# EDGAR Filing Document

**Accession Number:** 0001426767
**File Stem:** 0000899140-23-000346
**Filing Date:** 2023-2
**Character Count:** 79398
**Document Hash:** 30dd2567dcfbf343b6147d2c669d0261
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899140-23-000346.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000899140-23-000346

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**GROUP MEMBERS**: CATHAY AUTO SERVICES LTD

**GROUP MEMBERS**: CATHAY CAPITAL HOLDINGS II, L.P.

**GROUP MEMBERS**: CATHAY INVESTMENT FUND, LTD

**GROUP MEMBERS**: CATHAY MASTER GP, LTD.

**GROUP MEMBERS**: EMERALD ASSET MANAGEMENT, LLC

**GROUP MEMBERS**: NCCM, LLC

**GROUP MEMBERS**: NEW CHINA INVESTMENT MANAGEMENT INC.

**GROUP MEMBERS**: PAUL S. WOLANSKY

**GROUP MEMBERS**: S. DONALD SUSSMAN

**GROUP MEMBERS**: TAM CHINA, LLC

**GROUP MEMBERS**: TLF HOLDINGS, LLC

**GROUP MEMBERS**: TRUST CATHAY MANAGEMENT, LLC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNFinance Holdings Ltd.
- **CENTRAL INDEX KEY:** 0001733868
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90900
- **FILM NUMBER:** 23626672

**BUSINESS ADDRESS:**
- **STREET 1:** 44F, TOWER G, GT LAND PLAZA
- **STREET 2:** NO. 16 ZHUJIANG DONG RD.
- **CITY:** GUANGZHOU, GUANGDONG
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 86-020-62316688

**MAIL ADDRESS:**
- **STREET 1:** 44F, TOWER G, GT LAND PLAZA
- **STREET 2:** NO. 16 ZHUJIANG DONG RD.
- **CITY:** GUANGZHOU, GUANGDONG
- **STATE:** F4
- **ZIP:** 00000
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New China Capital Management, LP
- **CENTRAL INDEX KEY:** 0001426767
- **IRS NUMBER:** 200709364
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O NEW CHINA MANAGEMENT CORP.
- **STREET 2:** ONE DOCK STREET
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** (203) 328-1800

**MAIL ADDRESS:**
- **STREET 1:** C/O NEW CHINA MANAGEMENT CORP.
- **STREET 2:** ONE DOCK STREET
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New China Capital Management, LLC
- **DATE OF NAME CHANGE:** 20080211

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### SCHEDULE 13G

#### Under the Securities Exchange Act of 1934

#### (Amendment No. 2)\*

### CNFinance Holdings Limited

#### (Name of Issuer)

#### Ordinary Shares, par value US$0.0001 per share

#### (Title of Class of Securities)

#### 18979T105\*\*

#### (CUSIP Number)

#### December 31, 2022

#### (Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. 

\*\* There is no CUSIP number assigned to the ordinary shares. CUSIP number 18979T105 has been assigned to the American Depositary Shares ("**ADS**"), evidenced by American Depositary Receipts, of the Issuer, which are quoted on the New York Stock Exchange under the symbol "CNF." Each ADS represents twenty (20) ordinary shares, par value US$0.0001 per share.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("**Act**") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

