursuant to Article 123 hereof, or any successor audit committee. |
| "Auditor" | the independent auditor of the Company which shall be an internationally recognized firm of independent accountants. |
| "Board" or "Directors" | the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present. |
| "capital" | the share capital from time to time of the Company. |
| "Class A Ordinary Shares" | means the class A ordinary shares of the Company of US$0.0001 par value each, which have the rights set forth in these Articles. |

---

---

| | |
|:---|:---|
| "Class B Ordinary Shares" | means the class B ordinary shares of the Company of US$0.0001 par value each, which have the rights set forth in these Articles. |
| "clear days" | in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. |
| "clearing house" | a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "Company" | Jianzhi Education Technology Group Company Limited. |
| "competent regulatory authority" | a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory. |
| "Conversion Date" | means in respect of a Conversion Notice means the day on which that Conversion Notice is delivered. |
| "Conversion Notice" | means a written notice delivered to the Company at its office (and as otherwise stated therein) stating that a holder of Class B Ordinary Shares elects to convert the number of Class B Ordinary Shares specified therein pursuant to Article 10(a). |
| "Conversion Number" | in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate. |
| "Conversion Rate" | in relation to the conversion of Class B Ordinary Shares to Class A Ordinary Shares means, at any time, on a one-to-one basis. The foregoing Conversion Rate shall also be adjusted to account for any subdivision (by share split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class A Ordinary Shares in issue into a greater or lesser number of shares occurring after the original filing of the Articles without a proportionate and corresponding subdivision, combination or similar reclassification or recapitalisation of the Class B Ordinary Shares in issue. |
| Conversion Right" | in respect of a holder of Class B Ordinary Shares, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class B Ordinary Shares, into the Conversion Number of Class A Ordinary Shares in its discretion. |
| "debenture" and "debenture holder" | include debenture stock and debenture stockholder respectively. |

---

---

| | |
|:---|:---|
| "Designated Stock Exchange" | the stock exchange in the United States of America on which any shares or ADSs are listed for trading. |
| "dollars" and "$" | dollars, the legal currency of the United States of America. |
| "Exchange Act" | the Securities Exchange Act of 1934, as amended. |
| "head office" | such office of the Company as the Directors may from time to time determine to be the principal office of the Company. |
| "Member" | a duly registered holder from time to time of the shares in the capital of the Company. |
| "Memorandum of Association" | the memorandum of association of the Company, as amended from time to time. |
| "month" | a calendar month. |
| "Notice" | written notice unless otherwise specifically stated and as further defined in these Articles. |
| "Office" | the registered office of the Company for the time being. |
| "ordinary resolution" | a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which not less than ten (10) clear days' Notice has been duly given. |
| "paid up" | paid up or credited as paid up. |
| "Register" | the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time. |
| "Registration Office" | in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered. |
| "SEC" | the United States Securities and Exchange Commission. |
| "Securities Act" | mean the U.S. Securities Act 1933 as amended, or any similar federal statute and the rules and regulations of the SEC thereunder as the same shall be in effect from time to time. |
| "Seal" | common seal or any one or more duplicate seals of the Company (including a securities seal) for use in the Cayman Islands or in any place outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| "Secretary" | any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |
| "shares" | the shares of par value US$0.0001 each, which shall include the Class A Ordinary Shares and Class B Ordinary Shares. |
| "special resolution" | a resolution shall be a special resolution when it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which not less than ten (10) clear days' Notice, specifying (without prejudice to the power contained in these Articles to amend the same) the intention to propose the resolution as a special resolution, has been duly given. Provided that, except in the case of an annual general meeting, if it is so agreed by a majority in number of the Members having the right to attend and vote at any such meeting, being a majority together holding not less than ninety-five per cent. (95%) in nominal value of the shares giving that right and in the case of an annual general meeting, if it is so agreed by all Members entitled to attend and vote thereat, a resolution may be proposed and passed as a special resolution at a meeting of which less than ten (10) clear days' Notice has been given. |
|  | a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes. |
| "Statutes" | the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles. |
| "year" | a calendar year. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In these Articles, unless there be something within the subject or context inconsistent with such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing a gender include both gender and the neuter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include companies, associations and bodies of persons whether corporate or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall" or "will" shall be construed
as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressions referring to writing shall, unless the contrary intention appears, be construed as including
printing, lithography, photography and other modes of representing words or figures in a visible form, and including where the representation
takes the form of electronic display, provided that both the mode of service of the relevant document or notice and the Member's
election comply with all applicable Statutes, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to any law, ordinance, statute or statutory provision shall be interpreted as relating to any
statutory modification or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) save as aforesaid words and expressions defined in the Statutes shall bear the same meanings in these
Articles if not inconsistent with the subject in the context;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to a document being executed include references to it being executed under hand or under seal
or by electronic signature or by any other method and references to a notice or document include a notice or document recorded or stored
in any digital, electronic, electrical, magnetic or other retrievable form or medium and information in visible form whether having physical
substance or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 8 of the Electronic Transaction Act (Revised) of the Cayman Islands, as amended from time to time,
shall not apply to these Articles to the extent it imposes obligations or requirements in addition to those set out in these Articles;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) references to "in the ordinary course of business" and comparable expressions mean the ordinary
and usual course of business of the relevant party, consistent in all material respects (including nature and scope) with the prior practice
of such party.

**<u>SHARE CAPITAL</u>**

3. (1) The share capital of the Company at the date on which
these Articles come into effect shall be divided into (a) 9,900,000,000 Class A Ordinary Shares of a par value of US$0.0001 each and
(b) 100,000,000 Class B Ordinary Shares of a par value of US$0.0001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Act, the Company's Memorandum and Articles of Association and, where applicable, the rules of the Designated Stock Exchange and/or any competent regulatory authority, the Company shall have the power to purchase or otherwise acquire its own shares and such power shall be exercisable by the Board in such manner, upon such terms and subject to such conditions as it in its absolute discretion thinks fit or upon such terms and subject to such conditions as the Members may by ordinary resolution of the Members determine and any determination by the Board of the manner of purchase shall be deemed authorized by these Articles for purposes of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company is authorised to hold treasury shares in accordance with the Act and may designate as treasury shares any of its shares that it purchases or redeems, or any share surrendered to it subject to the rules of the Designated Stock Exchange and/or any competent regulatory authority. Shares held by the Company as treasury shares shall continue to be classified as treasury shares until such shares are either cancelled or transferred as the Board may determine on such terms and subject to such conditions as it in its absolute discretion thinks fits in accordance with the Act subject to the rules of the Designated Stock Exchange and/or any competent regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company may accept the surrender for no consideration of any fully paid share unless, as a result of such surrender, there would no longer be any issued shares of the Company other than shares held as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No share shall be issued to bearer.

**<u>ALTERATION OF CAPITAL</u>**

4. The Company may from time to time by ordinary resolution in accordance with the Act alter the conditions
of its Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its capital by such sum, to be divided into shares of such amounts, as the resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without prejudice to the powers of the Board under Article 13, divide its shares into several classes
and without prejudice to any special rights previously conferred on the holders of existing shares attach thereto respectively any preferential,
deferred, qualified or special rights, privileges, conditions or such restrictions which in the absence of any such determination by the
Company in general meeting, as the Directors may determine provided always that, for the avoidance of doubt, where a class of shares has
been authorized by the Company no resolution of the Company in general meeting is required for the issuance of shares of that class and
the Directors may issue shares of that class and determine such rights, privileges, conditions or restrictions attaching thereto as aforesaid,
and further provided that where the Company issues shares which do not carry voting rights, the words "non-voting" shall appear
in the designation of such shares and where the equity capital includes shares with different voting rights, the designation of each class
of shares, other than those with the most favourable voting rights, must include the words "restricted voting" or "limited
voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum of
Association (subject, nevertheless, to the Act), and may by such resolution determine that, as between the holders of the shares resulting
from such sub-division, one or more of the shares may have any such preferred, deferred or other rights or be subject to any such restrictions
as compared with the other or others as the Company has power to attach to unissued or new shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any shares which, at the date of the passing of the resolution, have not been taken, or agreed
to be taken, by any person, and diminish the amount of its capital by the amount of the shares so cancelled or, in the case of shares,
without par value, diminish the number of shares into which its capital is divided.

5. The Board may settle as it considers expedient any difficulty which arises in relation to any consolidation
and division under the Article 4 and in particular but without prejudice to the generality of the foregoing may issue certificates in
respect of fractions of shares or arrange for the sale of the shares representing fractions and the distribution of the net proceeds of
sale (after deduction of the expenses of such sale) in due proportion amongst the Members who would have been entitled to the fractions,
and for this purpose the Board may authorise any person to transfer the shares representing fractions to their purchaser or resolve that
such net proceeds be paid to the Company for the Company's benefit. Such purchaser will not be bound to see to the application of
the purchase money nor will his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

6. The Company may from time to time by special resolution, subject to any confirmation or consent required
by the Act, reduce its share capital or any capital redemption reserve or other undistributable reserve in any manner permitted by law.

7. Except so far as otherwise provided by the conditions of issue, or by these Articles, any capital raised
by the creation of new shares shall be treated as if it formed part of the original capital of the Company, and such shares shall be subject
to the provisions contained in these Articles with reference to the payment of calls and instalments, transfer and transmission, forfeiture,
lien, cancellation, surrender, voting and otherwise.

**<u>SHARE RIGHTS</u>**

8. Subject to the provisions of the Act, the rules of the Designated Stock Exchange and the Memorandum and
Articles of Association and to any special rights conferred on the holders of any shares or class of shares, and without prejudice to
Article 13 hereof, any share in the Company (whether forming part of the present capital or not) may be issued with or have attached thereto
such rights or restrictions whether in regard to dividend, voting, return of capital or otherwise as the Board may determine, including
without limitation on terms that they may be, or at the option of the Company or the holder are, liable to be redeemed on such terms and
in such manner, including out of capital, as the Board may deem fit.

9. Subject to the Act, any preferred shares may be issued or converted into shares that, at a determinable
date or at the option of the Company or the holder if so authorised by its Memorandum of Association, are to be redeemed or, are liable
to be redeemed on such terms and in such manner as the Directors before the issue or conversion may in their absolute discretion determine
or the Members before the issue or conversion may by special resolution determine. Where the Company purchases for redemption a redeemable
share, purchases not made through the market or by tender shall be limited to a maximum price as may from time to time be determined by
the Board, either generally or with regard to specific purchases. If purchases are by tender, tenders shall comply with applicable laws.

10. Subject to Article 13(1), the Memorandum of Association and any resolution of the Members to the contrary
and without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares, Class A Ordinary
Shares and Class B Ordinary Shares shall carry equal rights and rank pari passu with one another in all respects other than as set out
below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Conversion Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the provisions hereof and to compliance with all fiscal and other laws and regulations applicable
thereto, including the Act, a holder of Class B Ordinary Shares shall have the Conversion Right in respect of each Class B Ordinary Share
in its holding. For the avoidance of doubt, a holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares
into Class B Ordinary Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Class B Ordinary Share shall be converted at the option of the holder, at any time after issue and
without the payment of any additional sum, into such Conversion Number of fully paid Class A Ordinary Shares calculated at the Conversion
Rate. Such conversion shall take effect on the Conversion Date. A Conversion Notice shall not be effective if it is not accompanied by
the share certificates in respect of the relevant Class B Ordinary Shares and/or such other evidence (if any) as the Directors may reasonably
require to prove the title of the person exercising such right (or, if such certificates have been lost or destroyed, such evidence of
title and such indemnity as the Directors may reasonably require). Any and all taxes and stamp, issue and registration duties (if any)
arising on conversion shall be borne by the holder of Class B Ordinary Shares requesting conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the Conversion Date, every Class B Ordinary Share converted shall automatically be re-designated and
re-classified (or in such other manner as the Directors may direct that is not in contravention of applicable laws) as the applicable
Conversion Number of Class A Ordinary Shares with such rights and restrictions attached thereto and shall rank pari passu in all respects
with the Class A Ordinary Shares then in issue and the Company shall enter or procure the entry of the name of the relevant holder of
converted Class B Ordinary Shares as the holder of the corresponding number of Class A Ordinary Shares resulting from the conversion of
the Class B Ordinary Shares in, and make any other necessary and consequential changes to, the register of members and shall procure that,
if required, certificates in respect of the relevant Class A Ordinary Shares, together with a new certificate for any unconverted Class
B Ordinary Shares comprised in the certificate(s) surrendered by the holder of the Class B Ordinary Shares, are issued to the holders
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until such time as the Class B Ordinary Shares have been converted into Class A Ordinary Shares, the Company
shall: (A) at all times keep available for issue and free of all liens, charges, options, mortgages, pledges, claims, equities, encumbrances
and other third-party rights of any nature, and not subject to any pre-emptive rights out of its authorised but unissued share capital,
such number of authorised but unissued Class A Ordinary Shares as would enable all Class B Ordinary Shares to be converted into Class
A Ordinary Shares and any other rights of conversion into, subscription for or exchange into Class A Ordinary Shares to be satisfied in
full; and (B) not make any issue, grant or distribution or take any other action if the effect would be that on the conversion of the
Class B Ordinary Shares to Class A Ordinary Shares it would be required to issue Class A Ordinary Shares at a price lower than the par
value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Voting Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend,
speak and vote at general meetings of the Company. Holders of shares of Class A Ordinary Shares and Class B Ordinary Shares shall, at
all times, vote together as a single class on all matters submitted to a vote for Members' consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general
meetings of the Company; whereas, each Class B Ordinary Share shall be entitled to fifty (50) votes on all matters subject to the vote
at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder thereof to any
person or entity which is not an Affiliate of such holder, such Class B Ordinary Shares validly transferred to the new holder shall be
automatically and immediately converted into such Conversion Number of Class A Ordinary Shares calculated based on the Conversion Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon the
Company's registration of such sale, transfer, assignment or disposition in the Company's register of Members; and (ii) the
creation of any pledge, charge, encumbrance or other third party right of whatever description on any of Class B Ordinary Shares to secure
a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition unless and until
any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding fee simple ownership
interest to the related Class B Ordinary Shares, in which case all the related Class B Ordinary Shares shall be automatically converted
into the same number of Class A Ordinary Shares upon the Company's registration of the third party or its designee as a Member holding
that number of Class A Ordinary Shares in the register of Members.

