# EDGAR Filing Document

**Accession Number:** 0001834253
**File Stem:** 0001140361-25-032074
**Filing Date:** 2025-8
**Character Count:** 25875
**Document Hash:** 9ac5aa5ca65e92d4288f6f9c3bc4c6a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-032074.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001140361-25-032074

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Smart Share Global Ltd
- **CENTRAL INDEX KEY:** 0001834253
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PERSONAL SERVICES [7200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92883
- **FILM NUMBER:** 251236752

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 6/F, 799 TIANSHAN W ROAD
- **STREET 2:** CHANGNING DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 86 21 6050 3535

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 6/F, 799 TIANSHAN W ROAD
- **STREET 2:** CHANGNING DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HILLHOUSE INVESTMENT MANAGEMENT, LTD.
- **CENTRAL INDEX KEY:** 0001510589

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** OFFICE #122, WINDWARD 3 BUILDING
- **STREET 2:** REGATTA OFFICE PARK, WEST BAY ROAD
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9006
- **BUSINESS PHONE:** 345-749-8642

**MAIL ADDRESS:**
- **STREET 1:** OFFICE #122, WINDWARD 3 BUILDING
- **STREET 2:** REGATTA OFFICE PARK, WEST BAY ROAD
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HILLHOUSE CAPITAL MANAGEMENT, LTD.
- **DATE OF NAME CHANGE:** 20190510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hillhouse Capital Management, Ltd.
- **DATE OF NAME CHANGE:** 20150109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hillhouse Capital Management Pte. Ltd.
- **DATE OF NAME CHANGE:** 20150108

## Exhibit 99.1

------

**Exhibit 1**<br>

<br> ![](image0.jpg)

August 13, 2025

The Board of Directors (the "**Board**")

Smart Share Global Limited (the "**Company**")

Maples Corporate Services Limited

PO Box 309, Ugland House

Grand Cayman, KY1-1104, Cayman Islands

Dear Members of the Board of the Company:

Reference is made to the Agreement and Plan of Merger (the "**Merger Agreement**") dated August 1, 2025 by and among the Company, Mobile Charging Group Holdings Limited, Mobile Charging Investment Limited, and Mobile Charging Merger Limited, pursuant to which the Company will be taken private (the "**Potential Merger**"), at US$0.625 per Class A ordinary shares of the Company (the "**Class A Shares**") or US$1.25 per American depositary share (each representing two Class A Shares) ("**ADS**") (the "**Current Price**"). The Potential Merger, if consummated, will result in the Company being wholly owned by Trustar Mobile Charging Holdings Limited (together with its affiliates, "**Trustar Capital**"), Mr. Mars Guangyuan Cai ("**Mr. Cai**"), Chairman of the Board and Chief Executive Officer of the Company, Mr. Peifeng Xu ("**Mr. Xu**"), Director and President of the Company, Mr. Victor Yaoyu Zhang ("**Mr. Zhang**"), Chief Marketing Officer of the Company, and Ms. Maria Yi Xin, Director and Chief Financial Officer of the Company ("**Ms. Xin**", together with Mr. Cai, Mr. Xu and Mr. Zhang, the "**Management Members**", and together with Trustar Capital, the "**Current Consortium**").

Hillhouse Investment Management, Ltd. (together with its affiliates, "**Hillhouse**" or "**we**") strongly believes the Current Price substantially undervalues the Company and is gravely concerned regarding the circumstances surrounding the Potential Merger. We previously delivered a letter to the Board (the "**February Letter**") on February 12, 2025, expressing our fundamental disapproval of the Current Consortium's proposal submitted to the Board on January 5, 2025 (the "**January Proposal**") to acquire all of the outstanding shares and ADSs that are not already beneficially owned by the Current Consortium at the Current Price, laying out our calculation of the Company's fair equity value and the facts and circumstances that indicate that the January Proposal may be a premediated scheme for the Current Consortium to steal the Company, and questioning the independence of the members of the special committee of the Board (the "**Special Committee**") tasked to evaluate and consider the January Proposal. We also noted in the February Letter that due to the "super-voting" Class B ordinary shares the Management Members own, the Current Consortium would be capable of satisfying the voting requirement under the Cayman law regardless of how unfair the Current Price is, even though the Current Consortium holds only approximately 17% of the Company's share capital.