------

CUSIP No. 18979T105 <u> 13G </u> <u> Page 2 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> Cathay Capital Holdings II, L.P. | Names of reporting persons.<br> Cathay Capital Holdings II, L.P. | Names of reporting persons.<br> Cathay Capital Holdings II, L.P. | Names of reporting persons.<br> Cathay Capital Holdings II, L.P. |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 0(1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 0(1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 0(1) | Aggregate amount beneficially owned by each reporting person.<br> 0(1) | Aggregate amount beneficially owned by each reporting person.<br> 0(1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 0% | Percent of class represented by amount in Row (9).<br> 0% | Percent of class represented by amount in Row (9).<br> 0% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> PN | Type of reporting person (see instructions).<br> PN | Type of reporting person (see instructions).<br> PN |
| (1) | These ordinary shares, par value US$0.0001 per share, of the Issuer (each, an "**Ordinary Share**") may be held, in part, in the form of American Depositary Shares ("**ADSs**"), with each ADS representing 20 Ordinary Shares. | These ordinary shares, par value US$0.0001 per share, of the Issuer (each, an "**Ordinary Share**") may be held, in part, in the form of American Depositary Shares ("**ADSs**"), with each ADS representing 20 Ordinary Shares. | These ordinary shares, par value US$0.0001 per share, of the Issuer (each, an "**Ordinary Share**") may be held, in part, in the form of American Depositary Shares ("**ADSs**"), with each ADS representing 20 Ordinary Shares. | These ordinary shares, par value US$0.0001 per share, of the Issuer (each, an "**Ordinary Share**") may be held, in part, in the form of American Depositary Shares ("**ADSs**"), with each ADS representing 20 Ordinary Shares. | These ordinary shares, par value US$0.0001 per share, of the Issuer (each, an "**Ordinary Share**") may be held, in part, in the form of American Depositary Shares ("**ADSs**"), with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 3 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> Cathay Master GP, Ltd. | Names of reporting persons.<br> Cathay Master GP, Ltd. | Names of reporting persons.<br> Cathay Master GP, Ltd. | Names of reporting persons.<br> Cathay Master GP, Ltd. |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 0(1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 0(1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 0(1) | Aggregate amount beneficially owned by each reporting person.<br> 0(1) | Aggregate amount beneficially owned by each reporting person.<br> 0(1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 0% | Percent of class represented by amount in Row (9).<br> 0% | Percent of class represented by amount in Row (9).<br> 0% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 4 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> New China Capital Management, L.P. | Names of reporting persons.<br> New China Capital Management, L.P. | Names of reporting persons.<br> New China Capital Management, L.P. | Names of reporting persons.<br> New China Capital Management, L.P. |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 41,321,240(1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 41,321,240(1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240(1) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240(1) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240(1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 2.6% | Percent of class represented by amount in Row (9).<br> 2.6% | Percent of class represented by amount in Row (9).<br> 2.6% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> IA, PN | Type of reporting person (see instructions).<br> IA, PN | Type of reporting person (see instructions).<br> IA, PN |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 5 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> NCCM, LLC | Names of reporting persons.<br> NCCM, LLC | Names of reporting persons.<br> NCCM, LLC | Names of reporting persons.<br> NCCM, LLC |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 41,321,240(1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 41,321,240(1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240(1) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240(1) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240(1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 2.6% | Percent of class represented by amount in Row (9).<br> 2.6% | Percent of class represented by amount in Row (9).<br> 2.6% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 6 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> TAM China, LLC | Names of reporting persons.<br> TAM China, LLC | Names of reporting persons.<br> TAM China, LLC | Names of reporting persons.<br> TAM China, LLC |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 41,321,240 (1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 41,321,240 (1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240 (1) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240 (1) | Aggregate amount beneficially owned by each reporting person.<br> 41,321,240 (1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 2.6% | Percent of class represented by amount in Row (9).<br> 2.6% | Percent of class represented by amount in Row (9).<br> 2.6% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 7 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> Trust Cathay Management, LLC | Names of reporting persons.<br> Trust Cathay Management, LLC | Names of reporting persons.<br> Trust Cathay Management, LLC | Names of reporting persons.<br> Trust Cathay Management, LLC |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 76,561,060(1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 76,561,060 (1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 76,561,060 (1) | Aggregate amount beneficially owned by each reporting person.<br> 76,561,060 (1) | Aggregate amount beneficially owned by each reporting person.<br> 76,561,060 (1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 4.9% | Percent of class represented by amount in Row (9).<br> 4.9% | Percent of class represented by amount in Row (9).<br> 4.9% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 8 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> Cathay Auto Services Limited | Names of reporting persons.<br> Cathay Auto Services Limited | Names of reporting persons.<br> Cathay Auto Services Limited | Names of reporting persons.<br> Cathay Auto Services Limited |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> British Virgin Islands | Citizenship or place of organization.<br> British Virgin Islands | Citizenship or place of organization.<br> British Virgin Islands | Citizenship or place of organization.<br> British Virgin Islands |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 0 (1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 0 (1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 0 (1) | Aggregate amount beneficially owned by each reporting person.<br> 0 (1) | Aggregate amount beneficially owned by each reporting person.<br> 0 (1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 0% | Percent of class represented by amount in Row (9).<br> 0% | Percent of class represented by amount in Row (9).<br> 0% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> OO | Type of reporting person (see instructions).<br> OO | Type of reporting person (see instructions).<br> OO |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 9 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> The Cathay Investment Fund, Limited | Names of reporting persons.<br> The Cathay Investment Fund, Limited | Names of reporting persons.<br> The Cathay Investment Fund, Limited | Names of reporting persons.<br> The Cathay Investment Fund, Limited |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands | Citizenship or place of organization.<br> Cayman Islands |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 0 (1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 0 (1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 0 (1) | Aggregate amount beneficially owned by each reporting person.<br> 0 (1) | Aggregate amount beneficially owned by each reporting person.<br> 0 (1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 0% | Percent of class represented by amount in Row (9).<br> 0% | Percent of class represented by amount in Row (9).<br> 0% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC | Type of reporting person (see instructions).<br> OO, HC |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 10 of 17 </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> New China Investment Management Inc. | Names of reporting persons.<br> New China Investment Management Inc. | Names of reporting persons.<br> New China Investment Management Inc. | Names of reporting persons.<br> New China Investment Management Inc. |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware | Citizenship or place of organization.<br> Delaware |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 15,223,160 (1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 15,223,160 (1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 15,223,160 (1) | Aggregate amount beneficially owned by each reporting person.<br> 15,223,160 (1) | Aggregate amount beneficially owned by each reporting person.<br> 15,223,160 (1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 1.0% | Percent of class represented by amount in Row (9).<br> 1.0% | Percent of class represented by amount in Row (9).<br> 1.0% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> IA, CO | Type of reporting person (see instructions).<br> IA, CO | Type of reporting person (see instructions).<br> IA, CO |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 11 of 17 </u>