**<u>VARIATION OF RIGHTS</u>**

11. Subject to the Act and without prejudice to Article 8, all or any of the special rights for the time being
attached to the shares or any class of shares may, unless otherwise provided by the terms of issue of the shares of that class, from time
to time (whether or not the Company is being wound up) be varied, modified or abrogated with the consent in writing of two-thirds of all
the holders of the shares of that class or the sanction of a special resolution passed at a separate general meeting of the holders of
the shares of that class. To every such separate general meeting all the provisions of these Articles relating to general meetings of
the Company shall, mutatis mutandis, apply, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) separate general meetings of the holders of a class or series of shares may be called only by (i) the
Chairman of the Board, or (ii) a majority of the entire Board (unless otherwise specifically provided by the terms of issue of the shares
of such class or series). Nothing in this Article 11 shall be deemed to give any Member or Members the right to call a class or series
meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall be a person
or persons or (in the case of a Member being a corporation) its duly authorized representative together holding or representing by proxy
not less than one-third in nominal value or par value of the issued shares of that class (but so that if at any adjourned meeting of such
holders a quorum as above defined is not present, those Members who are present shall form a quorum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless the shares of the class carry special voting rights, every holder of shares of the class shall
be entitled on a poll to one vote for every such share held by him; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any holder of shares of the class present in person or by proxy or authorised representative may demand
a poll.

12. The special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise
expressly provided in the rights attaching to or the terms of issue of such shares, be deemed to be varied, modified or abrogated by the
creation or issue of further shares ranking pari passu therewith.

 **<u>SHARES</u>**

13. (1) Subject to the Act, these Articles and, where applicable, the rules of the Designated Stock Exchange
and without prejudice to any special rights or restrictions for the time being attached to any shares or any class of shares, the unissued
shares of the Company (whether forming part of the original or any increased capital) shall be at the disposal of the Board, which may
offer, allot, grant options over or otherwise dispose of them to such persons, at such times and for such consideration and upon such
terms and conditions as the Board may in its absolute discretion determine but so that no shares shall be issued at a discount to the
par value. In particular and without prejudice to the generality of the foregoing, the Board is hereby empowered to authorize by resolution
or resolutions from time to time the issuance of one or more classes or series of preferred shares and to fix the designations, powers,
preferences, privileges and relative, participating, optional and other rights, if any, and the qualifications, limitations and restrictions
thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion
rights, redemption privileges, voting powers, full or limited or no voting powers, and liquidation preferences, and to increase or decrease
the size of any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding)
to the extent permitted by the Act. Without limiting the generality of the foregoing, the resolution or resolutions providing for the
establishment of any class or series of preferred shares may, to the extent permitted by law, provide that such class or series shall
be superior to, rank equally with or be junior to the preferred shares of any other class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to make, or make available, any such allotment, offer, option or shares to Members or others with registered addresses in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be deemed to be, a separate class of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred shares or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorized by and complying with the conditions of the Memorandum and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may issue options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital of the Company on such terms as it may from time to time determine.

14. The Company may in connection with the issue of any shares exercise all powers of paying commission and
brokerage conferred or permitted by the Act. Subject to the Act, the commission may be satisfied by the payment of cash or by the allotment
of fully or partly paid shares or partly in one and partly in the other.

15. Except as required by law, no person shall be recognised by the Company as holding any share upon any
trust and the Company shall not be bound by or required in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any share or any fractional part of a share or (except only as otherwise provided by these Articles or by
law) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder.

16. Subject to the Act and these Articles, the Board may at any time after the allotment of shares but before
any person has been entered in the Register as the holder, recognise a renunciation thereof by the allottee in favour of some other person
and may accord to any allottee of a share a right to effect such renunciation upon and subject to such terms and conditions as the Board
considers fit to impose.

**<u>SHARE CERTIFICATES</u>**

17. Every share certificate shall be issued under the Seal or a facsimile thereof or with the Seal printed
thereon and shall specify the number and class and distinguishing numbers (if any) of the shares to which it relates, and the amount paid
up thereon and may otherwise be in such form as the Directors may from time to time determine. No certificate shall be issued representing
shares of more than one class. The Board may by resolution determine, either generally or in any particular case or cases, that any signatures
on any such certificates (or certificates in respect of other securities) need not be autographic but may be affixed to such certificates
by some mechanical means or may be printed thereon.

18. (1) In the case of a share held jointly by several persons, the Company shall not be bound to issue
more than one certificate therefor and delivery of a certificate to one of several joint holders shall be sufficient delivery to all such
holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a share stands in the names of two or more persons, the person first named in the Register shall as regards service of notices and, subject to the provisions of these Articles, all or any other matters connected with the Company, except the transfer of the shares, be deemed the sole holder thereof.

19. The Company is not obliged to issue a share certificate to a Member unless the Member requests it in writing
from the Company. Every person whose name is entered, upon an allotment of shares, as a Member in the Register shall be entitled without
payment, to receive one certificate for all such shares of any one class or several certificates each for one or more of such shares of
such class upon payment for every certificate after the first of such reasonable out-of-pocket expenses as the Board from time to time
determines.

20. Share certificates shall be issued within the relevant time limit as prescribed by the Act or as the Designated
Stock Exchange may from time to time determine, whichever is the shorter, after allotment or, except in the case of a transfer which the
Company is for the time being entitled to refuse to register and does not register, after lodgment of a transfer with the Company.

21. (1) Upon every transfer of shares the certificate held by the transferor shall be given up to be cancelled,
and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the shares transferred
to him at such fee as is provided in paragraph (2) of this Article 21. If any of the shares included in the certificate so given up shall
be retained by the transferor a new certificate for the balance shall be issued to him at the aforesaid fee payable by the transferor
to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph (1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may at any time determine a lower amount for such fee.

22. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed a
new certificate representing the same shares may be issued to the relevant Member upon request and on payment of such fee as the Board
may determine and, subject to compliance with such terms (if any) as to evidence and indemnity and to payment of the costs and reasonable
out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity as the Board may think fit and, in case
of damage or defacement, on delivery of the old certificate to the Company provided always that where share warrants have been issued,
no new share warrant shall be issued to replace one that has been lost unless the Board has determined that the original has been destroyed.

 **<u>LIEN</u>**

23. The Company shall have a first and paramount lien on every share (not being a fully paid share) for all
moneys (whether presently payable or not) called or payable at a fixed time in respect of that share. The Company shall also have a first
and paramount lien on every share (not being a fully paid share) registered in the name of a Member (whether or not jointly with other
Members) for all amounts of money presently payable by such Member or his estate to the Company whether the same shall have been incurred
before or after notice to the Company of any equitable or other interest of any person other than such member, and whether the period
for the payment or discharge of the same shall have actually become due or not, and notwithstanding that the same are joint debts or liabilities
of such Member or his estate and any other person, whether a Member or not. The Company's lien on a share shall extend to all dividends
or other moneys payable thereon or in respect thereof. The Board may at any time, generally or in any particular case, waive any lien
that has arisen or declare any share exempt in whole or in part, from the provisions of this Article 23.

24. Subject to these Articles, the Company may sell in such manner as the Board determines any share on which
the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable, or the liability
or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged nor until the expiration of fourteen
(14) clear days after a notice in writing, stating and demanding payment of the sum presently payable, or specifying the liability or
engagement and demanding fulfilment or discharge thereof and giving notice of the intention to sell in default, has been served on the
registered holder for the time being of the share or the person entitled thereto by reason of his death or bankruptcy.

25. The net proceeds of the sale shall be received by the Company and applied in or towards payment or discharge
of the debt or liability in respect of which the lien exists, so far as the same is presently payable, and any residue shall (subject
to a like lien for debts or liabilities not presently payable as existed upon the share prior to the sale) be paid to the person entitled
to the share at the time of the sale. To give effect to any such sale the Board may authorise some person to transfer the shares sold
to the purchaser thereof. The purchaser shall be registered as the holder of the shares so transferred and he shall not be bound to see
to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings
relating to the sale.

**<u>CALLS ON SHARES</u>**

26. Subject to these Articles and to the terms of allotment, the Board may from time to time make calls upon
the Members in respect of any moneys unpaid on their shares (whether on account of the nominal value of the shares or by way of premium),
and each Member shall (subject to being given at least fourteen (14) clear days' Notice specifying the time and place of payment)
pay to the Company as required by such notice the amount called on his shares. A call may be extended, postponed or revoked in whole or
in part as the Board determines but no Member shall be entitled to any such extension, postponement or revocation except as a matter of
grace and favour.

27. A call shall be deemed to have been made at the time when the resolution of the Board authorising the
call was passed and may be made payable either in one lump sum or by instalments.

28. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent
transfer of the shares in respect of which the call was made. The joint holders of a share shall be jointly and severally liable to pay
all calls and instalments due in respect thereof or other moneys due in respect thereof.

29. If a sum called in respect of a share is not paid before or on the day appointed for payment thereof,
the person from whom the sum is due shall pay interest on the amount unpaid from the day appointed for payment thereof to the time of
actual payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board may determine, but the Board may in its absolute
discretion waive payment of such interest in whole or in part.

30. No Member shall be entitled to receive any dividend or bonus or to be present and vote (save as proxy
for another Member) at any general meeting either personally or by proxy, or be reckoned in a quorum, or exercise any other privilege
as a Member until all calls or instalments due by him to the Company, whether alone or jointly with any other person, together with interest
and expenses (if any) shall have been paid.

31. On the trial or hearing of any action or other proceedings for the recovery of any money due for any call,
it shall be sufficient to prove that the name of the Member sued is entered in the Register as the holder, or one of the holders, of the
shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute book, and that notice
of such call was duly given to the Member sued, in pursuance of these Articles; and it shall not be necessary to prove the appointment
of the Directors who made such call, nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence
of the debt.

32. Any amount payable in respect of a share upon allotment or at any fixed date, whether in respect of nominal
value or premium or as an instalment of a call, shall be deemed to be a call duly made and payable on the date fixed for payment and if
it is not paid the provisions of these Articles shall apply as if that amount had become due and payable by virtue of a call duly made
and notified.

33. On the issue of shares the Board may differentiate between the allottees or holders as to the amount of
calls to be paid and the times of payment.

34. The Board may, if it thinks fit, receive from any Member willing to advance the same, and either in money
or money's worth, all or any part of the moneys uncalled and unpaid or instalments payable upon any shares held by him and upon
all or any of the moneys so advanced (until the same would, but for such advance, become presently payable) pay interest at such rate
(if any) as the Board may decide. The Board may at any time repay the amount so advanced upon giving to such Member not less than one
(1) month's Notice of its intention in that behalf, unless before the expiration of such notice the amount so advanced shall have
been called up on the shares in respect of which it was advanced. Such payment in advance shall not entitle the holder of such share or
shares to participate in respect thereof in a dividend subsequently declared.

**<u>FORFEITURE OF SHARES</u>**

35. (1) If a call remains unpaid after it has become due and payable the Board may give to the person
 from whom it is due not less than fourteen (14) clear days' Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring payment of the amount unpaid together with any interest which may have accrued and which may
still accrue up to the date of actual payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stating that if the Notice is not complied with the shares on which the call was made will be liable to
be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the requirements of any such Notice are not complied with, any share in respect of which such Notice has been given may at any time thereafter, before payment of all calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends and bonuses declared in respect of the forfeited share but not actually paid before the forfeiture.

36. When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before
forfeiture the holder of the share. No forfeiture shall be invalidated by any omission or neglect to give such Notice.

37. The Board may accept the surrender of any share liable to be forfeited hereunder and, in such case, references
in these Articles to forfeiture will include surrender.

38. Any share so forfeited shall be deemed the property of the Company and may be sold, re-allotted or otherwise
disposed of to such person, upon such terms and in such manner as the Board determines, and at any time before a sale, re-allotment or
disposition the forfeiture may be annulled by the Board on such terms as the Board determines.

39. A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares
but nevertheless shall remain liable to pay the Company all moneys which at the date of forfeiture were presently payable by him to the
Company in respect of the shares, with (if the Board shall in its discretion so requires) interest thereon from the date of forfeiture
until payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board shall determine. The Board may enforce payment
thereof if it thinks fit, and without any deduction or allowance for the value of the forfeited shares, at the date of forfeiture, but
his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares. For
the purposes of this Article 39 any sum which, by the terms of issue of a share, is payable thereon at a fixed time which is subsequent
to the date of forfeiture, whether on account of the nominal value of the share or by way of premium, shall notwithstanding that time
has not yet arrived be deemed to be payable at the date of forfeiture, and the same shall become due and payable immediately upon the
forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed time and the date of actual payment.

40. A declaration by a Director or the Secretary that a share has been forfeited on a specified date shall
be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share, and such declaration shall
(subject to the execution of an instrument of transfer by the Company if necessary) constitute a good title to the share, and the person
to whom the share is disposed of shall be registered as the holder of the share and shall not be bound to see to the application of the
consideration (if any), nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings in reference
to the forfeiture, sale or disposal of the share. When any share shall have been forfeited, notice of the declaration shall be given to
the Member in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith
be made in the Register, but no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make any
such entry.

41. Notwithstanding any such forfeiture as aforesaid the Board may at any time, before any shares so forfeited
shall have been sold, re-allotted or otherwise disposed of, permit the shares forfeited to be bought back upon the terms of payment of
all calls and interest due upon and expenses incurred in respect of the share, and upon such further terms (if any) as it thinks fit.

42. The forfeiture of a share shall not prejudice the right of the Company to any call already made or instalment
payable thereon.

43. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which,
by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium,
as if the same had been payable by virtue of a call duly made and notified.

**<u>REGISTER OF MEMBERS</u>**

44. (1) The Company shall keep in one or more books a Register of its Members and shall enter therein the
following particulars, that is to say:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Member, the number and class of shares held by him and the amount paid or
agreed to be considered as paid on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person was entered in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may keep an overseas or local or other branch register of Members resident in any place, and the Board may make and vary such regulations as it determines in respect of the keeping of any such register and maintaining a Registration Office in connection therewith.

45. The Register and branch register of Members, as the case may be, shall be open to inspection for such
times and on such days as the Board shall determine by Members without charge or by any other person, upon a maximum payment of $2.50
or such other sum specified by the Board, at the Office or Registration Office or such other place at which the Register is kept in accordance
with the Act. The Register including any overseas or local or other branch register of Members may, after compliance with any notice requirements
of the Designated Stock Exchange or by any electronic means in such manner as may be accepted by the Designated Stock Exchange to that
effect, be closed at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine
and either generally or in respect of any class of shares.

**<u>RECORD DATES</u>**

46. For the purpose of determining the Members entitled to notice of or to vote at any general meeting, or
any adjournment thereof, or entitled to express consent to corporate action in writing without a meeting, or entitled to receive payment
of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion
or exchange of shares or for the purpose of any other lawful action, the Board may fix, in advance, a date as the record date for any
such determination of Members, which date shall not be more than sixty (60) days nor less than ten (10) days before the date of such meeting,
nor more than sixty (60) days prior to any other such action.

