# EDGAR Filing Document

**Accession Number:** 0001946399
**File Stem:** 0001213900-25-080942
**Filing Date:** 2025-8
**Character Count:** 29774
**Document Hash:** 71b57a2727397bb218c9283b67082eda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-080942.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001213900-25-080942

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LakeShore Biopharma Co., Ltd.
- **CENTRAL INDEX KEY:** 0001946399
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94412
- **FILM NUMBER:** 251260128

**BUSINESS ADDRESS:**
- **STREET 1:** BUILDING NO. 2, 38 YONGDA ROAD
- **STREET 2:** DAXING BIOMEDICAL INDUSTRY PARK
- **CITY:** DAXING DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 102629
- **BUSINESS PHONE:** 17327133678

**MAIL ADDRESS:**
- **STREET 1:** BUILDING NO. 2, 38 YONGDA ROAD
- **STREET 2:** DAXING BIOMEDICAL INDUSTRY PARK
- **CITY:** DAXING DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 102629

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** YS Biopharma Co., Ltd.
- **DATE OF NAME CHANGE:** 20230310

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** YishengBio Co., Ltd
- **DATE OF NAME CHANGE:** 20220912
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crystal Peak Investment Inc.
- **CENTRAL INDEX KEY:** 0002078050

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0331

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

**BUSINESS ADDRESS:**
- **STREET 1:** 3877 EL CAMINO REAL, STE 201
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94306
- **BUSINESS PHONE:** 86 13335711066

**MAIL ADDRESS:**
- **STREET 1:** 3877 EL CAMINO REAL, STE 201
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94306

## Ex-99

**SCHEDULE A**

**EXECUTIVE OFFICERS AND DIRECTORS**

**Crystal Peak Holdings Inc.**

The names of directors and names and titles of the executive officers of Crystal Holdings and their principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o 3877 El Camino Real, Ste 201, Palo Alto CA 94306.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors** |  |  |
| Huaqin Xue | Director | Hong Kong |
| Tianying Yao | Director | People's Republic of China |
| **Executive Officers** |  |  |
| N/A | N/A | N/A |

---

**Crystal Peak Investment Inc.**

The names of directors and names and titles of the executive officers of Crystal Investment and their principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o 3877 El Camino Real, Ste 201, Palo Alto CA 94306.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors** |  |  |
| Huaqin Xue | Director | Hong Kong |
| Tianying Yao | Director | People's Republic of China |
| **Executive Officers** |  |  |
| N/A | N/A | N/A |

---

**Oceanpine Investment Fund II LP** 

Oceanpine Investment does not have any directors or executive officers.

**Oceanpine Growth (Cayman) Limited**

The names of directors and names and titles of the executive officers of Oceanpine Growth and their principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o Suite 2207-9, 22/F, Tower Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors** |  |  |
| Dave Liguang Chenn | Director | United States |
| Dongjun Ma | Director | Hong Kong |
| Yun Liu | Director | Hong Kong |
| **Executive Officers** |  |  |
| N/A | N/A | N/A |

---

**Oceanpine Capital Inc.**

The names of directors and names and titles of the executive officers of Oceanpine Capital and their principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o Suite 2207-9, 22/F, Tower Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors** |  |  |
| Jiayu Yang | Director | People's Republic of China |
| Xuguang Xue | Director | People's Republic of China |
| **Executive Officers** |  |  |
| N/A | N/A | N/A |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**LakeShore Biopharma Co., Ltd**