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| | | | | |
|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> TLF Holdings, LLC | Names of reporting persons.<br> TLF Holdings, LLC | Names of reporting persons.<br> TLF Holdings, LLC |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Connecticut | Citizenship or place of organization.<br> Connecticut | Citizenship or place of organization.<br> Connecticut |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 19,581,960 (1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 19,581,960 (1) |
| (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 19,581,960 (1) | Aggregate amount beneficially owned by each reporting person.<br> 19,581,960 (1) | Aggregate amount beneficially owned by each reporting person.<br> 19,581,960 (1) |
| (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | Percent of class represented by amount in Row (9).<br> 1.3% | Percent of class represented by amount in Row (9).<br> 1.3% | Percent of class represented by amount in Row (9).<br> 1.3% |
| (12) | (12) | Type of reporting person (see instructions).<br> OO | Type of reporting person (see instructions).<br> OO | Type of reporting person (see instructions).<br> OO |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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CUSIP No. 18979T105 <u> 13G </u> <u> Page 12 of 17 </u>

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| | | | | |
|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> Emerald Asset Management, LLC | Names of reporting persons.<br> Emerald Asset Management, LLC | Names of reporting persons.<br> Emerald Asset Management, LLC |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> Connecticut | Citizenship or place of organization.<br> Connecticut | Citizenship or place of organization.<br> Connecticut |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 8,158,620 (1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 8,158,620 (1) |
| (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 8,158,620 (1) | Aggregate amount beneficially owned by each reporting person.<br> 8,158,620 (1) | Aggregate amount beneficially owned by each reporting person.<br> 8,158,620 (1) |
| (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | Percent of class represented by amount in Row (9).<br> 0.5% | Percent of class represented by amount in Row (9).<br> 0.5% | Percent of class represented by amount in Row (9).<br> 0.5% |
| (12) | (12) | Type of reporting person (see instructions).<br> OO | Type of reporting person (see instructions).<br> OO | Type of reporting person (see instructions).<br> OO |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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------

CUSIP No. 18979T105 <u> 13G </u> <u> Page 13 of 17 </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> Paul S. Wolansky | Names of reporting persons.<br> Paul S. Wolansky | Names of reporting persons.<br> Paul S. Wolansky | Names of reporting persons.<br> Paul S. Wolansky |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> United States | Citizenship or place of organization.<br> United States | Citizenship or place of organization.<br> United States | Citizenship or place of organization.<br> United States |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 569,940 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 84,284,980(1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 569,940 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 84,284,980 (1) |
| (9) | (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 84,854,920(1) | Aggregate amount beneficially owned by each reporting person.<br> 84,854,920(1) | Aggregate amount beneficially owned by each reporting person.<br> 84,854,920(1) |
| (10) | (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | (11) | Percent of class represented by amount in Row (9).<br> 5.4% | Percent of class represented by amount in Row (9).<br> 5.4% | Percent of class represented by amount in Row (9).<br> 5.4% |
| (12) | (12) | (12) | Type of reporting person (see instructions).<br> IN | Type of reporting person (see instructions).<br> IN | Type of reporting person (see instructions).<br> IN |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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------