If the Board does not fix a record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall be at the close of business on the day next preceding the day on which notice is given, or, if in accordance with these Articles notice is waived, at the close of business on the day next preceding the day on which the meeting is held. The record date for determining the Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

A determination of the Members of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

**<u>TRANSFER OF SHARES</u>**

47. Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer
in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the Board and may
be under hand or, if the transferor or transferee is a clearing house or a central depository house or its nominee(s), by hand or by machine
imprinted signature or by such other manner of execution as the Board may approve from time to time.

48. The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided
that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its
discretion to do so. Without prejudice to Article 47, the Board may also resolve, either generally or in any particular case, upon request
by either the transferor or transferee, to accept mechanically executed transfers. The transferor shall be deemed to remain the holder
of the share until the name of the transferee is entered in the Register in respect thereof. Nothing in these Articles shall preclude
the Board from recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other
person.

49. (1) The Board may, in its absolute discretion, and without giving any reason therefor, refuse to register
a transfer of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under any share
incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists, and it may also, without prejudice
to the foregoing generality, refuse to register a transfer of any share to more than four joint holders or a transfer of any share (not
being a fully paid up share) on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board in so far as permitted by any applicable law may, in its absolute discretion, at any time and from time to time transfer any share upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder requesting such transfer shall bear the cost of effecting the transfer unless the Board otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time determine, and which agreement the Board shall, without giving any reason therefor, be entitled in its absolute discretion to give or withhold), no shares upon the Register shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other place at which the Register is kept in accordance with the Act.

50. Without limiting the generality of the Article 49, the Board may decline to recognise any instrument of
transfer unless:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such lesser
sum as the Board may from time to time require is paid to the Company in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is lodged at the Office or such other place at which the Register is kept in
accordance with the Act or the Registration Office (as the case may be) accompanied by the relevant share certificate(s) and such other
evidence as the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer
is executed by some other person on his behalf, the authority of that person so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if applicable, the instrument of transfer is duly and properly stamped.

51. If the Board refuses to register a transfer of any share, it shall, within three months after the date
on which the transfer was lodged with the Company, send to each of the transferor and transferee notice of the refusal.

52. The registration of transfers of shares or of any class of shares may, after compliance with any notice
requirement of the Designated Stock Exchange, be suspended at such times and for such periods (not exceeding in the whole thirty (30)
days in any year) as the Board may determine.

**<u>TRANSMISSION OF SHARES</u>**

53. If a Member dies, the survivor or survivors where the deceased was a joint holder, and his legal personal
representatives where he was a sole or only surviving holder, will be the only persons recognised by the Company as having any title to
his interest in the shares; but nothing in this Article will release the estate of a deceased Member (whether sole or joint) from any
liability in respect of any share which had been solely or jointly held by him.

54. Any person becoming entitled to a share in consequence of the death or bankruptcy or winding-up of a Member
may, upon such evidence as to his title being produced as may be required by the Board, elect either to become the holder of the share
or to have some person nominated by him registered as the transferee thereof. If he elects to become the holder he shall notify the Company
in writing either at the Registration Office or the Office, as the case may be, to that effect. If he elects to have another person registered
he shall execute a transfer of the share in favour of that person. The provisions of these Articles relating to the transfer and registration
of transfers of shares shall apply to such notice or transfer as aforesaid as if the death or bankruptcy of the Member had not occurred
and the notice or transfer were a transfer signed by such Member.

55. A person becoming entitled to a share by reason of the death or bankruptcy or winding-up of a Member shall
be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share. However,
the Board may, if it thinks fit, withhold the payment of any dividend payable or other advantages in respect of such share until such
person shall become the registered holder of the share or shall have effectually transferred such share, but, subject to the requirements
of Article 76(2) being met, such a person may vote at meetings.

**<u>UNTRACEABLE MEMBERS</u>**

56. (1) Without prejudice to the rights of the Company under paragraph (2) of this Article 56, the Company
may cease sending cheques for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on
two consecutive occasions. However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend
warrants after the first occasion on which such a cheque or warrant is returned undelivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the shares in question, being not less than three in
total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner
authorised by the Articles of the Company have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

For the purpose of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead, bankrupt or otherwise under any legal disability or incapacity.

**<u>GENERAL MEETINGS</u>**

57. The Company may, but is not obliged to, hold a general meeting each year as its annual general meeting,
and shall specify the meeting as such in the notices calling it. An annual general meeting of the Company shall be held at such time and
place as may be determined by the Board.

58. Each general meeting, other than an annual general meeting, shall be called an extraordinary general meeting.
General meetings may be held at such times and in any location in the world as may be determined by the Board.

59. A majority of the Board or the Chairman of the Board may call extraordinary general meetings, which extraordinary
general meetings shall be held at such times and locations (as permitted hereby) as such person or persons shall determine. Any one or
more Members holding not less than one-third of the total issued and paid up share capital of the Company carrying the right to vote at
general meetings of the Company at the date of deposit of the requisition shall at all times have the right, by written requisition to
the Board or the Secretary of the Company, to require an extraordinary general meeting to be called by the Board for the transaction of
any business specified in such requisition; and such meeting shall be held within two (2) months after the deposit of such requisition.
If within twenty one (21) days of such deposit the Board fails to proceed to convene such meeting the requisitionist(s) himself (themselves)
may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall
be reimbursed to the requisitionist(s) by the Company.

**<u>NOTICE OF GENERAL MEETINGS</u>**

60. (1) An annual general meeting and any extraordinary general meeting may be called by not less than
ten (10) clear days' Notice but a general meeting may be called by shorter notice, subject to the Act, if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a meeting called as an annual general meeting, by all the Members entitled to attend and
vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting, by a majority in number of the Members having the right to attend and
vote at the meeting, being a majority together holding not less than ninety-five per cent. (95%) in nominal value of the issued shares
giving that right .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice shall specify the time and place of the meeting and, in case of special business, the general nature of the business. The notice convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member and to each of the Directors.

61. The accidental omission to give Notice of a meeting or (in cases where instruments of proxy are sent out
with the Notice) to send such instrument of proxy to, or the non-receipt of such Notice or such instrument of proxy by, any person entitled
to receive such Notice shall not invalidate any resolution passed or the proceedings at that meeting.

**<u>PROCEEDINGS AT GENERAL MEETINGS</u>**

62. (1) All business shall be deemed special that is transacted at an extraordinary general meeting, and
also all business that is transacted at an annual general meeting, with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the declaration and sanctioning of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consideration and adoption of the accounts and balance sheet and the reports of the Directors and Auditors
and other documents required to be annexed to the balance sheet; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the election of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present at the commencement of the business. At any general meeting of the Company, one or more Members entitled to vote and present in person or by proxy or (in the case of a Member being a corporation) by its duly authorised representative representing not less than one-third in nominal value of the total issued voting shares in the Company throughout the meeting shall form a quorum for all purposes.

63. If within thirty (30) minutes (or such longer time not exceeding one hour as the chairman of the meeting
may determine to wait) after the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same
day in the next week at the same time and place or to such time and place as the Board may determine. If at such adjourned meeting a quorum
is not present within half an hour from the time appointed for holding the meeting, the meeting shall be dissolved.

64. The Chairman of the Board shall preside as chairman at every general meeting. If at any meeting the chairman
is not present within fifteen (15) minutes after the time appointed for holding the meeting, or is not willing to act as chairman, the
Directors present shall choose one of their number to act, or if one Director only is present he shall preside as chairman if willing
to act. If no Director is present, or if each of the Directors present declines to take the chair, or if the chairman chosen shall retire
from the chair, the Members present in person or (in the case of a Member being a corporation) by its duly authorised representative or
by proxy and entitled to vote shall elect one of their number to be chairman.

65. The chairman may adjourn the meeting from time to time and from place to place, but no business shall
be transacted at any adjourned meeting other than the business which might lawfully have been transacted at the meeting had the adjournment
not taken place. When a meeting is adjourned for fourteen (14) days or more, at least seven (7) clear days' notice of the adjourned
meeting shall be given specifying the time and place of the adjourned meeting but it shall not be necessary to specify in such notice
the nature of the business to be transacted at the adjourned meeting and the general nature of the business to be transacted. Save as
aforesaid, it shall be unnecessary to give notice of an adjournment.

66. If an amendment is proposed to any resolution under consideration but is in good faith ruled out of order
by the chairman of the meeting, the proceedings on the substantive resolution shall not be invalidated by any error in such ruling. In
the case of a resolution duly proposed as a special resolution, no amendment thereto (other than a mere clerical amendment to correct
a patent error) may in any event be considered or voted upon.

 **<u>VOTING</u>**

67. Holders of ordinary shares have the right to receive notice of, attend, speak and vote at general meetings
of the Company. Subject to any special rights or restrictions as to voting for the time being attached to any shares by or in accordance
with these Articles, at any general meeting, a resolution put to the vote of the meeting shall be decided on a poll.

68. Unless otherwise required under applicable law, the Act or by these Articles, holders of Class A Ordinary
Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions submitted to a vote by the Members.

69. On a poll, each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to vote
at general meetings of the Company, and each Class B Ordinary Share shall be entitled to fifty (50) votes on all matters subject to vote
at general meetings of the Company..

70. The result of the poll shall be deemed to be the resolution of the meeting. The Company shall only be
required to disclose the voting figures on a poll if such disclosure is required by the rules of the Designated Stock Exchange.

71. A poll shall be taken in such manner as the chairman directs. The chairman may appoint scrutineers (who
need not be Members) and fix a place and time for declaring the result of the poll.

72. On a poll, votes may be given either personally or by proxy.

73. A person entitled to more than one vote on a poll need not use all his votes or cast all the votes he
uses in the same way.

74. All questions submitted to a meeting shall be decided by a simple majority of votes except where a greater
majority is required by these Articles or by the Act. In the case of an equality of votes, the chairman of such meeting shall be entitled
to a second or casting vote in addition to any other vote he may have.

75. Where there are joint holders of any share any one of such joint holders may vote, either in person or
by proxy, in respect of such share as if he were solely entitled thereto, but if more than one of such joint holders be present at any
meeting the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes
of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in
respect of the joint holding. Several executors or administrators of a deceased Member in whose name any share stands shall for the purposes
of this Article be deemed joint holders thereof.

76. (1) A Member who is a patient for any purpose relating to mental health or in respect of whom an order
has been made by any court having jurisdiction for the protection or management of the affairs of persons incapable of managing their
own affairs may vote by his receiver, committee, curator bonis or other person in the nature of a receiver, committee or curator bonis
appointed by such court, and such receiver, committee, curator bonis or other person may vote on a poll by proxy, and may otherwise act
and be treated as if he were the registered holder of such shares for the purposes of general meetings, provided that such evidence as
the Board may require of the authority of the person claiming to vote shall have been deposited at the Office, head office or Registration
Office, as appropriate, not less than forty-eight (48) hours before the time appointed for holding the meeting, or adjourned meeting or
poll, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person entitled under Article 54 to be registered as the holder of any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such shares, provided that forty-eight (48) hours at least before the time of the holding of the meeting or adjourned meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board of his entitlement to such shares, or the Board shall have previously admitted his right to vote at such meeting in respect thereof.

77. No Member shall, unless the Board otherwise determines, be entitled to attend and vote and to be reckoned
in a quorum at any general meeting unless he is duly registered and all calls or other sums presently payable by him in respect of shares
in the Company have been paid.

78. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any objection shall be raised to the qualification of any voter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any votes have been counted which ought not to have been counted or which might have been rejected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any votes are not counted which ought to have been counted;

the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

 **<u>PROXIES</u>**

79. Any Member entitled to attend and vote at a meeting of the Company shall be entitled to appoint another
person as his proxy to attend and vote instead of him. A Member who is the holder of two or more shares may appoint more than one proxy
to represent him and vote on his behalf at a general meeting of the Company or at a class meeting. A proxy need not be a Member. In addition,
a proxy or proxies representing either a Member who is an individual or a Member which is a corporation shall be entitled to exercise
the same powers on behalf of the Member which he or they represent as such Member could exercise.

80. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney
duly authorised in writing or, if the appointor is a corporation, either under its seal or under the hand of an officer, attorney or other
person authorised to sign the same. In the case of an instrument of proxy purporting to be signed on behalf of a corporation by an officer
thereof it shall be assumed, unless the contrary appears, that such officer was duly authorised to sign such instrument of proxy on behalf
of the corporation without further evidence of the facts.

81. The instrument appointing a proxy and (if required by the Board) the power of attorney or other authority
(if any) under which it is signed, or a certified copy of such power or authority, shall be delivered to such place or one of such places
(if any) as may be specified for that purpose in or by way of note to or in any document accompanying the notice convening the meeting
(or, if no place is so specified at the Registration Office or the Office, as may be appropriate) not less than forty-eight (48) hours
before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote or,
in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, not less than twenty-four (24) hours before the
time appointed for the taking of the poll and in default the instrument of proxy shall not be treated as valid. No instrument appointing
a proxy shall be valid after the expiration of twelve (12) months from the date named in it as the date of its execution, except at an
adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve
(12) months from such date. Delivery of an instrument appointing a proxy shall not preclude a Member from attending and voting in person
at the meeting convened and in such event, the instrument appointing a proxy shall be deemed to be revoked.

82. Instruments of proxy shall be in any common form or in such other form as the Board may approve (provided
that this shall not preclude the use of the two-way form) and the Board may, if it thinks fit, send out with the notice of any meeting
forms of instrument of proxy for use at the meeting. The instrument of proxy shall be deemed to confer authority to demand or join in
demanding a poll and to vote on any amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument
of proxy shall, unless the contrary is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which
it relates.

83. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the
previous death or insanity of the principal, or revocation of the instrument of proxy or of the authority under which it was executed,
provided that no intimation in writing of such death, insanity or revocation shall have been received by the Company at the Office or
the Registration Office (or such other place as may be specified for the delivery of instruments of proxy in the notice convening the
meeting or other document sent therewith) two (2) hours at least before the commencement of the meeting or adjourned meeting, or the taking
of the poll, at which the instrument of proxy is used.

84. Anything which under these Articles a Member may do by proxy he may likewise do by his duly appointed
attorney and the provisions of these Articles relating to proxies and instruments appointing proxies shall apply mutatis mutandis in relation
to any such attorney and the instrument under which such attorney is appointed.

**<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>**

85. (1) Any corporation which is a Member may by resolution of its directors or other governing body authorise
such person as it thinks fit to act as its representative at any meeting of the Company or at any meeting of any class of Members. The
person so authorised shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if
it were an individual Member and such corporation shall for the purposes of these Articles be deemed to be present in person at any such
meeting if a person so authorised is present thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a clearing house (or its nominee(s)) or a central depository entity, being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house or a central depository entity (or its nominee(s)) as if such person was the registered holder of the shares of the Company held by the clearing house or a central depository entity (or its nominee(s)) including the right to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any reference in these Articles to a duly authorised representative of a Member being a corporation shall mean a representative authorised under the provisions of this Article.