*(Name of Issuer)*

**Ordinary Shares, par value $0.0002 per share**

*(Title of Class of Securities)*

**G9845F208**

*(CUSIP Number)*

**Huaqin Xue**<br>c/o Kingston Chambers<br>PO Box 173, Road Town<br>Tortola D8 VG1110<br>86 133 3571 1066

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

**08/26/2025**

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

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Huaqin Xue** | Name of reporting person<br>**Huaqin Xue** | |
| 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>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**21021332.00** |
| 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>**21021332.00** | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | |
| 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>**51.0%** | Percent of class represented by amount in Row (11)<br>**51.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment (as defined below). Each ordinary share is entitled to one vote. Crystal Investment is a wholly owned subsidiary of Crystal Holdings (as defined below). Huaqin Xue is a director of both Crystal Investment and Crystal Holdings and is the sole shareholder of Crystal Holdings. Based on the foregoing, Huaqin Xue may be deemed to be the beneficial owner of the ordinary shares held by Crystal Investment.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Crystal Peak Holdings Inc.** | Name of reporting person<br>**Crystal Peak Holdings Inc.** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**21021332.00** |
| 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>**21021332.00** | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | |
| 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>**51.0%** | Percent of class represented by amount in Row (11)<br>**51.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment, which is wholly owned by Crystal Holdings. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Crystal Peak Investment Inc.** | Name of reporting person<br>**Crystal Peak Investment Inc.** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**21021332.00** |
| 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>**21021332.00** | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | |
| 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>**51.0%** | Percent of class represented by amount in Row (11)<br>**51.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Dave Liguang Chenn** | Name of reporting person<br>**Dave Liguang Chenn** | |
| 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>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**462760.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**462760.00** |
| 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>**462760.00** | Aggregate amount beneficially owned by each reporting person<br>**462760.00** | |
| 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>**1.1%** | Percent of class represented by amount in Row (11)<br>**1.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents (i) 410,560 ordinary shares held by Oceanpine Investment (as defined below), and (ii) 52,200 ordinary shares held by Oceanpine Capital (as defined below). Each ordinary share is entitled to one vote. As  Dave Liguang Chenn is the managing partner of both Oceanpine Investment and Oceanpine Capital, he may be deemed to be the beneficial owner of the ordinary shares held by Oceanpine Investment and Oceanpine Capital.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Oceanpine Investment Fund II LP** | Name of reporting person<br>**Oceanpine Investment Fund II LP** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**410560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**410560.00** |
| 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>**410560.00** | Aggregate amount beneficially owned by each reporting person<br>**410560.00** | |
| 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>**1.0%** | Percent of class represented by amount in Row (11)<br>**1.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 410,560 ordinary shares held by Oceanpine Investment. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Oceanpine Capital Inc.** | Name of reporting person<br>**Oceanpine Capital Inc.** | |
| 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>**52200.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**52200.00** |
| 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>**52200.00** | Aggregate amount beneficially owned by each reporting person<br>**52200.00** | |
| 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>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 52,200 ordinary shares held by Oceanpine Capital. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, par value $0.0002 per share

**(b) Name of Issuer:**
LakeShore Biopharma Co., Ltd

**(c) Address of Issuer's Principal Executive Offices:**
Building No. 2, 38 Yongda Road, Daxing Biomedical Industry Park, Daxing, Beijing, F4, 102629

This statement on Schedule 13D constitutes Amendment No. 1 to the Schedule 13D on behalf of each of Huaqin Xue, Crystal Holdings and Crystal Investment filed as of July 22, 2025 (the "Original Schedule 13D"), and an initial Schedule 13D on behalf of each of Dave Liguang Chenn, Oceanpine Investment and Oceanpine Capital, with respect to the ordinary shares, par value $0.0002 per share (the "Ordinary Shares") of the Issuer.

Except as amended and supplemented herein, the Original Schedule 13D is unmodified and remains in full force and effect as to the applicable reporting persons thereof.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule13D is hereby amended and supplemented by the following:

On August 18, 2025, Oceanpine Investment and Oceanpine Capital (collectively, "Oceanpine") submitted a preliminary non-binding proposal letter (the "Proposal") to the board of directors of the Issuer, expressing Oceanpine's interests in acquiring all of the outstanding Ordinary Shares of the Issuer not owned by Oceanpine, for US$0.86 in cash per Ordinary Share. The Proposal indicates that it is the Oceanpine's preliminary indication of interest, and does not constitute any binding commitment with respect to the transactions proposed under the Proposal or any other transaction. No agreement, arrangement or understanding between the Issuer and Oceanpine relating to any proposed transaction will be created until such time as definitive documentation has been executed and delivered by Oceanpine and the Issuer and all other appropriate parties.

On August 26, 2025, Oceanpine Investment, Oceanpine Capital and Crystal Investment (collectively, the "Consortium", and each, a "Consortium Member") entered into a consortium agreement (the "Consortium Agreement"), pursuant to which each Consortium Member has agreed, among other things, (i) that Oceanpine Capital, as the lead investor, shall act in good faith to engage in discussions with the special committee of the Issuer or the Issuer regarding the proposed transaction (the "Proposed Transaction"), negotiate and finalize the definitive agreements in connection with the Proposed Transaction; (ii) to cooperate in engaging advisors; (iii) to cooperate in entry into definitive agreements with respect to the Proposed Transaction; (iv) that for a period ending on the earlier of (A) the date which is twenty-four (24) months after the date of the Consortium Agreement, which may be extended as jointly agreed by all non-breaching Consortium Members in writing and (B) the termination of the Consortium Agreement pursuant to its terms thereof, each Consortium Member shall work exclusively with each other to implement the Proposed Transaction, including to evaluate the Issuer and its business, prepare, negotiate and finalize the definitive agreements, vote, or cause to be voted, at every shareholder meeting all of its equity securities held or otherwise beneficially owned by it or its affiliates in the Issuer (x) against any alternative transaction or matter that would facilitate an alternative transaction and (y) in favor of the Proposed Transaction, and not to acquire or dispose of the Ordinary Shares of the Issuer, subject to certain exceptions; and (v) that subject to certain conditions including entry into definitive agreements with respect to the Proposed Transaction, each applicable Consortium Member shall contribute (or cause their affiliates to contribute) respective applicable cash or Ordinary Shares to a new company to be formed by the Consortium in exchange for its newly issued equity interests.