CUSIP No. 18979T105 <u> 13G </u> <u> Page 14 of 17 </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (1) | (1) | Names of reporting persons.<br> S. Donald Sussman | Names of reporting persons.<br> S. Donald Sussman | Names of reporting persons.<br> S. Donald Sussman |
| (2) | (2) | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ | Check the appropriate box if a member of a group (see instructions)<br> (a) ☐ (b) ☒ |
| (3) | (3) | SEC use only. | SEC use only. | SEC use only. |
| (4) | (4) | Citizenship or place of organization.<br> United States | Citizenship or place of organization.<br> United States | Citizenship or place of organization.<br> United States |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (5) | Sole voting power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (6) | Shared voting power.<br> 163,521,200(1) |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (7) | Sole dispositive power.<br> 0 |
| Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | Number of<br> shares<br> beneficially<br> owned by<br> each<br> reporting<br> person<br> with: | (8) | Shared dispositive power.<br> 163,521,200(1) |
| (9) | (9) | Aggregate amount beneficially owned by each reporting person.<br> 163,521,200(1) | Aggregate amount beneficially owned by each reporting person.<br> 163,521,200(1) | Aggregate amount beneficially owned by each reporting person.<br> 163,521,200(1) |
| (10) | (10) | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ | Check if the aggregate amount in Row (9) excludes certain shares (see instructions).<br> ☐ |
| (11) | (11) | Percent of class represented by amount in Row (9).<br> 10.5% | Percent of class represented by amount in Row (9).<br> 10.5% | Percent of class represented by amount in Row (9).<br> 10.5% |
| (12) | (12) | Type of reporting person (see instructions).<br> IN | Type of reporting person (see instructions).<br> IN | Type of reporting person (see instructions).<br> IN |
| (1) | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. | These Ordinary Shares may be held, in part, in the form of ADSs, with each ADS representing 20 Ordinary Shares. |

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------

<u> CUSIP No. 18979T105 </u> <u> 13G </u> <u> Page 15 of 17 </u>

#### Item 1.
(a) Name of issuer

CNFinance Holdings Limited

(b) Address of issuer's principal executive offices

44/F, Tower G, No. 16 Zhujiang Dong Road

Tianhe District, Guangzhou City, Guangdong Province 510620

People's Republic of China

#### Item 2.

(a) Name of person filing

This Schedule 13G is being filed on behalf of the following:

i. Cathay Capital Holdings II, L.P. ()"**Cathay Capital** ");

ii. Cathay Master GP, Ltd. ()"**Cathay Master** "), which is a general partner and limited partner of Cathay Capital;

iii. New China Capital Management, L.P. ()"**New China L.P.** "), which is the investment manager of Cathay Capital;

iv. NCCM, LLC ()"**NCCM** "), which is a general partner of New China L.P.;

v. TAM China, LLC ()"**TAM China** "), which is a general partner of New China L.P.;

vi. Trust Cathay Management, LLC ()"**Trust Cathay Management** "), which wholly owns and controls TAM China;

vii. Cathay Auto Services Limited ()"**Cathay Auto** ");

viii. The Cathay Investment Fund, Limited ()"**CIF** "), which wholly owns Cathay Auto;

ix. New China Investment Management Inc. ()"**New China Inc.** "), which is the investment manager of CIF;

x. TLF Holdings, LLC ()"**TLF Holdings** ");

xi. Emerald Asset Management, LLC ()"**Emerald Asset** ");

xii. Paul S. Wolansky ()"**Wolansky** "), who wholly owns and controls NCCM, TLF Holdings, and Emerald Asset; and further, owns and controls 50% of New China Inc. (with the other 50% being owned and controlled
 by Sussman) and 50% of New China L.P. (with the other 50% being owned and controlled by Sussman); and

xiii. S. Donald Sussman ()"**Sussman** "), who wholly owns and controls TAM China and further, owns and controls 50% of New China Inc. (with the other 50% being owned and controlled by Wolansky) and 50% of New
 China L.P. (with the other 50% being owned and controlled by Wolansky).