------

To our great disappointment, the Special Committee did not engage with us at all after receiving the February Letter, and subsequently unanimously recommended that the Company enter into the Merger Agreement at the Current Price without addressing any of our concerns or including any safeguards proposed in the February Letter. The Proposed Merger has an implied equity value of the Company of approximately US$327 million (on a fully-diluted basis), which is even below the Company's total cash value of US$415.3 million as of December 31, 2024. We believe the Company's total equity value to be approximately US$450 million after adding an enterprise value of approximately US$35 million based on our discounted cash flow calculation and the cash value of US$415.3 million. Under our estimate, the Company will resume growth in 2026 and its Non-GAAP operating income will turn positive in 2027 as a result of steady operation growth.

As the second largest shareholder of the Company, we are determined to protect our and the other disinterested minority shareholders' interests. We hereby submit a competing proposal (the "**Competing Proposal**") to acquire all outstanding shares, including Class A Shares represented by ADSs, that are not already beneficially owned by Hillhouse (other than the shares and ADSs held by the Management Members which will be rolled over) at US$1.77 per ADS or US$0.885 per share in cash (the "**Proposed Acquisition**"). The Competing Proposal represents a premium of approximately 42% over the Current Price. We expect to fund the Proposed Acquisition solely through the U.S.-dollar investment funds managed by us and we will not require any third party equity or debt financing. Given the Competing Proposal provides far more favorable terms to the Company's shareholders financially and does not require any third party equity or debt financing as provided in the Merger Agreement, we believe the Competing Proposal constitutes a Superior Proposal under the Merger Agreement.

The terms and conditions upon which we are prepared to pursue the Proposed Acquisition are set forth below. We are confident in our ability to consummate the Proposed Acquisition outlined in this letter.

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Purchase Price</u>**. The proposed consideration payable for the shares and ADSs acquired in the Proposed Acquisition is US$1.77 per ADS or US$0.885 per share in cash. Our proposed purchase price provides the compelling value for the Company's shareholders, representing a premium of approximately 147% to the closing price of the ADSs on January 3, 2025, the last trading day before the Company publicly announced receipt of the January Proposal, and a premium of approximately 42% over the Current Price.

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Financing and Closing Certainty</u>**. We intend to finance the Proposed Acquisition solely with equity capital provided by Hillhouse. Hillhouse is able to fund the entire purchase price for the Proposed Acquisition with immediately available and fully committed capital from the U.S.-dollar investment funds it manages and no third party equity or debt financing is required. As a result, the Proposed Acquisition can be consummated much quickly with greater deal certainty compared to the Potential Merger.

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Management Members Rollover</u>**. Similar to the Potential Merger, we will ask the Management Members not to be cashed out in the Proposed Acquisition and instead roll over all shares and ADSs they beneficially own into the acquisition entity.

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Definitive Agreement</u>**. We are prepared to promptly negotiate and execute mutually satisfactory definitive agreements with respect to the Proposed Acquisition (the "**Definitive Agreements**") if the Special Committee determines that the Competing Proposal constitutes a Superior Proposal. We expect that such Definitive Agreements will provide for representations, warranties, covenants and conditions substantially similar to those in the Merger Agreement and reflect the terms proposed in this letter, which are more favorable than the Merger Agreement.

------

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Due Diligence</u>**. We have significant experience in executing transactions of this nature and believe that we will be able to complete confirmatory due diligence for the Proposed Acquisition in connection with negotiations of the Definitive Agreements. For the avoidance of doubt, the Competing Proposal is not conditioned upon any due diligence of the Company and its subsidiaries.

6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Process and Disclosure Obligations</u>**. We believe that the Proposed Acquisition provides superior value to the Company's shareholders. We are prepared and ready to engage in the next stage of discussions. Due to our obligations under the applicable U.S. securities laws, we will make a Schedule 13D filing in respect of this letter and the Competing Proposal in due course.

\*\*\*\*\*

In closing, we urge the Special Committee and the Board to fulfill their fiduciary duties by determining the Competing Proposal constitutes a Superior Proposal under the Merger Agreement and authorizing and causing the Company to terminate the Merger Agreement and enter into Definitive Agreements with us to pursue the Proposed Acquisition. We are committed to working with the Special Committee and its advisors to bring the Proposed Acquisition to a successful and timely conclusion. We also remain open to work with the Management Members if the Merger Agreement is terminated. Should you have any questions regarding this letter, please do not hesitate to contact us.

