# EDGAR Filing Document

**Accession Number:** 0001979887
**File Stem:** 0001193125-25-270032
**Filing Date:** 2025-11
**Character Count:** 24634
**Document Hash:** 80da8ac4a6b8faf924a9042019843700
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-270032.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-270032

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** XCHG Ltd
- **CENTRAL INDEX KEY:** 0001979887
- **STANDARD INDUSTRIAL CLASSIFICATION:** POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS [3612]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94619
- **FILM NUMBER:** 251459369

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** XCHARGE EUROPE GMBH, HESELSTUCKEN 18
- **CITY:** HAMBURG
- **PROVINCE COUNTRY:** 2M
- **ZIP:** 22453
- **BUSINESS PHONE:** 49 4057128593

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** XCHARGE EUROPE GMBH, HESELSTUCKEN 18
- **CITY:** HAMBURG
- **PROVINCE COUNTRY:** 2M
- **ZIP:** 22453
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hou Yifei
- **CENTRAL INDEX KEY:** 0002042206

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 12 SHUANG YANG ROAD
- **STREET 2:** DA XING DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100023

## Exhibit 99.1

**Exhibit 99.1**

**ACTING-IN-CONCERT AGREEMENT**

Each of the persons or entities named in Schedule I of this agreement refers to a "Party" or "Parties", collectively.

**WHEREAS:**

The Parties jointly hold certain ordinary shares, par value $0.00001 per share of XCHG Limited (the "Company").

**NOW THEREFORE**, in order to maximize mutual profits and to maintain their control over the shareholdings and voting rights of the Company, the Parties hereby undertake that as long as the Parties jointly hold any ordinary shares of the Company, including any class of shares on an as converted basis (hereinafter collectively referred to as the "Shares"), the Parties shall act in concert with respect to all of the Shares they hold in accordance with the following arrangements:

1. During the term of this agreement, the Parties shall be deemed as actors in concert, and shall act in concert, as shareholders of the Company, in relation to all matters that require the decisions of the shareholders of the Company, including but not limited to voting unanimously to approve, reject, or to abstain from voting in relation to motions that need to be resolved at shareholders meetings, and to jointly sign all necessary documents.

2. Before acting in concert, the Parties shall consult with each other on the matters that require action in concert, and joint action shall be taken based on the results of the consultation. Each of the Parties agrees and confirms that, if the Parties are unable to reach a unanimous consent in relation to the matters that require action in concert, a decision that is made by Future EV Limited shall be deemed as a decision that is unanimously passed by the Parties and shall be binding on the Parties, provided that other Parties shall bear all the liabilities arising from such decision (including but not limited to losses caused to any party) and shall protect XCHG Limited from any and all claims, liability, losses, expenses, suits or damages in respect of such decision. Each of the Parties shall act in concert with each other based on the contents of the aforesaid decision.

3. The Parties may, prior to the convening of a Company shareholder meeting, appoint a proxy, and issue an authorization letter to such a proxy to authorize the proxy to exercise voting rights on behalf of the Parties at the Company shareholder meeting based on the contents of the unanimous decision that has been reached.

4. This agreement shall come into force from the date that the Parties sign the agreement, or the Parties become the shareholders of the Company, whichever is earlier, and the agreement shall remain effective during the period of the Parties being

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shareholders of the Company and/or having the right to appoint directors to the Company.

5. This agreement shall be governed by and construed in accordance with the laws of the Cayman Islands. Any dispute or controversy arising out of, relating to, or concerning any interpretation, construction, performance or breach of this agreement shall be fall within the jurisdiction of the Court of Cayman.

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| |
|:---|
| **Next EV Limited** |
| /s/ Rui Ding |

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| |
|:---|
| **Future EV Limited** |
| /s/ Yifei Hou |

---

------

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| |
|:---|
| **Next Charge Limited** |
| /s/ Rui Ding |

---

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| |
|:---|
| **Future Charge Limited** |
| /s/ Yifei Hou |

---

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**Schedule I**

Next EV Limited <sup>1</sup>

[Address: ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands.]

Future EV Limited <sup>2</sup>

[Address: ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands.]

Next Charge Limited <sup>3</sup>

[Address: ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands.]

Future Charge Limited <sup>4</sup>

[Address: ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands.]

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<sup>1</sup> Rui Ding's holding entity in XCHG Limited.

<sup>2</sup> Yifei Hou's holding entity in XCHG Limited.

<sup>3</sup> Rui Ding's holding entity in XCHG Limited.

<sup>4</sup> Yifei Hou's holding entity in XCHG Limited.