**<u>WRITTEN RESOLUTIONS OF MEMBERS</u>**

86. (1) Without limitation to section 60(1) of the Act, Members may pass a special resolution in writing
signed (in such manner as to indicate, expressly or impliedly, unconditional approval) by or on behalf of all persons for the time being
entitled to receive notice of and to attend and vote at general meetings of the Company shall, for the purposes of these Articles, be
treated as a special resolution duly passed at a general meeting of the Company. Any such resolution shall be deemed to have been passed
at a meeting held on the date on which it was signed by the last Member to sign, and where the resolution states a date as being the date
of his signature thereof by any Member the statement shall be prima facie evidence that it was signed by him on that date. Such a resolution
may consist of several documents in the like form, each signed by one or more relevant Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Members may pass an ordinary resolution in writing without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are (i) given notice of the resolution as if the same were
being proposed at a meeting of Members; and (ii) notified in the same or an accompanying notice of the date by which the resolution must
be passed if it is not to lapse, being a period of ten (10) clear days beginning with the date that the notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote (i) sign a document; or (ii) sign several documents
in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an electronic means to the address specified for that purpose.

Such ordinary resolution in writing, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article 86(3), the date next immediately following the end of the period of ten (10) clear days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of fourteen (14) days beginning with the date that notice of it is first given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If all Members entitled to be given notice of the ordinary resolution consent, such written resolution may be passed as soon as the required majority have signified their agreement to the resolution, without any minimum period of time having first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent shall be in writing or given by electronic means to the Company prior to the written resolution taking effect.

**<u>BOARD OF DIRECTORS</u>**

87. (1) Unless otherwise determined by the Company in general meeting, the number of Directors shall not
be less than two (2). There shall be no maximum number of Directors unless otherwise determined from time to time by the Board. The Directors
shall be elected or appointed in the first place by the subscribers to the Memorandum of Association or by a majority of them and thereafter
in accordance with Article 87 and 88 and shall hold office until the expiration of his term or until their successors are elected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Articles and the Act, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Directors shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board. Any Director so appointed by the Board shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re-election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Director shall be required to hold any shares of the Company by way of qualification and a Director who is not a Member shall be entitled to receive notice of and to attend and speak at any general meeting of the Company and of all classes of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to any provision to the contrary in these Articles, a Director may be removed by way of an ordinary resolution of the Members at any time before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under any such agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Company may from time to time in general meeting by ordinary resolution increase or reduce the number of Directors but so that the number of Directors shall never be less than two (2).

**<u>DISQUALIFICATION OF DIRECTORS</u>**

88. The office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resigns his office by notice in writing delivered to the Company at the Office or tendered at a meeting
of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) becomes of unsound mind or dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without special leave of absence from the Board, is absent from meetings of the Board for three consecutive
meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ceases to be a Director by virtue of any provision of the Statutes or is removed from office pursuant
to these Articles.

**<u>EXECUTIVE DIRECTORS</u>**

89. The Board may from time to time appoint any one or more of its body to be a managing director, joint managing
director or deputy managing director or to hold any other employment or executive office with the Company for such period (subject to
their continuance as Directors) and upon such terms as the Board may determine and the Board may revoke or terminate any of such appointments.
Any such revocation or termination as aforesaid shall be without prejudice to any claim for damages that such Director may have against
the Company or the Company may have against such Director. A Director appointed to an office under this Article 91 shall be subject to
the same provisions as to removal as the other Directors of the Company, and he shall (subject to the provisions of any contract between
him and the Company) ipso facto and immediately cease to hold such office if he shall cease to hold the office of Director for any cause.

90. Notwithstanding Articles 95, 96, 97 and 98, an executive director appointed to an office under Article
89 hereof shall receive such remuneration (whether by way of salary, commission, participation in profits or otherwise or by all or any
of those modes) and such other benefits (including pension and/or gratuity and/or other benefits on retirement) and allowances as the
Board may from time to time determine, and either in addition to or in lieu of his remuneration as a Director.

**<u>ALTERNATE DIRECTORS</u>**

91. Any Director may at any time by Notice delivered to the Office or head office or at a meeting of the Directors
appoint any person (including another Director) to be his alternate Director. Any person so appointed shall have all the rights and powers
of the Director or Directors for whom such person is appointed in the alternative provided that such person shall not be counted more
than once in determining whether or not a quorum is present. An alternate Director may be removed at any time by the body which appointed
him and, subject thereto, the office of alternate Director shall continue until the happening of any event which, if he were a Director,
would cause him to vacate such office or if his appointer ceases for any reason to be a Director. Any appointment or removal of an alternate
Director shall be effected by Notice signed by the appointor and delivered to the Office or head office or tendered at a meeting of the
Board. An alternate Director may also be a Director in his own right and may act as alternate to more than one Director. An alternate
Director shall, if his appointor so requests, be entitled to receive notices of meetings of the Board or of committees of the Board to
the same extent as, but in lieu of, the Director appointing him and shall be entitled to such extent to attend and vote as a Director
at any such meeting at which the Director appointing him is not personally present and generally at such meeting to exercise and discharge
all the functions, powers and duties of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions
of these Articles shall apply as if he were a Director save that as an alternate for more than one Director his voting rights shall be
cumulative.

92. An alternate Director shall only be a Director for the purposes of the Act and shall only be subject to
the provisions of the Act insofar as they relate to the duties and obligations of a Director when performing the functions of the Director
for whom he is appointed in the alternative and shall alone be responsible to the Company for his acts and defaults and shall not be deemed
to be the agent of or for the Director appointing him. An alternate Director shall be entitled to contract and be interested in and benefit
from contracts or arrangements or transactions and to be repaid expenses and to be indemnified by the Company to the same extent mutatis
mutandis as if he were a Director but he shall not be entitled to receive from the Company any fee in his capacity as an alternate Director
except only such part, if any, of the remuneration otherwise payable to his appointor as such appointor may by Notice to the Company from
time to time direct.

93. Every person acting as an alternate Director shall have one vote for each Director for whom he acts as
alternate (in addition to his own vote if he is also a Director). If his appointor is for the time being absent from the People's
Republic of China or otherwise not available or unable to act, the signature of an alternate Director to any resolution in writing of
the Board or a committee of the Board of which his appointor is a member shall, unless the notice of his appointment provides to the contrary,
be as effective as the signature of his appointor.

94. An alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases for any
reason to be a Director, however, such alternate Director or any other person may be re-appointed by the Directors to serve as an alternate
Director PROVIDED always that, if at any meeting any Director retires but is re-elected at the same meeting, any appointment of such alternate
Director pursuant to these Articles which was in force immediately before his retirement shall remain in force as though he had not retired.

**<u>DIRECTORS' FEES AND EXPENSES</u>**

95. The Directors shall receive such remuneration as the Board may from time to time determine. Each Director
shall be entitled to be repaid or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred
by him in attending meetings of the Board or committees of the board or general meetings or separate meetings of any class of shares or
of debenture of the Company or otherwise in connection with the discharge of his duties as a Director.

96. Each Director shall be entitled to be repaid or prepaid all travelling, hotel and incidental expenses
reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the Board or general meetings
or separate meetings of any class of shares or of debentures of the Company or otherwise in connection with the discharge of his duties
as a Director.

97. Any Director who, by request, goes or resides abroad for any purpose of the Company or who performs services
which in the opinion of the Board go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary,
commission, participation in profits or otherwise) as the Board may determine and such extra remuneration shall be in addition to or in
substitution for any ordinary remuneration provided for by or pursuant to any other Article.

98. The Board shall determine any payment to any Director or past Director of the Company by way of compensation
for loss of office, or as consideration for or in connection with his retirement from office (not being payment to which the Director
is contractually entitled).

**<u>DIRECTORS' INTERESTS</u>**

99. A Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold any other office or place of profit with the Company (except that of Auditor) in conjunction with
his office of Director for such period and upon such terms as the Board may determine. Any remuneration (whether by way of salary, commission,
participation in profits or otherwise) paid to any Director in respect of any such other office or place of profit shall be in addition
to any remuneration provided for by or pursuant to any other Article;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act by himself or his firm in a professional capacity for the Company (otherwise than as Auditor) and
he or his firm may be remunerated for professional services as if he were not a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continue to be or become a director, managing director, joint managing director, deputy managing director,
executive director, manager or other officer or member of any other company promoted by the Company or in which the Company may be interested
as a vendor, shareholder or otherwise and (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
or other benefits received by him as a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer or member of or from his interests in any such other company. Subject as otherwise provided by these Articles
the Directors may exercise or cause to be exercised the voting powers conferred by the shares in any other company held or owned by the
Company, or exercisable by them as Directors of such other company in such manner in all respects as they think fit (including the exercise
thereof in favour of any resolution appointing themselves or any of them directors, managing directors, joint managing directors, deputy
managing directors, executive directors, managers or other officers of such company) or voting or providing for the payment of remuneration
to the director, managing director, joint managing director, deputy managing director, executive director, manager or other officers of
such other company and any Director may vote in favour of the exercise of such voting rights in manner aforesaid notwithstanding that
he may be, or about to be, appointed a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer of such a company, and that as such he is or may become interested in the exercise of such voting rights in manner
aforesaid.

Notwithstanding the foregoing, no "Independent Director" as defined in the rules of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, and with respect of whom the Board has determined constitutes an "Independent Director" for purposes of compliance with applicable law or the rules of the Designated Stock Exchange, shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely to affect such Director's status as an "Independent Director" of the Company.

100. Subject to the Act and to these Articles, no Director or proposed or intending Director shall be disqualified
by his office from contracting with the Company, either with regard to his tenure of any office or place of profit or as vendor, purchaser
or in any other manner whatsoever, nor shall any such contract or any other contract or arrangement in which any Director is in any way
interested be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company or
the Members for any remuneration, profit or other benefits realised by any such contract or arrangement by reason of such Director holding
that office or of the fiduciary relationship thereby established provided that such Director shall disclose the nature of his interest
in any contract or arrangement in which he is interested in accordance with Article 103 herein. Any such transaction that would reasonably
be likely to affect a Director's status as an "Independent Director", or that would constitute a "related party
transaction" as defined by the rules of the Designated Stock Exchange or under applicable laws, shall require the approval of the
Audit Committee.

101. A Director who to his knowledge is in any way, whether directly or indirectly, interested in a contract
or arrangement or proposed contract or arrangement with the Company shall declare the nature of his interest at the meeting of the Board
at which the question of entering into the contract or arrangement is first considered, if he knows his interest then exists, or in any
other case at the first meeting of the Board after he knows that he is or has become so interested. For the purposes of this Article,
a general Notice to the Board by a Director to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is a member or officer of a specified company or firm and is to be regarded as interested in any contract
or arrangement which may after the date of the Notice be made with that company or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is to be regarded as interested in any contract or arrangement
which may after the date of the Notice be made with a specified person who is connected with him; shall be deemed to be a sufficient
declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective
unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at
the next Board meeting after it is given.

102. Following a declaration being made pursuant to the last preceding two Articles, subject to any separate
requirement for Audit Committee approval under applicable law or the listing rules of the Company's Designated Stock Exchange, and
unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract
or arrangement in which such Director is interested and may be counted in the quorum at such meeting.

**<u>GENERAL POWERS OF THE DIRECTORS</u>**

103. (1) The business of the Company shall be managed and conducted by the Board, which may pay all
 expenses incurred in forming and registering the Company and may exercise all powers of the Company (whether relating to the
 management of the business of the Company or otherwise) which are not by the Statutes or by these Articles required to be exercised
 by the Company in general meeting, subject nevertheless to the provisions of the Statutes and of these Articles and to such
 regulations being not inconsistent with such provisions, as may be prescribed by the Company in general meeting, but no regulations
 made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if such regulations
 had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power
 given to the Board by any other Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person contracting or dealing with the Company in the ordinary course of business shall be entitled to rely on any written or oral contract or agreement or deed, document or instrument entered into or executed as the case may be by any one Director on behalf of the Company and the same shall be deemed to be validly entered into or executed by the Company as the case may be and shall, subject to any rule of law, be binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without prejudice to the general powers conferred by these Articles it is hereby expressly declared that the Board shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to give to any person the right or option of requiring at a future date that an allotment shall be made
to him of any share at par or at such premium as may be agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to give to any Directors, officers or employees of the Company an interest in any particular business
or transaction or participation in the profits thereof or in the general profits of the Company either in addition to or in substitution
for a salary or other remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
outside the Cayman Islands subject to the provisions of the Act.

104. The Board may establish any regional or local boards or agencies for managing any of the affairs of the
Company in any place, and may appoint any persons to be members of such local boards, or any managers or agents, and may fix their remuneration
(either by way of salary or by commission or by conferring the right to participation in the profits of the Company or by a combination
of two or more of these modes) and pay the working expenses of any staff employed by them upon the business of the Company. The Board
may delegate to any regional or local board, manager or agent any of the powers, authorities and discretions vested in or exercisable
by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate, and may authorise the members of any
of them to fill any vacancies therein and to act notwithstanding vacancies. Any such appointment or delegation may be made upon such terms
and subject to such conditions as the Board may think fit, and the Board may remove any person appointed as aforesaid, and may revoke
or vary such delegation, but no person dealing in good faith and without notice of any such revocation or variation shall be affected
thereby.

105. The Board may by power of attorney appoint any company, firm or person or any fluctuating body of persons,
whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such
powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Articles) and for such period
and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and
convenience of persons dealing with any such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate
all or any of the powers, authorities and discretions vested in him. Such attorney or attorneys may, if so authorised under the Seal of
the Company, execute any deed or instrument under their personal seal with the same effect as the affixation of the Company's Seal.

106. The Board may entrust to and confer upon a managing director, joint managing director, deputy managing
director, an executive director or any Director any of the powers exercisable by it upon such terms and conditions and with such restrictions
as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, and may from time to time revoke or vary all or
any of such powers but no person dealing in good faith and without notice of such revocation or variation shall be affected thereby.

107. All cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable or
transferable or not, and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed,
as the case may be, in such manner as the Board shall from time to time by resolution determine. The Company's banking accounts
shall be kept with such banker or bankers as the Board shall from time to time determine.