Cathay Capital, Cathay Master, New China L.P., NCCM, TAM China, Trust Cathay Management, Cathay Auto, CIF, New China Inc., TLF Holdings, Emerald Asset, Wolansky, and Sussman are collectively referred to in this Schedule 13G as the "**Reporting Persons**".

------

CUSIP No. 18979T105 <u> 13G </u> <u> Page 16 of 17 </u>

(b) Address or principal business office or, if none, residence

The address of the principal business office for Cathay Capital, Cathay Master, New China L.P., NCCM, Cathay Auto, CIF, New China Inc., TLF Holdings, Emerald Asset, and Wolansky is: c/o New China Capital Management, L.P., 470 West Ave., Suite 2011, Stamford, Connecticut 06902-6359, U.S.A.

The address of the principal business office for TAM China, Trust Cathay Management, and Sussman is: 888 E Las Olas Blvd, Suite 710, Fort Lauderdale, Florida 33301-2395, U.S.A.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | (c) | Citizenship | Citizenship | Citizenship |
| | | | | i. | Cathay Capital: Cayman Islands |
| | | | | ii. | Cathay Master: Cayman Islands |
| | | | | iii. | New China L.P.: Delaware |
| | | | | iv. | NCCM: Delaware |
| | | | | v. | TAM China: Delaware |
| | | | | vi. | Trust Cathay Management: Delaware |
| | | | | vii. | Cathay Auto: British Virgin Islands |
| | | | | viii. | CIF: Cayman Islands |
| | | | | ix. | New China Inc.: Delaware |
| | | | | x. | TLF Holdings: Connecticut |
| | | | | xi. | Emerald Asset : Connecticut |
| | | | | xii. | Wolansky: United States |
| | | | | xiii. | Sussman: United States |
| (d) | Title of class of securities | Title of class of securities | Title of class of securities | Title of class of securities | Title of class of securities |

---

Ordinary share, par value US$0.0001 per share ("**Ordinary Share**")

(e) CUSIP No.

There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 18979T105 has been assigned to the American Depositary Shares ("**ADS**"), evidenced by American Depositary Receipts, of the Issuer, which are quoted on the New York Stock Exchange under the symbol "CNF." Each ADS represents twenty (20) Ordinary Shares.

---

| | |
|:---|:---|
| **Item 3.** | **Statement Filed Pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c)** |

---

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **Item 4.** | **Item 4.** | **Ownership** | **Ownership** |
|  | (a)-(c) | (a)-(c) | The information relating to the beneficial ownership of Common Stock by each of the Reporting Persons set forth in Rows 5 through 9 and Row 11 of the cover pages hereto is incorporated herein by reference. |

---

The ownership percentage of each Reporting Person set forth in Row 11 of the cover pages hereto has been calculated based on an assumed total of 1,559,576,960 Ordinary Shares outstanding as of December 31, 2022, as provided by the Issuer.

---

| | |
|:---|:---|
| **Item 5.** | **Ownership of 5 Percent or Less of a Class.** |

---

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class securities, check the following ☒

The following Reporting Persons have ceased to be the beneficial owner of more than five percent of the Ordinary Shares: Cathay Capital, Cathay Master, New China L.P., NCCM, TAM China, Trust Cathay Management, Cathay Auto, CIF, New China Inc., TLF Holdings, Emerald Asset.

---

| | |
|:---|:---|
| **Item 6.** | **Ownership of More than 5 Percent on Behalf of Another Person.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 8.** | **Identification and Classification of Members of the Group.** |

---

The Reporting Persons may be deemed to be members of a group with respect to the Ordinary Shares held directly by Cathay Capital and Cathay Auto. The Reporting Persons have agreed to jointly file this Schedule 13G in accordance with Rule 13d-1(k) of the Exchange Act, the agreement with respect to which is attached hereto as Exhibit 99.1.

---

| | |
|:---|:---|
| **Item 9.** | **Notice of Dissolution of Group.** |

---

Not applicable

---

| | |
|:---|:---|
| **Item 10.** | **Certifications** |

---

Not applicable.