------

Sincerely,

HILLHOUSE INVESTMENT MANAGEMENT, LTD.

---

| | |
|:---|:---|
| By: | /s/ Adam Hornung |
| Name: Adam Hornung | Name: Adam Hornung |
| Title: Authorized Signatory | Title: Authorized Signatory |

---

------

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Smart Share Global Ltd**

*(Name of Issuer)*

**Class A ordinary shares, par value $0.0001 per share**

*(Title of Class of Securities)*

**83193E102**

*(CUSIP Number)*

**Richard A. Hornung**<br>Office #122, Windward 3 Building<br>Regatta Office Park, West Bay Road<br>Grand Cayman E9 KY1-9006<br>656-603-0860

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

**08/13/2025**

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

| **CUSIP No.** | **83193E102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**HHLR ADVISORS, LTD.** | Name of reporting person<br>**HHLR ADVISORS, LTD.** | |
| 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>**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>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**62367293.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**62367293.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**62367293.00** | Aggregate amount beneficially owned by each reporting person<br>**62367293.00** | |
| 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>**14.4%** | Percent of class represented by amount in Row (11)<br>**14.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Rows 8, 10, and 11 represent (i) 3,949,700 ADSs (as defined below) representing 7,899,400 Class A Ordinary Shares (as defined below) held by a fund managed by HHLR (as defined below) and (ii) 54,467,893 Class A Ordinary Shares held by a fund managed by HIM (as defined below). HHLR and HIM are under common control and share certain policies, personnel and resources.

Row 13 is calculated based on an aggregate of 433,223,191 Class A Ordinary Shares reported to be issued and outstanding as of July 31, 2025, as disclosed in the Agreement and Plan of Merger dated as of August 1, 2025 filed as an exhibit to the Issuer's Form 6-K filed with the U.S. Securities and Exchange Commission on August 1, 2025 (the "Form 6-K").

| **CUSIP No.** | **83193E102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**HILLHOUSE INVESTMENT MANAGEMENT, LTD.** | Name of reporting person<br>**HILLHOUSE INVESTMENT MANAGEMENT, LTD.** | |
| 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>**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>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**62367293.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**62367293.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**62367293.00** | Aggregate amount beneficially owned by each reporting person<br>**62367293.00** | |
| 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>**14.4%** | Percent of class represented by amount in Row (11)<br>**14.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Rows 8, 10, and 11 represent (i) 3,949,700 ADSs (as defined below) representing 7,899,400 Class A Ordinary Shares (as defined below) held by a fund managed by HHLR (as defined below) and (ii) 54,467,893 Class A Ordinary Shares held by a fund managed by HIM (as defined below). HHLR and HIM are under common control and share certain policies, personnel and resources.

Row 13 is calculated based on an aggregate of 433,223,191 Class A Ordinary Shares reported to be issued and outstanding as of July 31, 2025, as disclosed in the Form 6-K.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A ordinary shares, par value $0.0001 per share

**(b) Name of Issuer:**
Smart Share Global Ltd

**(c) Address of Issuer's Principal Executive Offices:**
6th Floor, 799 Tianshan W Road, Changning District, Shanghai, F4, 200335

This statement on Schedule 13D (the "Schedule 13D") relates to the Class A ordinary shares, par value $0.0001 per share (the "Class A Ordinary Shares"), including Class A Ordinary Shares in the form of American depositary shares ("ADSs"), evidenced by American depositary receipts, each representing two Class A Ordinary Shares, of Smart Share Global Limited, an exempted company incorporated under the laws of the Cayman Islands (the "Issuer"). The address of the Issuer's principal executive office is 6th Floor, 799 Tianshan W Road, Changning District, Shanghai 200335, People's Republic of China.

The Issuer's ordinary shares consist of Class A Ordinary Shares and Class B ordinary shares, par value $0.0001 per share (the "Class B Ordinary Shares" and, together with the Class A Ordinary Shares, the "Shares"). 

The Issuer's ADSs are quoted on the Nasdaq Capital Market under the symbol "EM".

**Item 4. Purpose of Transaction**

The information set forth in Item 3 of this Schedule 13D is incorporated herein by reference.

The Reporting Persons acquired 62,367,293 Class A Ordinary Shares (including Class A Ordinary Shares represented by ADSs) prior to and in the initial public offering of the Issuer. The Reporting Persons previously reported their beneficial ownership of these Class A Ordinary Shares on Schedule 13G, and are now filing this Schedule 13D in connection with the Competing Proposal (as defined below) described in Item 4 below.