On the same date, the Consortium submitted a revised non-binding proposal letter (the "Revised Proposal") to the board of directors of the Issuer relating to the Proposed Transaction. The Revised Proposal indicates that it is the Consortium's preliminary indication of interest and does not constitute any binding commitment with respect to the Proposed Transaction or any other transaction. No agreement, arrangement or understanding between the Issuer and the Consortium relating to any proposed transaction will be created until such time as definitive documentation has been executed and delivered by the Issuer and the Consortium and all other appropriate parties. The other key terms of the Proposed Transaction remain the same as those set forth in the Proposal.

The Proposed Transaction is subject to a number of conditions, including, among other things, the negotiation and execution of definitive agreements and other related agreements mutually acceptable in form and substance to the Issuer and the Consortium. Neither the Issuer nor any Consortium Member is obligated to complete the Proposed Transaction, and a binding commitment with respect to the Proposed Transaction will result only from the execution of definitive documents, and then will be on the terms provided in such documentation.

If the Proposed Transaction is consummated, the Ordinary Shares would become eligible for termination of registration pursuant to Section 12(g)(4) of the Act and would be delisted from the NASDAQ Stock Market. In addition, the Proposed Transaction could result in one or more of the actions specified in clauses (a)-(j) of Item 4 of Schedule 13D, including the acquisition or disposition of securities of the Issuer, a merger or other extraordinary transaction involving the Issuer, a change to the board of directors of the Issuer (as the surviving company in the merger) to consist of persons to be designated by the Consortium, and a change in the Issuer's memorandum and articles of association to reflect that the Issuer would become a privately held company.

References to the Proposal, the Consortium Agreement and the Revised Proposal in this Schedule 13D are qualified in their entirety by reference to the Proposal, the Consortium Agreement and the Revised Proposal, which are attached hereto as Exhibit B, Exhibit C and Exhibit D respectively, and incorporated herein by reference in its entirety.

Except as indicated above, the Reporting Persons have no plans or proposals which relate to or would result in any of the actions specified in paragraphs (a) through (j) of Item 4 of Schedule 13D.

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

**(a)**
The responses of each Reporting Person to Rows (7) through (13) of the cover pages are hereby incorporated by reference in this Item 5. The percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person is based on 41,212,693 Ordinary Shares outstanding as of June 30, 2025 as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

Except as otherwise stated herein, each Reporting Person expressly disclaims any beneficial ownership of the Ordinary Shares held by each other Reporting Person.

**(b)**
See Item 5(a) above.

**(c)**
Except as disclosed in this Schedule 13D, none of the Reporting Persons has effected any transaction in the Ordinary Shares during the past 60 days.

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

The descriptions of the principal terms of the Proposal, the Consortium Agreement, and the Revised Proposal under Item 4 are incorporated herein by reference in their entirety.

To the best knowledge of the Reporting Persons, except as provided herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and between any of the Reporting Persons and any other person with respect to any securities of the Issuer, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, or a pledge or contingency, the occurrence of which would give another person voting power over the securities of the Issuer.

### 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:** Huaqin Xue

**Signature:** /s/ Huaqin Xue

**Name/Title:** Huaqin Xue

**Date:** 08/27/2025

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:** Crystal Peak Holdings Inc.

**Signature:** /s/ Huaqin Xue

**Name/Title:** Huaqin Xue/Director

**Date:** 08/27/2025

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:** Crystal Peak Investment Inc.

**Signature:** /s/ Huaqin Xue

**Name/Title:** Huaqin Xue/Director

**Date:** 08/27/2025

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:** Dave Liguang Chenn

**Signature:** /s/ Dave Liguang Chenn

**Name/Title:** Dave Liguang Chenn

**Date:** 08/27/2025

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:** Oceanpine Investment Fund II LP

**Signature:** /s/ Dave Liguang Chenn

**Name/Title:** Dave Liguang Chenn/Director

**Date:** 08/27/2025

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:** Oceanpine Capital Inc.

**Signature:** /s/ Yang Jiayu

**Name/Title:** Yang Jiayu/Director

**Date:** 08/27/2025