108. (1) The Board may establish or concur or join with other companies (being subsidiary companies of the
Company or companies with which it is associated in business) in establishing and making contributions out of the Company's moneys
to any schemes or funds for providing pensions, sickness or compassionate allowances, life assurance or other benefits for employees (which
expression as used in this and the following paragraph shall include any Director or ex-Director who may hold or have held any executive
office or any office of profit under the Company or any of its subsidiary companies) and ex-employees of the Company and their dependants
or any class or classes of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may pay, enter into agreements to pay or make grants of revocable or irrevocable pensions or other benefits to employees and ex-employees and their dependants, or to any of such persons, including pensions or benefits additional to those, if any, to which such employees or ex-employees or their dependants are or may become entitled under any such scheme or fund as mentioned in the last preceding paragraph. Any such pension or benefit may, as the Board considers desirable, be granted to an employee either before and in anticipation of or upon or at any time after his actual retirement, and may be subject or not subject to any terms or conditions as the Board may determine.

**<u>BORROWING POWERS</u>**

109. The Board may exercise all the powers of the Company to raise or borrow money and to mortgage or charge
all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject to the Act,
to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the
Company or of any third party.

110. Debentures, bonds and other securities may be made assignable free from any equities between the Company
and the person to whom the same may be issued.

111. Any debentures, bonds or other securities may be issued at a discount (other than shares), premium or
otherwise and with any special privileges as to redemption, surrender, drawings, allotment of shares, attending and voting at general
meetings of the Company, appointment of Directors and otherwise.

112. (1) Where any uncalled capital of the Company is charged, all persons taking any subsequent charge
 thereon shall take the same subject to such prior charge, and shall not be entitled, by notice to the Members or otherwise, to
 obtain priority over such prior charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board shall cause a proper register to be kept, in accordance with the provisions of the Act, of all charges specifically affecting the property of the Company and of any series of debentures issued by the Company and shall duly comply with the requirements of the Act in regard to the registration of charges and debentures therein specified and otherwise.

**<u>PROCEEDINGS OF THE DIRECTORS</u>**

113. The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it considers
appropriate. Questions arising at any meeting shall be determined by a majority of votes. In the case of any equality of votes the chairman
of the meeting shall have an additional or casting vote.

114. A meeting of the Board may be convened by the Secretary on request of a Director or by any Director. The
Secretary shall convene a meeting of the Board of which notice may be given in writing or by telephone or in such other manner as the
Board may from time to time determine whenever he shall be required so to do by the president or chairman, as the case may be, or any
Director.

115. (1) The quorum necessary for the transaction of the business of the Board may be fixed by the Board
 and, unless so fixed at any other number, shall be two (2) of the Board. An alternate Director shall be counted in a quorum in the
 case of the absence of a Director for whom he is the alternate provided that he shall not be counted more than once for the purpose
 of determining whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Directors may participate in any meeting of the Board by means of a conference telephone or other communications equipment through which all persons participating in the meeting can communicate with each other simultaneously and instantaneously and, for the purpose of counting a quorum, such participation shall constitute presence at a meeting as if those participating were present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Director who ceases to be a Director at a Board meeting may continue to be present and to act as a Director and be counted in the quorum until the termination of such Board meeting if no other Director objects and if otherwise a quorum of Directors would not be present.

116. The continuing Directors or a sole continuing Director may act notwithstanding any vacancy in the Board
but, if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance with these Articles as the
quorum, the continuing Directors or Director, notwithstanding that the number of Directors is below the number fixed by or in accordance
with these Articles as the quorum or that there is only one continuing Director, may act for the purpose of filling vacancies in the Board
or of summoning general meetings of the Company but not for any other purpose.

117. The Chairman of the Board shall be the chairman of all meetings of the Board. If the Chairman of the Board
is not present at any meeting within five (5) minutes after the time appointed for holding the same, the Directors present may choose
one of their number to be chairman of the meeting.

118. A meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities
and discretions for the time being vested in or exercisable by the Board.

119. (1) The Board may delegate any of its powers, authorities and discretions to committees (including,
 without limitation, the Audit Committee), consisting of such Director or Directors and other persons as it thinks fit, and they may,
 from time to time, revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part,
 and either as to persons or purposes. Any committee so formed shall, in the exercise of the powers, authorities and discretions so
 delegated, conform to any regulations which may be imposed on it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All acts done by any such committee in conformity with such regulations, and in fulfilment of the purposes for which it was appointed, but not otherwise, shall have like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of any such committee, and charge such remuneration to the current expenses of the Company.

120. The meetings and proceedings of any committee consisting of two or more members shall be governed by the
provisions contained in these Articles for regulating the meetings and proceedings of the Board so far as the same are applicable and
are not superseded by any regulations imposed by the Board under the last preceding Article, indicating, without limitation, any committee
charter adopted by the Board for purposes or in respect of any such committee.

121. A resolution in writing signed by all the Directors except such as are temporarily unable to act through
ill-health or disability shall (provided that such number is sufficient to constitute a quorum and further provided that a copy of such
resolution has been given or the contents thereof communicated to all the Directors for the time being entitled to receive notices of
Board meetings in the same manner as notices of meetings are required to be given by these Articles) be as valid and effectual as if a
resolution had been passed at a meeting of the Board duly convened and held. Such resolution may be contained in one document or in several
documents in like form each signed by one or more of the Directors and for this purpose a facsimile signature of a Director shall be treated
as valid.

122. All acts bona fide done by the Board or by any committee or by any person acting as a Director or members of a committee, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they or any of them were disqualified or had vacated office, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director or member of such committee.

**<u>AUDIT COMMITTEE</u>**

123. Without prejudice to the freedom of the Directors to establish any other committees, for so long as the
shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Board shall establish
and maintain an Audit Committee as a committee of the Board, the composition and responsibilities of which shall comply with the rules
of the Designated Stock Exchange and the rules and regulations of the SEC.

124. The Board shall adopt a formal written audit committee charter and review and assess the adequacy of the
formal written charter on an annual basis.

125. For so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the
Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall
utilize the Audit Committee for the review and approval of potential conflicts of interest in accordance with the audit committee charter.

**<u>OFFICERS</u>**

126. (1) The officers of the Company shall consist of the Chairman of the Board, the Directors and
 Secretary and such additional officers (who may or may not be Directors) as the Board may from time to time determine, all of whom
 shall be deemed to be officers for the purposes of the Act and these Articles. In addition to the officers of the Company, the Board
 may also from time to time determine and appoint managers and delegate to the same such powers and duties as are prescribed by the
 Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Directors shall, as soon as may be after each appointment or election of Directors, elect amongst the Directors a chairman and if more than one Director is proposed for this office, the election to such office shall take place in such manner as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The officers shall receive such remuneration as the Directors may from time to time determine.

127. (1) The Secretary and additional officers, if any, shall be appointed by the Board and shall hold
 office on such terms and for such period as the Board may determine. If thought fit, two or more persons may be appointed as joint
 Secretaries. The Board may also appoint from time to time on such terms as it thinks fit one or more assistant or deputy
 Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Secretary shall attend all meetings of the Members and shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other duties as are prescribed by the Act or these Articles or as may be prescribed by the Board.

128. The officers of the Company shall have such powers and perform such duties in the management, business
and affairs of the Company as may be delegated to them by the Directors from time to time.

129. A provision of the Act or of these Articles requiring or authorising a thing to be done by or to a Director
and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in place of the
Secretary.

**<u>REGISTER OF DIRECTORS AND OFFICERS</u>**

130. The Company shall cause to be kept in one or more books at its Office a Register of Directors and Officers
in which there shall be entered the full names and addresses of the Directors and Officers and such other particulars as required by the
Act or as the Directors may determine. The Company shall send to the Registrar of Companies in the Cayman Islands a copy of such register,
and shall from time to time notify to the said Registrar of any change that takes place in relation to such Directors and Officers as
required by the Act.

**<u>MINUTES</u>**

131. (1) The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all elections and appointments of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings of each general meeting of the Members, meetings of the Board and meetings
of committees of the Board and where there are managers, of all proceedings of meetings of the managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Minutes shall be kept by the Secretary at the Office.

**<u>SEAL</u>**

132. (1) The Company shall have one or more Seals, as the Board may determine. For the purpose of sealing
 documents creating or evidencing securities issued by the Company, the Company may have a securities seal which is a facsimile of
 the Seal of the Company with the addition of the word "Securities" on its face or in such other form as the Board may
 approve. The Board shall provide for the custody of each Seal and no Seal shall be used without the authority of the Board or of a
 committee of the Board authorised by the Board in that behalf. Subject as otherwise provided in these Articles, any instrument to
 which a Seal is affixed shall be signed autographically by one Director or by such other person (including a Director) or persons as
 the Board may appoint, either generally or in any particular case, save that as regards any certificates for shares or debentures or
 other securities of the Company the Board may by resolution determine that such signatures or either of them shall be dispensed with
 or affixed by some method or system of mechanical signature. Every instrument executed in manner provided by this Article 134 shall
 be deemed to be sealed and executed with the authority of the Board previously given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where the Company has a Seal for use abroad, the Board may by writing under the Seal appoint any agent or committee abroad to be the duly authorised agent of the Company for the purpose of affixing and using such Seal and the Board may impose restrictions on the use thereof as may be thought fit. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such other Seal as aforesaid.

**<u>AUTHENTICATION OF DOCUMENTS</u>**

133. Any Director or the Secretary or any person appointed by the Board for the purpose may authenticate any
documents affecting the constitution of the Company and any resolution passed by the Company or the Board or any committee, and any books,
records, documents and accounts relating to the business of the Company, and to certify copies thereof or extracts therefrom as true copies
or extracts, and if any books, records, documents or accounts are elsewhere than at the Office or the head office the local manager or
other officer of the Company having the custody thereof shall be deemed to be a person so appointed by the Board. A document purporting
to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any committee which is so
certified shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such resolution has
been duly passed or, as the case may be, that such minutes or extract is a true and accurate record of proceedings at a duly constituted
meeting.

**<u>DESTRUCTION OF DOCUMENTS</u>**

134. (1) The Company shall be entitled to destroy the following documents at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any share certificate which has been cancelled at any time after the expiry of one (1) year from the date
of such cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any dividend mandate or any variation or cancellation thereof or any notification of change of name or
address at any time after the expiry of two (2) years from the date such mandate variation cancellation or notification was recorded by
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any instrument of transfer of shares which has been registered at any time after the expiry of seven (7)
years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any allotment letters after the expiry of seven (7) years from the date of issue thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies of powers of attorney, grants of probate and letters of administration at any time after the expiry
of seven (7) years after the account to which the relevant power of attorney, grant of probate or letters of administration related has
been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: (1) the foregoing provisions of this Article 136 shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this Article 136 shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article 136 to the destruction of any document include references to its disposal in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision contained in these Articles, the Directors may, if permitted by applicable law, authorise the destruction of documents set out in sub-paragraphs (a) to (e) of paragraph (1) of this Article 136 and any other documents in relation to share registration which have been microfilmed or electronically stored by the Company or by the share registrar on its behalf provided always that this Article shall apply only to the destruction of a document in good faith and without express notice to the Company and its share registrar that the preservation of such document was relevant to a claim.

**<u>DIVIDENDS AND OTHER PAYMENTS</u>**

135. Subject to the Act, the Company in general meeting or the Board may from time to time declare dividends
in any currency to be paid to the Members but no dividend shall be declared in excess of the amount recommended by the Board.

136. Dividends may be declared and paid out of the profits of the Company, realised or unrealised, or from
any reserve set aside from profits which the Directors determine is no longer needed. The Board may also declare and pay dividends out
of share premium account or any other fund or account which can be authorised for this purpose in accordance with the Act.

137. Except in so far as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of
which the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this Article as
paid up on the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during
any portion or portions of the period in respect of which the dividend is paid.

138. The Board may from time to time pay to the Members such interim dividends as appear to the Board to be
justified by the profits of the Company and in particular (but without prejudice to the generality of the foregoing) if at any time the
share capital of the Company is divided into different classes, the Board may pay such interim dividends in respect of those shares in
the capital of the Company which confer on the holders thereof deferred or non-preferential rights as well as in respect of those shares
which confer on the holders thereof preferential rights with regard to dividend and provided that the Board acts bona fide the Board shall
not incur any responsibility to the holders of shares conferring any preference for any damage that they may suffer by reason of the payment
of an interim dividend on any shares having deferred or non-preferential rights and may also pay any fixed dividend which is payable on
any shares of the Company half-yearly or on any other dates, whenever such profits, in the opinion of the Board, justifies such payment.

139. The Board may deduct from any dividend or other moneys payable to a Member by the Company on or in respect
of any shares all sums of money (if any) presently payable by him to the Company on account of calls or otherwise.

140. No dividend or other moneys payable by the Company on or in respect of any share shall bear interest against
the Company.

141. Any dividend, interest or other sum payable in cash to the holder of shares may be paid by cheque or warrant
sent through the post addressed to the holder at his registered address or, in the case of joint holders, addressed to the holder whose
name stands first in the Register in respect of the shares at his address as appearing in the Register or addressed to such person and
at such address as the holder or joint holders may in writing direct. Every such cheque or warrant shall, unless the holder or joint holders
otherwise direct, be made payable to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands
first on the Register in respect of such shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank
on which it is drawn shall constitute a good discharge to the Company notwithstanding that it may subsequently appear that the same has
been stolen or that any endorsement thereon has been forged. Any one of two or more joint holders may give effectual receipts for any
dividends or other moneys payable or property distributable in respect of the shares held by such joint holders.

142. All dividends or bonuses unclaimed for one (1) year after having been declared may be invested or otherwise
made use of by the Board for the benefit of the Company until claimed. Any dividend or bonuses unclaimed after a period of six (6) years
from the date of declaration shall be forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend or
other sums payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof.

143. Whenever the Board or the Company in general meeting has resolved that a dividend be paid or declared,
the Board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind and
in particular of paid up shares, debentures or warrants to subscribe securities of the Company or any other company, or in any one or
more of such ways, and where any difficulty arises in regard to the distribution the Board may settle the same as it thinks expedient,
and in particular may issue certificates in respect of fractions of shares, disregard fractional entitlements or round the same up or
down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall
be made to any Members upon the basis of the value so fixed in order to adjust the rights of all parties, and may vest any such specific
assets in trustees as may seem expedient to the Board and may appoint any person to sign any requisite instruments of transfer and other
documents on behalf of the persons entitled to the dividend, and such appointment shall be effective and binding on the Members. The Board
may resolve that no such assets shall be made available to Members with registered addresses in any particular territory or territories
where, in the absence of a registration statement or other special formalities, such distribution of assets would or might, in the opinion
of the Board, be unlawful or impracticable and in such event the only entitlement of the Members aforesaid shall be to receive cash payments
as aforesaid. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any
purpose whatsoever.