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## Exhibit 99.3

**Exhibit 99.3** 

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing on behalf of each of them of a statement on Schedule 13D (including any amendments thereto) with respect to the Class A ordinary shares, par value $0.00001 per share (the "Ordinary Shares"), of XCHG Limited, a Cayman Islands exempted company, and further agrees to the inclusion of this Joint Filing Agreement (this "Agreement") as an exhibit to such joint filing.

This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

Each of the undersigned acknowledges that it shall be responsible for the timely filing of any amendments, and for the completion and accuracy of the information concerning it contained herein and therein, but shall not be responsible for the completeness or accuracy of the information concerning the others, except to the extent it knows or has reason to believe that such information is inaccurate.

*[Signature Page Follows]*

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IN WITNESS THEREOF, each of the undersigned, being duly authorized, hereby executes this Agreement on November 6, 2025.

---

| |
|:---|
| /s/ Yifei Hou  |
| Yifei Hou |

---

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| | |
|:---|:---|
| **Future EV Limited** | **Future EV Limited** |
| By:  | /s/ Yifei Hou |
| Name:  | Yifei Hou |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **Blooming Star Developments Limited** | **Blooming Star Developments Limited** |
| By:  | Star Ridge Limited, its sole director |
| By:  | /s/ Sun Jiaying |
| Name:  | Sun Jiaying |
| Title: | Authorized Signatory |
| By:  | /s/ Yi Peili |
| Name:  | Yi Peili |
| Title: | Authorized Signatory |

---

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**XCHG Limited**

*(Name of Issuer)*

**Class A ordinary shares, par value US$0.00001 per share**

*(Title of Class of Securities)*

**98370X103**

*(CUSIP Number)*

**Yifei Hou**<br>XCHARGE EUROPE GMBH, HESELSTUCKEN 18<br>HAMBURG 2M 22453<br>49 4057128593

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/23/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **98370X103** |

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| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Yifei Hou** | Name of reporting person<br>**Yifei Hou** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**632379139.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**632379139.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**632379139.00** | Aggregate amount beneficially owned by each reporting person<br>**632379139.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**25.7%** | Percent of class represented by amount in Row (11)<br>**25.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **98370X103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Future EV Limited** | Name of reporting person<br>**Future EV Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**236230500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**236230500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**236230500.00** | Aggregate amount beneficially owned by each reporting person<br>**236230500.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.6%** | Percent of class represented by amount in Row (11)<br>**9.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **98370X103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Blooming Star Developments Limited** | Name of reporting person<br>**Blooming Star Developments Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**335962107.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**335962107.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**335962107.00** | Aggregate amount beneficially owned by each reporting person<br>**335962107.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A ordinary shares, par value US$0.00001 per share

**(b) Name of Issuer:**
XCHG Limited

**(c) Address of Issuer's Principal Executive Offices:**
XCHARGE EUROPE GMBH, HESELSTUCKEN 18, HAMBURG, 2M, 22453

This Schedule 13D (this "Schedule 13D") is filed on behalf of Mr. Yifei Hou, Future EV Limited and Blooming Star Developments Limited (collectively, the "Reporting Persons"). This Schedule 13D relates to the Class A ordinary shares, par value $0.00001 per share (the "Class A ordinary shares"), of XCHG Limited (the "Issuer"), a Cayman Islands exempted company. No CUSIP number has been assigned to the Class A ordinary shares. CUSIP number 98370X103 has been assigned to the American Depositary Shares ("ADSs") of the Issuer, which are quoted on the Nasdaq Global Market, under the symbol "XCH." Each ADS represents 40 Class A ordinary shares.

The Reporting Persons were initially eligible to file a Schedule 13G under Rule 13d-1(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On July 23, 2025, the Reporting Persons acquired Class A ordinary shares representing more than two percent of the outstanding Class A ordinary shares during the prior twelve-month period. Therefore, the Reporting Persons are no longer eligible to file a Schedule 13G under Rule 13d-1(d) and are now filing this Schedule 13D.

**Item 4. Purpose of Transaction**

The information in Item 3 of this Schedule 13D is incorporated in this Item 4 by reference.

The Reporting Persons hold the securities described in this Schedule 13D for investment purposes and intend to review their investments in the Issuer on a continuing basis. Any actions the Reporting Persons might undertake may be made at any time and from time to time without prior notice and will be dependent upon the Reporting Persons' review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments.

The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. In addition, the Reporting Persons may engage in discussions with management, the Board, and securityholders of the Issuer and other relevant parties or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or take-private transaction that could result in the de-listing or de-registration of the Class A ordinary shares; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the Issuer's board of directors. To facilitate their consideration of such matters, the Reporting Persons may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action before forming any intention to pursue any particular plan or direction.

Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information contained on the cover pages is incorporated by reference into this Item 5.