------

#### SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2023

---

| | |
|:---|:---|
| **CATHAY CAPITAL HOLDINGS II, L.P.** | **CATHAY CAPITAL HOLDINGS II, L.P.** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director of General Partner | Title: Director of General Partner |
| **CATHAY MASTER GP, LTD.** | **CATHAY MASTER GP, LTD.** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **NEW CHINA CAPITAL MANAGEMENT, L.P.** | **NEW CHINA CAPITAL MANAGEMENT, L.P.** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **NCCM, LLC** | **NCCM, LLC** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **TAM China, LLC** | **TAM China, LLC** |
| By: | <u>Trust Cathay Management, LLC, its sole owner</u> |
| By: | /<u>s/ S. Donald Sussman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: S. Donald Sussman | Name: S. Donald Sussman |
| Title: Manager | Title: Manager |
| **Trust Cathay Management, LLC** | **Trust Cathay Management, LLC** |
| By: | <u>/s/ S. Donald Sussman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: S. Donald Sussman | Name: S. Donald Sussman |
| Title: Manager | Title: Manager |
| **CATHAY AUTO SERVICES LIMITED** | **CATHAY AUTO SERVICES LIMITED** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |

---

---

| | |
|:---|:---|
| **The CATHAY INVESTMENT FUND, Limited** | **The CATHAY INVESTMENT FUND, Limited** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **NEW CHINA INVESTMENT MANAGEMENT INC.** | **NEW CHINA INVESTMENT MANAGEMENT INC.** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **PAUL S. WOLANSKY** | **PAUL S. WOLANSKY** |
| <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| S. DONALD SUSSMAN | S. DONALD SUSSMAN |
| <u>/s/ S. Donald Sussman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <u>/s/ S. Donald Sussman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |

---

---

| | |
|:---|:---|
| **TLF Holdings, LLC** | **TLF Holdings, LLC** |
| By: | TLF LLC |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: President | Title: President |
| **Emerald Asset Management, LLC** | **Emerald Asset Management, LLC** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: President | Title: President |

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------

EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1. | Joint Filing Agreement |

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## Exhibit 99.1

#### Joint Filing Agreement Pursuant to Rule 13d-1
This agreement is made pursuant to Rule 13d-l(k)(1) under the Securities and Exchange Act of 1934, as amended (the "**Act**") by and among the parties listed below, each referenced to herein as a "Joint Filer." The Joint Filers agree that a statement of beneficial ownership as required by Sections 13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint filing may thereafter be amended by further joint filings. The Joint Filers state that they each satisfy the requirements for making a joint filing under Rule 13d-1. <br>

Dated: February 14, 2023

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| | |
|:---|:---|
| **CATHAY CAPITAL HOLDINGS II, L.P.** | **CATHAY CAPITAL HOLDINGS II, L.P.** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director of General Partner | Title: Director of General Partner |
| **CATHAY MASTER GP, LTD.** | **CATHAY MASTER GP, LTD.** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **NEW CHINA CAPITAL MANAGEMENT, L.P.** | **NEW CHINA CAPITAL MANAGEMENT, L.P.** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **NCCM, LLC** | **NCCM, LLC** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **TAM China, LLC** | **TAM China, LLC** |
| By: | <u>Trust Cathay Management, LLC, its sole owner</u> |
| By: | /<u>s/ S. Donald Sussman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: S. Donald Sussman | Name: S. Donald Sussman |
| Title: Manager | Title: Manager |
| **Trust Cathay Management, LLC** | **Trust Cathay Management, LLC** |
| By: | <u>/s/ S. Donald Sussman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: S. Donald Sussman | Name: S. Donald Sussman |
| Title: Manager | Title: Manager |
| **CATHAY AUTO SERVICES LIMITED** | **CATHAY AUTO SERVICES LIMITED** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |

---

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| | |
|:---|:---|
| **The CATHAY INVESTMENT FUND, Limited** | **The CATHAY INVESTMENT FUND, Limited** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **NEW CHINA INVESTMENT MANAGEMENT INC.** | **NEW CHINA INVESTMENT MANAGEMENT INC.** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: Director | Title: Director |
| **PAUL S. WOLANSKY** | **PAUL S. WOLANSKY** |
| <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| S. DONALD SUSSMAN | S. DONALD SUSSMAN |
| <u>/s/ S. Donald Sussman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <u>/s/ S. Donald Sussman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |

---

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| | |
|:---|:---|
| **TLF Holdings, LLC** | **TLF Holdings, LLC** |
| By: | TLF LLC |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: President | Title: President |
| **Emerald Asset Management, LLC** | **Emerald Asset Management, LLC** |
| By: | <u>/s/ Paul S. Wolansky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
| Name: Paul S. Wolansky | Name: Paul S. Wolansky |
| Title: President | Title: President |

---

<br>