144. (1) Whenever the Board or the Company in general meeting has resolved that a dividend be paid or
 declared on any class of the share capital of the Company, the Board may further resolve either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully
paid up, provided that the Members entitled thereto will be entitled to elect to receive such dividend (or part thereof if the Board so
determines) in cash in lieu of such allotment. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board, after determining the basis of allotment, shall give not less than ten (10) days' Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid) shall
not be payable in cash on shares in respect whereof the cash election has not been duly exercised ("the non-elected shares")
and in satisfaction thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of
the undivided profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share
premium account, capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be
required to pay up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders
of the non-elected shares on such basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the Members entitled to such dividend shall be entitled to elect to receive an allotment of shares
credited as fully paid up in lieu of the whole or such part of the dividend as the Board may think fit. In such case, the following provisions
shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board, after determining the basis of allotment, shall give not less than ten (10) days' Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dividend (or that part of the dividend in respect of which a right of election has been accorded)
shall not be payable in cash on shares in respect whereof the share election has been duly exercised ("the elected shares")
and in lieu thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the elected shares on the
basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided
profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share premium account,
capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be required to pay
up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders of the elected
shares on such basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) The shares allotted pursuant to the provisions of paragraph (1) of this Article 144 shall rank
 pari passu in all respects with shares of the same class (if any) then in issue save only as regards participation in the relevant
 dividend or in any other distributions, bonuses or rights paid, made, declared or announced prior to or contemporaneously with the
 payment or declaration of the relevant dividend unless, contemporaneously with the announcement by the Board of their proposal to
 apply the provisions of sub-paragraph (a) or (b) of paragraph (2) of this Article 144 in relation to the relevant dividend or
 contemporaneously with their announcement of the distribution, bonus or rights in question, the Board shall specify that the shares
 to be allotted pursuant to the provisions of paragraph (1) of this Article shall rank for participation in such distribution, bonus
 or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may do all acts and things considered necessary or expedient to give effect to any capitalisation pursuant to the provisions of paragraph (1) of this Article 144, with full power to the Board to make such provisions as it thinks fit in the case of shares becoming distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit of fractional entitlements accrues to the Company rather than to the Members concerned). The Board may authorise any person to enter into on behalf of all Members interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and any agreement made pursuant to such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may, or the Company may upon the recommendation of the Board by ordinary resolution, determine and resolve in respect of any one particular dividend of the Company that notwithstanding the provisions of paragraph (1) of this Article 146 a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Article 144 shall not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any resolution declaring a dividend on shares of any class by the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this Article shall mutatis mutandis apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members.

**<u>RESERVES</u>**

145. (1) The Board shall establish an account to be called the share premium account and shall carry to
 the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share in the
 Company. Unless otherwise provided by the provisions of these Articles, the Board may apply the share premium account in any manner
 permitted by the Act. The Company shall at all times comply with the provisions of the Act in relation to the share premium
 account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before recommending any dividend, the Board may set aside out of the profits of the Company such sums as it determines as reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.

**<u>CAPITALISATION</u>**

146. The Company may, upon the recommendation of the Board, at any time and from time to time pass an ordinary
resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing to the credit of
any reserve or fund (including a share premium account and capital redemption reserve and the profit and loss account) whether or not
the same is available for distribution and accordingly that such amount be set free for distribution among the Members or any class of
Members who would be entitled thereto if it were distributed by way of dividend and in the same proportions, on the basis that the same
is not paid in cash but is applied either in or towards paying up the amounts for the time being unpaid on any shares in the Company held
by such Members respectively or in paying up in full unissued shares, debentures or other obligations of the Company, to be allotted and
distributed credited as fully paid up among such Members, or partly in one way and partly in the other, and the Board shall give effect
to such resolution provided that, for the purposes of this Article 146, a share premium account and any capital redemption reserve or
fund representing unrealised profits, may be applied only in paying up in full unissued shares of the Company to be allotted to such Members
credited as fully paid.

147. The Board may settle, as it considers appropriate, any difficulty arising in regard to any distribution
under the Article 148 and in particular may issue certificates in respect of fractions of shares or authorise any person to sell and transfer
any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly
so or may ignore fractions altogether, and may determine that cash payments shall be made to any Members in order to adjust the rights
of all parties, as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons entitled to participate
in the distribution any contract necessary or desirable for giving effect thereto and such appointment shall be effective and binding
upon the Members.

**<u>SUBSCRIPTION RIGHTS RESERVE</u>**

148. The following provisions shall have effect to the extent that they are not prohibited by and are in compliance
with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, so long as any of the rights attached to any warrants issued by the Company to subscribe for shares
of the Company shall remain exercisable, the Company does any act or engages in any transaction which, as a result of any adjustments
to the subscription price in accordance with the provisions of the conditions of the warrants, would reduce the subscription price to
below the par value of a share, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as from the date of such act or transaction the Company shall establish and thereafter (subject as provided
in this Article 148) maintain in accordance with the provisions of this Article 148 a reserve (the "Subscription Rights Reserve")
the amount of which shall at no time be less than the sum which for the time being would be required to be capitalised and applied in
paying up in full the nominal amount of the additional shares required to be issued and allotted credited as fully paid pursuant to sub-paragraph
(c) below on the exercise in full of all the subscription rights outstanding and shall apply the Subscription Rights Reserve in paying
up such additional shares in full as and when the same are allotted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscription Rights Reserve shall not be used for any purpose other than that specified above unless
all other reserves of the Company (other than share premium account) have been extinguished and will then only be used to make good losses
of the Company if and so far as is required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the exercise of all or any of the subscription rights represented by any warrant, the relevant subscription
rights shall be exercisable in respect of a nominal amount of shares equal to the amount in cash which the holder of such warrant is required
to pay on exercise of the subscription rights represented thereby (or, as the case may be the relevant portion thereof in the event of
a partial exercise of the subscription rights) and, in addition, there shall be allotted in respect of such subscription rights to the
exercising warrantholder, credited as fully paid, such additional nominal amount of shares as is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the said amount in cash which the holder of such warrant is required to pay on exercise of the subscription
rights represented thereby (or, as the case may be, the relevant portion thereof in the event of a partial exercise of the subscription
rights); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nominal amount of shares in respect of which such subscription rights would have been exercisable
having regard to the provisions of the conditions of the warrants, had it been possible for such subscription rights to represent the
right to subscribe for shares at less than par and immediately upon such exercise so much of the sum standing to the credit of the Subscription
Rights Reserve as is required to pay up in full such additional nominal amount of shares shall be capitalised and applied in paying up
in full such additional nominal amount of shares which shall forthwith be allotted credited as fully paid to the exercising warrantholders;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if, upon the exercise of the subscription rights represented by any warrant, the amount standing to the
credit of the Subscription Rights Reserve is not sufficient to pay up in full such additional nominal amount of shares equal to such difference
as aforesaid to which the exercising warrantholder is entitled, the Board shall apply any profits or reserves then or thereafter becoming
available (including, to the extent permitted by law, share premium account) for such purpose until such additional nominal amount of
shares is paid up and allotted as aforesaid and until then no dividend or other distribution shall be paid or made on the fully paid shares
of the Company then in issue. Pending such payment and allotment, the exercising warrantholder shall be issued by the Company with a certificate
evidencing his right to the allotment of such additional nominal amount of shares. The rights represented by any such certificate shall
be in registered form and shall be transferable in whole or in part in units of one share in the like manner as the shares for the time
being are transferable, and the Company shall make such arrangements in relation to the maintenance of a register therefor and other matters
in relation thereto as the Board may think fit and adequate particulars thereof shall be made known to each relevant exercising warrantholder
upon the issue of such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares allotted pursuant to the provisions of this Article shall rank pari passu in all respects with
the other shares allotted on the relevant exercise of the subscription rights represented by the warrant concerned. Notwithstanding anything
contained in paragraph (1) of this Article, no fraction of any share shall be allotted on exercise of the subscription rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of this Article as to the establishment and maintenance of the Subscription Rights Reserve
shall not be altered or added to in any way which would vary or abrogate, or which would have the effect of varying or abrogating the
provisions for the benefit of any warrantholder or class of warrantholders under this Article without the sanction of a special resolution
of such warrantholders or class of warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A certificate or report by the auditors for the time being of the Company as to whether or not the Subscription
Rights Reserve is required to be established and maintained and if so the amount thereof so required to be established and maintained,
as to the purposes for which the Subscription Rights Reserve has been used, as to the extent to which it has been used to make good losses
of the Company, as to the additional nominal amount of shares required to be allotted to exercising warrantholders credited as fully paid,
and as to any other matter concerning the Subscription Rights Reserve shall (in the absence of manifest error) be conclusive and binding
upon the Company and all warrantholders and shareholders.

**<u>ACCOUNTING RECORDS</u>**

149. The Board shall cause true accounts to be kept of the sums of money received and expended by the Company,
and the matters in respect of which such receipt and expenditure take place, and of the property, assets, credits and liabilities of the
Company and of all other matters required by the Act or necessary to give a true and fair view of the Company's affairs and to explain
its transactions.

150. The accounting records shall be kept at the Office or, at such other place or places as the Board decides
and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any accounting
record or book or document of the Company except as conferred by law or authorised by the Board or the Company in general meeting.

151. Subject to Article 154, a printed copy of the Directors' report, accompanied by the balance sheet
and profit and loss account, including every document required by law to be annexed thereto, made up to the end of the applicable financial
year and containing a summary of the assets and liabilities of the Company under convenient heads and a statement of income and expenditure,
together with a copy of the Auditors' report, shall be sent to each person entitled thereto at least ten (10) days before the date
of the general meeting and laid before the Company at the annual general meeting held in accordance with Article 57 provided that this
Article shall not require a copy of those documents to be sent to any person whose address the Company is not aware or to more than one
of the joint holders of any shares or debentures.

152. Subject to due compliance with all applicable Statutes, rules and regulations, including, without limitation,
the rules of the Designated Stock Exchange, and to obtaining all necessary consents, if any, required thereunder, the requirements of
Article 153 shall be deemed satisfied in relation to any person by sending to the person in any manner not prohibited by the Statutes,
a summarised financial statements derived from the Company's annual accounts and the directors' report which shall be in the
form and containing the information required by applicable laws and regulations, provided that any person who is otherwise entitled to
the annual financial statements of the Company and the directors' report thereon may, if he so requires by notice in writing served
on the Company, demand that the Company sends to him, in addition to a summarised financial statements, a complete printed copy of the
Company's annual financial statement and the directors' report thereon.

153. The requirement to send to a person referred to in Article 153the documents referred to in that article
or a summary financial report in accordance with Article 154 shall be deemed satisfied where, in accordance with all applicable Statutes,
rules and regulations, including, without limitation, the rules of the Designated Stock Exchange, the Company publishes copies of the
documents referred to in Article 153 and, if applicable, a summary financial report complying with Article 154, on the Company's
computer network or in any other permitted manner (including by sending any form of electronic communication), and that person has agreed
or is deemed to have agreed to treat the publication or receipt of such documents in such manner as discharging the Company's obligation
to send to him a copy of such documents.

**<u>AUDIT</u>**

154. Subject to applicable law and rules of the Designated Stock Exchange, the Board shall appoint an auditor
to audit the accounts of the Company and such auditor shall hold office until removed from office by a resolution of the Directors. Such
auditor may be a Member but no Director or officer or employee of the Company shall, during his continuance in office, be eligible to
act as an auditor of the Company.

155. Subject to the Act the accounts of the Company shall be audited at least once in every year.

156. The remuneration of the Auditor shall be determine by the Audit Committee or, in the absence of such Audit
Committee, by the Board.

157. If the office of auditor becomes vacant by the resignation or death of the Auditor, or by his becoming
incapable of acting by reason of illness or other disability at a time when his services are required, the Directors shall fill the vacancy
and determine the remuneration of such Auditor.

158. The Auditor shall at all reasonable times have access to all books kept by the Company and to all accounts
and vouchers relating thereto; and he may call on the Directors or officers of the Company for any information in their possession relating
to the books or affairs of the Company.

159. The statement of income and expenditure and the balance sheet provided for by these Articles shall be
examined by the Auditor and compared by him with the books, accounts and vouchers relating thereto; and he shall make a written report
thereon stating whether such statement and balance sheet are drawn up so as to present fairly the financial position of the Company and
the results of its operations for the period under review and, in case information shall have been called for from Directors or officers
of the Company, whether the same has been furnished and has been satisfactory. The financial statements of the Company shall be audited
by the Auditor in accordance with generally accepted auditing standards. The Auditor shall make a written report thereon in accordance
with generally accepted auditing standards and the report of the Auditor shall be submitted to the Audit Committee. The generally accepted
auditing standards referred to herein may be those of a country or jurisdiction other than the Cayman Islands. If so, the financial statements
and the report of the Auditor should disclose this fact and name such country or jurisdiction.

**<u>NOTICES</u>**

160. Any Notice or document, whether or not, to be given or issued under these Articles from the Company to
a Member shall be in writing or by cable, telex or facsimile transmission message or other form of electronic transmission or communication
and any such Notice and document may be served or delivered by the Company on or to any Member either personally or by sending it through
the post in a prepaid envelope addressed to such Member at his registered address as appearing in the Register or at any other address
supplied by him to the Company for the purpose or, as the case may be, by transmitting it to any such address or transmitting it to any
telex or facsimile transmission number or electronic number or address or website supplied by him to the Company for the giving of Notice
to him or which the person transmitting the notice reasonably and bona fide believes at the relevant time will result in the Notice being
duly received by the Member or may also be served by advertisement in appropriate newspapers in accordance with the requirements of the
Designated Stock Exchange or, to the extent permitted by the applicable laws, by placing it on the Company's website and giving
to the member a notice stating that the notice or other document is available there (a "notice of availability"). The notice
of availability may be given to the Member by any of the means set out above. In the case of joint holders of a share all notices shall
be given to that one of the joint holders whose name stands first in the Register and notice so given shall be deemed a sufficient service
on or delivery to all the joint holders.

161. Any Notice or other document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if served or delivered by post, shall where appropriate be sent by airmail and shall be deemed to have
been served or delivered on the day following that on which the envelope containing the same, properly prepaid and addressed, is put into
the post; in proving such service or delivery it shall be sufficient to prove that the envelope or wrapper containing the notice or document
was properly addressed and put into the post and a certificate in writing signed by the Secretary or other officer of the Company or other
person appointed by the Board that the envelope or wrapper containing the Notice or other document was so addressed and put into the post
shall be conclusive evidence thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
from the server of the Company or its agent. A Notice placed on the Company's website is deemed given by the Company to a Member
on the day following that on which a notice of availability is deemed served on the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if served or delivered in any other manner contemplated by these Articles, shall be deemed to have been
served or delivered at the time of personal service or delivery or, as the case may be, at the time of the relevant despatch or transmission;
and in proving such service or delivery a certificate in writing signed by the Secretary or other officer of the Company or other person
appointed by the Board as to the act and time of such service, delivery, despatch or transmission shall be conclusive evidence thereof;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may be given to a Member in the English language or such other language as may be approved by the Directors,
subject to due compliance with all applicable Statutes, rules and regulations.