The ownership information presented herein represents beneficial ownership of Class A ordinary shares as of the date of this filing, based upon (a) 2,160,310,915 outstanding Class A ordinary shares as disclosed by the Issuer and (b) 296,417,032 Class B ordinary shares beneficially owned by the Reporting Persons (with such shares treated as converted into Class A ordinary shares only for purposes of computing the percentage ownership of the Reporting Persons pursuant to the Exchange Act). Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof.

Future EV Limited is the record holder of 236,230,500 Class B ordinary shares. Future Charge Limited, a wholly owned company of Mr. Yifei Hou, owns 1% of the equity interests of Future EV Limited, and Blooming Star Developments Limited, a company in which Mr. Yifei Hou beneficially owns 100% of the equity interests through the trust for which he acts as the settlor and beneficiary, owns 99% of the equity interests of Future EV Limited.

Future Charge Limited, a wholly owned company of Mr. Yifei Hou, is the record holder of 60,186,532 Class B ordinary shares.

Blooming Star Developments Limited, a company in which Mr. Yifei Hou beneficially owns 100% of the equity interests through the trust for which he acts as the settlor and beneficiary, is the record holder of 335,962,107 Class A ordinary shares.

**(b)**
The information contained on the cover pages is incorporated by reference into this Item 5.

**(c)**
The Reporting Persons have not effected any transactions in the Class A ordinary shares during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information in Items 3 and 4 of this Schedule 13D is incorporated in this Item 6 by reference.

Future EV Limited, Future Charge Limited, Next EV Limited and Next Charge Limited entered into an acting-in-concert agreement in August 2023, pursuant to which the parties agreed to act in concert, as shareholders of the Issuer, in relation to all matters that require the decisions of the shareholders of the Issuer. If the parties are unable to reach a unanimous consent in relation to the matters that require action in concert, a decision that is made by Future EV Limited shall be deemed as a decision that is unanimously passed by the parties and shall be binding on the parties.

Mr. Yifei Hou and Future EV Limited are also party to that certain Amended and Restated Investors' Rights Agreement, dated as of August 4, 2023 (the "Investors' Rights Agreement"), by and among the Issuer and the other investor parties thereto (such investor parties, collectively, the "Investors"), pursuant to which Mr. Yifei Hou and Future EV Limited have agreed, among other things and subject to certain exceptions, to vote in favor of the appointment or removal of directors submitted pursuant to the Investors' Rights Agreement, in favor of any Drag-Along Sale (as defined in the Investors' Rights Agreement) and against certain other actions that are contrary to the rights in the Investor Rights Agreement.
By virtue of the Acting-In-Concert Agreement and the voting provisions under the Investors' Rights Agreement, each of the Reporting Persons, Next EV Limited, Next Charge Limited and the Investors may be deemed to be a member of a "group" for purposes of Section 13(d) of the Exchange Act. However, neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission that any Reporting Person is a member of any such group. Next EV Limited has separately made a Schedule 13D filing reporting the Class A ordinary shares of the Issuer it may be deemed to beneficially own. Pursuant to Rule 13d-4 under the Act, the Reporting Persons expressly disclaim beneficial ownership of any Class A ordinary shares or other securities of the Issuer held by Next EV Limited, Next Charge Limited and the Investors that are subject to the Acting-In-Concert Agreement or the voting provisions under the Investor Rights Agreement, and nothing herein shall be deemed an admission by the Reporting Persons as to the beneficial ownership of such Class A ordinary shares or other securities.
The foregoing descriptions of the Acting-In-Concert Agreement and the Investors' Rights Agreement are only a summary, do not purport to be complete and are subject to, and qualified in their entirety by reference to, the full text of the Acting-In-Concert Agreement and the Investors' Rights Agreement, which are filed herewith as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated by reference herein.
The Reporting Persons are also party to the Joint Filing Agreement that is included as Exhibit 99.3 to this Schedule 13D.
Except as described above or elsewhere in this Schedule 13D or incorporated by reference in this Schedule 13D, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and any other person with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.

### SIGNATURE

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.

**Reporting Person:** Yifei Hou

**Signature:** /s/ Yifei Hou

**Name/Title:** Yifei Hou

**Date:** 11/06/2025

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.

**Reporting Person:** Future EV Limited

**Signature:** /s/ Yifei Hou

**Name/Title:** Yifei Hou, Authorized Signatory

**Date:** 11/06/2025

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.

**Reporting Person:** Blooming Star Developments Limited

**Signature:** /s/ Sun Jiaying

**Name/Title:** By Star Ridge Limited, its sole director, by Sun Jiaying, Authorized Signatory

**Date:** 11/06/2025