162. (1) Any Notice or other document delivered or sent by post to or left at the registered address of
any Member in pursuance of these Articles shall, notwithstanding that such Member is then dead or bankrupt or that any other event has
occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have been duly served or delivered
in respect of any share registered in the name of such Member as sole or joint holder unless his name shall, at the time of the service
or delivery of the Notice or document, have been removed from the Register as the holder of the share, and such service or delivery shall
for all purposes be deemed a sufficient service or delivery of such Notice or document on all persons interested (whether jointly with
or as claiming through or under him) in the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Notice may be given by the Company to the person entitled to a share in consequence of the death, mental disorder or bankruptcy of a Member by sending it through the post in a prepaid letter, envelope or wrapper addressed to him by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death, mental disorder or bankruptcy had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any person who by operation of law, transfer or other means whatsoever shall become entitled to any share shall be bound by every Notice in respect of such share which prior to his name and address being entered on the Register shall have been duly given to the person from whom he derives his title to such share.

**<u>SIGNATURES</u>**

163. For the purposes of these Articles, a cable or telex or facsimile or electronic transmission message purporting
to come from a holder of shares or, as the case may be, a Director, or, in the case of a corporation which is a holder of shares from
a director or the secretary thereof or a duly appointed attorney or duly authorised representative thereof for it and on its behalf, shall
in the absence of express evidence to the contrary available to the person relying thereon at the relevant time be deemed to be a document
or instrument in writing signed by such holder or Director in the terms in which it is received.

**<u>WINDING UP</u>**

164. (1) The Board shall have power in the name and on behalf of the Company to present a petition to the
court for the Company to be wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.

165. (1) Subject to any special rights, privileges or restrictions as to the distribution of available surplus
assets on liquidation for the time being attached to any class or classes of shares (i) if the Company shall be wound up and the assets
available for distribution amongst the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement
of the winding up, the excess shall be distributed pari passu amongst such members in proportion to the amount paid up on the shares held
by them respectively and (ii) if the Company shall be wound up and the assets available for distribution amongst the Members as such shall
be insufficient to repay the whole of the paid-up capital such assets shall be distributed so that, a nearly as may be, the losses shall
be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding
up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of the Members as the liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability.

 **<u>INDEMNITY</u>**

166. (1) Every Director (including for the purposes of this Article any alternate Director appointed pursuant
to the provisions of these Articles), Secretary, or other officer for the time being and from time to time of the Company (but not including
the Auditor) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured
harmless out of the assets and profits of the Company from and against all actions, proceeding, costs, charges, expenses, losses, damages
or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty,
wilful default or fraud, in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment)
or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the
foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise)
any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of his duties with or for the Company; PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud, willful default or dishonesty which may attach to such Director.

**<u>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION AND NAME OF COMPANY</u>**

167. No Article shall be rescinded, altered or amended and no new Article shall be made until the same has
been approved by a special resolution of the Members. A special resolution shall be required to alter the provisions of the Memorandum
of Association or to change the name of the Company.

 **<u>INFORMATION</u>**

168. No Member shall be entitled to require discovery of or any information respecting any detail of the Company's
trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business
of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the members of the Company to communicate
to the public.

**<u>EXCLUSIVE FORUM</u>**

169. Unless the Company consents in writing to the selection of an alternative forum, the United States District
Court for the Southern District of New York (or, if the Southern District of New York lacks subject matter jurisdiction over a particular
dispute, the state courts of New York County, New York) shall be the exclusive forum within the United States for the resolution of any
complaint asserting a cause of action arising out of or relating in any way to the federal securities laws of the United States, regardless
of whether such legal suit, action, or proceeding also involves parties other than the Company. Any person or entity purchasing or otherwise
acquiring any share or other securities in the Company, or purchasing or otherwise acquiring American depositary shares issued pursuant
to deposit agreements, shall be deemed to have notice of and consented to the provisions of this Article. Without prejudice to the foregoing,
if the provision in this Article is held to be illegal, invalid or unenforceable under applicable law, the legality, validity or enforceability
of the rest of these Articles shall not be affected and this Article shall be interpreted and construed to the maximum extent possible
to apply in the relevant jurisdiction with whatever modification or deletion may be necessary so as best to give effect to the intention
of the Company.

**<u>FINANCIAL YEAR</u>**

170. Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and begin on 1 January in each year.

## Exhibit 4.2

**Exhibit 4.2**

![](ex4-2_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | **CONYERS DILL & PEARMAN**<br>29<sup>th</sup> Floor<br> One Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br>T +852 2524 7106 \| F +852 2845 9268<br>**conyers.com** |

---

12 August 2025

Matter No.: 1008267/111062394<br> (852) 2842 9521<br> Flora.Wong@conyers.com

**Jianzhi Education Technology Group Company Limited**

27/F Tower A Yingdu Building

Zhichun Road

Haidian District Beijing 100086

People's Republic of China

Dear Sir/ Madam,

**Re: Jianzhi Education Technology Group Company Limited (the "Company")** 

We have acted as special legal counsel in the Cayman Islands to the Company in connection with a registration statement on form F-1 filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 12 August 2025 (the "**Registration Statement**") and the draft prospectus contained in the Registration Statement (the "**Prospectus**") relating to the registration under the U.S. Securities Act of 1933, as amended, (the "**Securities Act**") and offering by the Company of up to 5,800,000 American depositary share(s) (the "**ADS(s)**"), each ADS representing sixty class A ordinary shares of US$0.0001 each of the Company (the "**Class A Share(s)**").

1. DOCUMENTS REVIEWED

For the purposes of giving this opinion, we have examined a copy of (i) the Registration Statement, and (ii) the draft Prospectus, which are sometimes collectively referred to as the "**Offer Documents**" (which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

We have also reviewed:

1.1. a copy of the second amended and restated memorandum of association (the "**Memorandum** ")
and amended and restated articles of association of the Company (the "**Articles**") adopted on 17 July 2025;

1.2. a copy of unanimous written resolutions of all its directors dated 18 July 2025 (the "**Board Resolutions** ");

Partners: Piers J. Alexander, Crystal C. Au-Yeung, Christopher W. H. Bickley, Peter H. Y. Ch'ng, Anna W. T. Chong, Angie Y. Y. Chu, Vivien C. S. Fung, Richard J. Hall, Norman Hau, Wynne Lau, Ryan A. McConvey, Teresa F. Tsai, Flora K. Y. Wong, Lilian S. C. Woo

Consultant: David M. Lamb

**BERMUDA \| BRITISH VIRGIN ISLANDS \| CAYMAN ISLANDS**

1.3. a copy of the minutes of an extraordinary general meeting of the Company held on 17 July 2025 (the "**Shareholders Resolutions** ");

1.4. a final form of the securities purchase agreement to be entered into between the Company and each of the
purchasers named therein (the "**Securities Purchase Agreement** ");

1.5. a copy of a Certificate of Good Standing issued by the Registrar of Companies in relation to the Company
on 17 July 2025 (the "**Certificate Date** "); and

1.6. such other documents and made such enquiries as to questions of law as we have deemed necessary in order
to render the opinion set forth below.

2. ASSUMPTIONS

We have assumed:

2.1. the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether
or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;

2.2. that where a document has been examined by us in draft form, it will be or has been executed in the form
of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn
to our attention;

2.3. the due execution and delivery of the Securities Purchase Agreement by each of the parties thereto;

2.4. the capacity, power and authority of each of the parties to the Securities Purchase Agreement to enter
into and perform its respective obligations under the Securities Purchase Agreement;

2.5. the accuracy and completeness of all factual representations made in the Offer Documents, the Securities
Purchase Agreement and other documents reviewed by us;

2.6. that the Board Resolutions and Shareholders Resolutions were passed at one or more duly convened, constituted
and quorate meetings or by unanimous written resolutions, remain in full force and effect and have not been rescinded or amended;

2.7. that there is no provision of the laws of any jurisdiction, other than the Cayman Islands, which would
have any implication in relation to the opinion expressed herein;

2.8. the validity and binding effect under the laws of the United States of America of the Offer Documents;

2.9. the validity and binding effect under the laws of the State of New York (the "Foreign Laws")
of the Securities Purchase Agreement in accordance with its terms;

2.10. approval of the final total number of Class A Shares to be allotted and issued by the Company pursuant
to the Offer Documents and the Securities Purchase Agreement by such person(s) authorized by the board of directors of the Company in
accordance with the terms of the Resolutions;

**conyers.com \| 2**

2.11. the allotment and issue of the Class A Shares are in accordance with the terms of the Offer Documents
and the Securities Purchase Agreement as referred to in the Board Resolutions; and

2.12. that the Registration Statement will be duly filed with the Commission and become effective prior to the
sale of any Shares under the Registration Statement.

3. QUALIFICATIONS

3.1. We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other
than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited
to and is given on the basis of the current laws of and practice in the Cayman Islands.

4. OPINION

On the basis of and subject to the foregoing, we are of the opinion that:

4.1. The Company is duly incorporated and existing under the laws of the Cayman Islands and, based on the Certificate
of Good Standing, is in good standing as at the Certificate Date. Pursuant to the Companies Act ()"**Act** "), a company
is deemed to be in good standing if all fees and penalties under the Act have been paid and the Registrar of Companies has no knowledge
that the Company is in default under the Act.

4.2. Based solely on our review of the Memorandum and the Shareholders Resolutions, the Company has an authorised
share capital of US$1,000,000 divided into (a) 9,900,000,000 class A ordinary shares of a par value
of US$0.0001 each and (b) 100,000,000 class B ordinary shares of a par value of US$0.0001 each .

4.3. When issued and paid for as contemplated by the Offer Documents, the Class A Shares will be validly issued,
fully paid and non-assessable (which term means when used herein that no further sums are required to be paid by the holders thereof in
connection with the issue of such Class A Ordinary Shares).

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm under the captions "Enforceability of Civil Liabilities" and "Legal Matters" in the Prospectus forming a part of the Registration Statement. In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

/s/ Conyers Dill & Pearman

**Conyers Dill & Pearman**

**conyers.com \| 3**

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**<u>Consent of Independent Registered Public Accounting Firm</u>**

We consent to the incorporation by reference in this Registration Statement of Jianzhi Education Technology Group Company Limited on Form F-1 of our report dated April 30, 2025 with respect to our audits of the consolidated financial statements of Jianzhi Education Technology Group Company Limited as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 appearing in the Annual Report on Form 20-F of Jianzhi Education Technology Group Company Limited for the year ended December 31, 2024.

We also consent to the reference to us under the heading "Experts" in such Registration Statement.

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| | |
|:---|:---|
|  | ![](ex23-1_002.jpg) |
| San Mateo, California | WWC, P.C. |
| August 12, 2025 | Certified Public Accountants |
|  | PCAOB ID: 1171 |

---

![](ex23-1_003.jpg)

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

August 12, 2025

**TO: Jianzhi Education Technology Group Company Limited**

Dear Sir/Madam:

We are qualified lawyers of the People's Republic of China (the "PRC", for the purpose of issuing this opinion, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan Region.) and as such are qualified to issue this opinion with respect to all laws, regulations, rules, judicial interpretations and other legislations of the PRC effective and publicly available as of the date hereof (hereinafter referred to as the "PRC Laws"). We have acted as your PRC legal counsel in connection with the proposed public offering (the "Offering") of certain American Depositary Shares (the "ADSs"), each representing a certain number of Class A ordinary shares, of Jianzhi Education Technology Group Company Limited (the "Company") (the "Ordinary Shares", together with the ADSs, the "Offered Securities").

**A. Documents and Assumptions**

In rendering this opinion, we have reviewed the Company's Registration Statement (as defined below) and other documents (collectively the "Documents"). In addition, we have examined the originals or copies certified or otherwise identified to our satisfaction of the Documents as we have considered necessary or advisable for the purpose of rendering this opinion. Where certain facts were not independently established by us, we have relied upon certificates or statements issued or made by competent national, provincial or local governmental regulatory or administrative authority, agency or commission in the PRC having jurisdiction over the relevant PRC Entities, the Company and appropriate representatives of the Company. In delivering this opinion, we have made the following assumptions:

(1) Except as stated herein, each of the Documents is legal, valid, binding and enforceable in accordance with its respective governing laws in any and all respects; each of the parties to the Documents, other than the PRC Entities, (i) if a legal person or other entity, is duly organized and is validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation, (ii) if an individual, has full capacity for civil conduct; each of them, other than the PRC Entities, has full power and authority to execute, deliver and perform its, her or his obligations under the documents to which it, she or he is a party in accordance with the laws of its jurisdiction of organization and/or the laws that it, she or he is subject to;

(2) that the Documents submitted to us still exist, remain in full force and effect up to the date of this opinion and have not been revoked, amended, varied, cancelled or superseded by some other document or agreement or action; and no revocation or termination has occurred, with respect to any of the Documents after they were submitted to us for the purposes of this opinion;

(3) the laws of jurisdictions other than the PRC which may be applicable to the execution, delivery, performance or enforcement of the documents are complied with;

(4) that all Documents submitted to us as originals are authentic and as copies conform to their respective originals and that the signatures, seals and chops on the Documents submitted to us are genuine, each signature on behalf of a party thereto is that of a person duly authorized by such party to execute the same;

(5) that all Documents have been validly authorized, executed or delivered by all of the entities thereto other than the PRC Entities and such entities to the Documents have full power and authority to enter into, and have duly executed and delivered such Documents;

(6) all requested Documents have been provided to us and all factual statements made to us by the Company and the PRC Entities in connection with this opinion, including but not limited to factual statements set forth in the Documents, are true, correct and complete;

(7) that all consents, licenses, permits, approvals, exemptions or authorizations required of or by, and any required registrations or filings with, any governmental authority or regulatory body of any jurisdiction other than the PRC in connection with the transactions contemplated under all Documents submitted to us have been obtained or made, and are in full force and effect as of the date thereof;

(8) all explanations and interpretations provided by government officials duly reflect the official position of the relevant Governmental Agencies and are complete, true and correct;

(9) all Governmental Authorizations (as defined below) and other official statements and documentation obtained by the Company or any PRC Entity from any Government Agency have been obtained by lawful means in due course, and the Documents provided to us conform with those documents submitted to Government Agencies for such purposes; and

In giving this opinion, we have assumed and have not verified the accuracy as to financial or auditing matters of each document we have reviewed, and have relied upon opinions or reports issued by overseas legal advisers, auditors and reporting accountants of the Company. For the avoidance of doubt, we render no opinion as to and are not responsible for: (a) financial, appraisal or accounting matters; and (b) review of technical or environmental issues. This opinion is rendered on the basis of the PRC Laws effective as at the date hereof and there is no assurance that any of the PRC Laws will not be changed, amended, superseded or replaced in the immediate future or in the longer term with or without retroactive effect. The PRC Laws involve uncertainties in their interpretation and implementation, which are subject to the discretion of the Governmental Agencies or the PRC courts.

**B. Definitions**

In addition to the terms defined in the context of this opinion, the following capitalized terms used in this opinion shall have the meanings ascribed to them as follows:

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| | |
|:---|:---|
| **"CSRC"** <br>| means the China Securities Regulatory Commission. |
| **"Government Agencies"** | means any and all competent government authorities, agencies, courts, arbitration commissions, or regulatory bodies of the PRC or any province, autonomous region, city or other administrative division of the PRC, and "Government Agency" means any of them.<br>|
| **"Governmental Authorizations"** | means any approvals, consents, permits, authorizations, exemptions, waivers, endorsements, annual inspections, qualifications and licenses from, and any filings and registrations with, any Government Agency as required by PRC Laws.<br>|
| **"M&A Rules"** | means the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, which were jointly promulgated on August 8, 2006 by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, CSRC and the State Administration of Foreign Exchange, became effective on September 8, 2006 and were amended on June 22, 2009.<br>|
| **"PRC Entities"** | means the entities listed in **Annex I** hereto, and "**PRC Entity**" means any of them.<br>|
| **"PRC Laws"** | means any and all laws, regulations, statues, rules, decrees, notices, and supreme court's judicial interpretations currently in force and publicly available in the PRC as of the date hereof.<br>|
| **"Registration Statement"** | means the Company's registration statement on Form F-1, including all amendments and supplements there to, filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) in relation to the Offering.<br>|
| **"VIE Agreements"** | means the documents as set forth in **Annex II** hereto. |

---

**C. Opinions**

Based on the foregoing and subject to the qualifications, assumptions and limitations stated herein, we are of the opinions that on the date hereof:

(1) Organization Structure. Except as disclosed in the Registration Statement, (a) the ownership structure of the PRC Entities as set forth in the Registration Statement, both currently and immediately after giving effect to this Offering, will not result in any violation of PRC Laws currently in effect; (b) the contractual arrangements under the VIE Agreements, are valid, binding and enforceable, and does not contravene (i) the articles of association and business licenses of the PRC Entities that are parties to any of the VIE Agreements, or (ii) any applicable PRC laws and regulations.

(2) M&A Rules. Based on our understanding of the explicit provisions under PRC Laws, except as disclosed in the Registration Statement, and assuming no offer, issuance or sale of the ADSs has been or will be made directly or indirectly within the PRC, a prior approval from the CSRC is not required for the Offering. However, there are substantial uncertainties regarding the interpretation and application of the M&A Rules, other PRC Laws and future PRC laws and regulations, and there can be no assurance that any Governmental Agency will not take a view that is contrary to or otherwise different from our opinions stated herein.

(3) Enforceability of Civil Liabilities. There is uncertainty as to whether the PRC courts would (i) recognize or enforce judgments of United States courts obtained against the Company or the directors or officers of the Company predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (ii) entertain original actions brought in each respective jurisdiction against the Company or the directors or officers of the Company predicated upon the securities laws of the United States or any state in the United States. The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on reciprocity between jurisdictions. China does not have any treaties or other form of written reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against a company or its directors and officers if they decide that the judgment violates the basic principles of PRC Laws or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States or the Cayman Islands.

(4) PRC Laws. The statements set forth in the Registration Statement under the sections entitled "Prospectus Summary", "Risk Factors", "Enforceability of Civil Liabilities" to the extent that they describe or summarize matters of PRC Laws, are correct and accurate in all material respects, and nothing has come to our attention, insofar as PRC Laws are concerned, that causes us to believe that there is any omission from such statements which causes such statements misleading in any material respect.

The foregoing opinions are strictly limited to matters of the PRC Laws. We assume no responsibility to advise you of facts, circumstances, events or developments that may be brought to our attention in future and that may alter, affect or modify the opinions expressed herein. We have not investigated, and we do not express or imply any opinion whatsoever with respect to the laws of any other jurisdiction, and we have assumed that no such other laws would affect the opinions stated herein.

This opinion expressed above are subject to the following qualifications:

(1) Our opinions are strictly limited to PRC Laws of general application on the date hereof. We have made no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than the PRC, and we have assumed that no such other laws would affect our opinions expressed above.

(2) PRC Laws referred to herein are laws and regulations publicly available and currently in force on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof, will not be changed, amended or revoked in the future with or without retrospective effect.

(3) Our opinions are subject to (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws in the PRC affecting creditors' rights generally, and (ii) possible judicial or administrative actions or any PRC Laws affecting creditors' rights.

(4) Our opinions are subject to the effects of (i) certain legal or statutory principles affecting the enforceability of contractual rights generally under the concepts of public interests, social ethics, national security, good faith, fair dealing, and applicable statutes of limitation; (ii) any circumstance in connection with the formulation, execution or performance of any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful form; (iii) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or the calculation of damages; and (iv) the discretion of any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

(5) This opinion is issued based on our understanding of PRC Laws. For matters not explicitly provided under PRC Laws, the interpretation, implementation and application of the specific requirements under PRC Laws, as well as their application to and effect on the legality, binding effect and enforceability of certain contracts, are subject to the final discretion of competent PRC legislative, administrative and judicial authorities. Under PRC Laws, foreign investment is restricted in certain industries. The interpretation and implementation of these laws and regulations, and their application to and effect on the legality, binding effect and enforceability of contracts such as the VIE Agreements and transactions contemplated by the VIE Agreements, are subject to the discretion of the competent Government Agency.

(6) The term "enforceable" or "enforceability" as used in this opinion means that the obligations assumed by the relevant obligors under the relevant Documents are of a type which the courts of the PRC may enforce. It does not mean that those obligations will necessarily be enforced in all circumstances in accordance with their respective terms and/or additional terms that may be imposed by the courts. As used in this opinion, the expression "to the best of our knowledge after due and reasonable inquiry" or similar language with reference to matters of fact refers to the current, actual knowledge of the attorneys of this firm who have worked on matters for the Company in connection with the Offering and the transactions contemplated thereby. We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on certificates and confirmations of responsible officers of the Company, the PRC Entities and Governmental Agencies.

(7) Except as stated herein, we have not undertaken any independent investigation, search or other verification action to determine the existence or absence of any fact or to prepare this opinion, and no inference as to our knowledge of the existence or absence of any fact should be drawn from our representation of the Company or the PRC Entities or the rendering of this opinion.

(8) This opinion is intended to be used in the context which is specifically referred to herein; each paragraph shall be construed as a whole and no part shall be extracted and referred to independently.

(9) We assume no responsibility to advise you of facts, circumstances, events or developments that may be brought to our attention in future and that may alter, affect or modify the opinions expressed herein.

This opinion is rendered to you and is intended to be used in the context which is specifically referred to herein; each paragraph shall be construed as a whole and no part shall be extracted and referred to independently. This opinion is not to be used, circulated, quoted or otherwise referred to for any other purpose other than as required by law or regulation and in connection with this Offering, or relied upon by anyone else without our prior written consent.

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to the Registration Statement and further consent to the reference of our name under the cover page and the sections of Registration Statement entitled "Prospectus Summary", "Risk Factors", "Legal Matters" and "Enforceability of Civil Liabilities" included in the Registration Statement. In giving such consent, we do not hereby admit that we come within the category of the person whose consent is required under Section 7 of U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

Yours faithfully,

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| /s/ DeHeng Law Offices |
| DeHeng Law Offices |

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**Annex I**

**List of PRC Entities**

1. Jianzhi Century Technology (Beijing) Co., Ltd. (见知世纪科技(北京)有限公司)

2. Beijing Sentu Lejiao Information Technology Co., Ltd. (北京森途乐教信息技术有限公司)

3. Sentu Shuzhi Technology (Beijing) Co., Ltd. (森图数智科技(北京)有限公司)

4. Beijing Sentu Education Technology Co., Ltd. (北京森途教育科技股份有限公司)

5. Shanghai Ang'you Internet Technology Co., Ltd. (上海昂游网络科技有限公司)

6. Guangzhou Xingzhiqiao Information Technology Co., Ltd. (广州星志桥信息科技有限公司)

7. Guangzhou Lianhe Information Technology Co., Ltd. (广州涟禾信息科技有限公司)

8. Wuhan Crossboarder Information Co., Ltd. (武汉跨境信息有限公司)

**Annex II**

**List of the VIE Agreements**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**VIEs** | &nbsp;&nbsp;**VIE Contracts** | &nbsp;&nbsp;**Signing Parties** | &nbsp;&nbsp;**Signing Date** |
| &nbsp;&nbsp;Beijing Sentu Education Technology Co., Ltd. | &nbsp;&nbsp;Exclusive Business Cooperation Agreement | &nbsp;&nbsp; Jianzhi Century Technology (Beijing) Co., Ltd.<br> Beijing Sentu Education Technology Co., Ltd. | &nbsp;&nbsp;June 26, 2018 |
| &nbsp;&nbsp;Beijing Sentu Education Technology Co., Ltd. | &nbsp;&nbsp;Exclusive Call Option Agreement | &nbsp;&nbsp; Jianzhi Century Technology (Beijing) Co., Ltd.<br> Beijing Rongde Times Investment Management Co., Ltd.<br> Beijing Zhongsi Zhida Investment Management Co., Ltd.<br> Mr. Li Meiliang<br> Mr. Li Jinbiao<br> Beijing Sentu Education Technology Co., Ltd.<br> Ms. Wang Peixuan<br> Mr. Zhang Zhige<br> Ms. Li Jingru<br> Ms. Lian Yu<br> Ms. Qiu Mingjing<br> Ms. Chen Ling<br> Mr. Huang Zhihai<br> Mr. Guo Jianbing<br> Mr. Wu Yuxiao | &nbsp;&nbsp;June 26, 2018 |
| &nbsp;&nbsp;Beijing Sentu Education Technology Co., Ltd. | &nbsp;&nbsp;Exclusive Assets Option Agreement | &nbsp;&nbsp; Jianzhi Century Technology (Beijing) Co., Ltd.<br> Beijing Rongde Times Investment Management Co., Ltd.<br> Beijing Zhongsi Zhida Investment Management Co., Ltd.<br> Mr. Li Meiliang<br> Mr. Li Jinbiao<br> Beijing Sentu Education Technology Co., Ltd.<br> Ms. Wang Peixuan<br> Mr. Zhang Zhige<br> Ms. Li Jingru<br> Ms. Lian Yu<br> Ms. Qiu Mingjing<br> Ms. Chen Ling<br> Mr. Huang Zhihai<br> Mr. Guo Jianbing<br> Mr. Wu Yuxiao | &nbsp;&nbsp;June 26, 2018 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**VIEs** | &nbsp;&nbsp;**VIE Contracts** | &nbsp;&nbsp;**Signing Parties** | &nbsp;&nbsp;**Signing Date** |
|  | &nbsp;&nbsp;Voting Rights Proxy Agreement | &nbsp;&nbsp; Beijing Rongde Times Investment Management Co., Ltd.<br> Beijing Zhongsi Zhida Investment Management Co., Ltd.<br> Mr. Li Meiliang<br> Mr. Li Jinbiao<br> Jianzhi Century Technology (Beijing) Co., Ltd.<br> Beijing Sentu Education Technology Co., Ltd.<br> Ms. Wang Peixuan<br> Mr. Zhang Zhige<br> Ms. Li Jingru<br> Ms. Lian Yu<br> Ms. Qiu Mingjing<br> Ms. Chen Ling<br> Mr. Huang Zhihai<br> Mr. Guo Jianbing<br> Mr. Wu Yuxiao | &nbsp;&nbsp;June 26, 2018 |
|  | &nbsp;&nbsp;Equity Pledge Agreement | &nbsp;&nbsp; Jianzhi Century Technology (Beijing) Co., Ltd.<br> Beijing Rongde Times Investment Management Co., Ltd.<br> Beijing Zhongsi Zhida Investment Management Co., Ltd.<br> Mr. Li Meiliang<br> Mr. Li Jinbiao<br> Beijing Sentu Education Technology Co., Ltd.<br> Ms. Wang Peixuan<br> Mr. Zhang Zhige<br> Ms. Li Jingru<br> Ms. Lian Yu<br> Ms. Qiu Mingjing<br> Ms. Chen Ling<br> Mr. Huang Zhihai<br> Mr. Guo Jianbing<br> Mr. Wu Yuxiao | &nbsp;&nbsp;June 26, 2018 |
|  | &nbsp;&nbsp;Individual Registered Shareholders' Undertakings | &nbsp;&nbsp; Mr. Li Meiliang<br> Mr. Li Jinbiao<br> Ms. Wang Peixuan<br> Mr. Zhang Zhige<br> Ms. Li Jingru<br> Ms. Lian Yu<br> Ms. Qiu Mingjing<br> Ms. Chen Ling<br> Mr. Huang Zhihai<br> Mr. Guo Jianbing<br> Mr. Wu Yuxiao | &nbsp;&nbsp;June 26, 2018 |
|  | &nbsp;&nbsp;Spouse Undertakings | &nbsp;&nbsp; Ms. Lu Dan<br> Ms. Cai Jing<br> Mr. Zhang Zhige<br> Ms. Wang Peixuan<br> Mr. Feng Jiankai<br> Mr. Yan Hongyan<br> Mr. Han Chu<br> Ms. Ren Xia<br> Ms. Ye Yinghong | &nbsp;&nbsp;June 26, 2018 |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Jianzhi Education Technology Group Company Limited**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A ordinary shares, par value US$0.0001 per share | (1) | Other | 348000000 | $0.0243 | $8456400.00 | 0.0001531 | $1296.46 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $8456400.00 |  | 1296.46 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1296.46 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) American depositary shares issuable upon deposit of Class A ordinary shares registered hereby have been registered under separate registration statement on Form F-6 (Registration No. 333-258293). Each American depositary share represents 60 Class A ordinary shares. Includes Class A ordinary shares initially offered and sold outside the United States that may be resold from time to time in the United States either as part of their distribution or within 40 days after the later of the effective date of this registration statement and the date the shares are first bona fide offered to the public. These Class A ordinary shares are not being registered for the purpose of sales outside the United States. Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(c) under the Securities Act of 1933, based on the average of the high and low trading prices on August 8, 2025 of the Registrant's American depositary shares listed on Nasdaq Capital Market and representing the Registrant's Class A ordinary shares.