On January 6, 2025, the Issuer announced that it had received a preliminary non-binding proposal letter, dated January 5, 2025, from Trustar Mobile Charging Holdings Limited, Mr. Mars Guangyuan Cai, Mr. Peifeng Xu, Mr. Victor Yaoyu Zhang, and Ms. Maria Yi Xin (collectively, the "Consortium"), to acquire all of the outstanding Shares that are not already beneficially owned by the Consortium for a proposed purchase price of US$0.625 per Class A Ordinary Share or US$1.25 per ADS (the "Current Price") in cash (the "January Proposal"). 

Subsequent to the January Proposal, on February 12, 2025, the Reporting Persons, the second largest shareholder and long-term investors of the Issuer since 2017, delivered a letter (the "February Letter") to the board of directors of the Issuer expressing their fundamental disapproval of the January Proposal, citing that the Current Price substantially undervalues the Issuer and raising concerns about the circumstances surrounding the January Proposal and the independence of the special committee of the board of directors of the Issuer (the "Special Committee"). 

Thereafter, the Reporting Persons had a few sporadic conversations with management members regarding the January Proposal, but the Special Committee and its advisors did not engage with the Reporting Persons at all. On August 1, 2025, the Issuer announced that it had entered into a definitive merger agreement (the "Merger Agreement") with the affiliates of the Consortium, pursuant to which the Issuer will be taken private at the Current Price, implying an equity value of the Issuer of approximately US$327 million (on a fully-diluted basis). The Merger Agreement did not address the concerns raised, or include the safeguards proposed, by the Reporting Persons in the February Letter.    

Deeply incensed by the grossly inadequate merger consideration and the disregard for the interests of the public shareholders, on August 13, 2025, HIM submitted a competing proposal (the "Competing Proposal") to the Special Committee to acquire all of the outstanding Shares and ADSs not already beneficially owned by the Reporting Persons (other than the Shares and ADSs held by management members which will be rolled over) for US$1.77 per ADS or US$0.885 per Share (the "Purchase Price") in cash (the "Proposed Acquisition"), which values the Issuer at approximately US$450 million (based on the total number of outstanding Shares and ADS and not including options or other equity-based awards). The Purchase Price represents a premium of approximately 42% over the Current Price. The Reporting Persons expect to fund the Proposed Acquisition solely through investment funds managed by the Reporting Persons and their affiliates, and no third party equity or debt financing is required. The Reporting Persons believe the Competing Proposal offers superior value and greater deal certainty to the Issuer's shareholders and therefore constitutes a "Superior Proposal" under the Merger Agreement.

References to the Competing Proposal in this Schedule 13D are qualified in their entirety by the text of the Competing Proposal, which is attached hereto as Exhibit 1 and incorporated herein by reference.

The Proposed Acquisition may result in one or more of the actions specified in clauses (a) to (j) of Item 4 of Schedule 13D, including, without limitation, the acquisition of additional securities of the Issuer, a merger or other extraordinary transaction involving the Issuer, the delisting of the ADSs and the Class A Ordinary Shares from the Nasdaq Capital Market and the Class A Ordinary Shares becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended.

The Reporting Persons intend to continuously review their investment in the Issuer, and, notwithstanding anything contained herein, the Reporting Persons specifically reserve the right to change their intention with respect to any or all of such matters. The Reporting Persons and their affiliates may in the future take such actions with respect to its investment in the Issuer as it deems appropriate, including, without limitation, exchanging information with the Issuer or other third parties; proposing changes in the Issuer's operations, management, board of directors, governance or capitalization; acquiring additional securities of the Issuer or disposing of some or all of the securities beneficially owned by it, in public market or privately negotiated transactions; entering into financial instruments or other agreements that increase or decrease the economic exposure of the Reporting Persons with respect to their investment in the Issuer and/or otherwise changing the Reporting Persons' (or their affiliates') intention with respect to any and all matters referred to in Item 4 of Schedule 13D. The Competing Proposal and the Proposed Acquisition are subject to the execution of definitive agreements mutually acceptable to the Issuer and HIM and its affiliates.

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

**(a)**
The information set forth in Items 2, 3 and 4 of this Schedule 13D is incorporated herein by reference.

The responses of the Reporting Persons to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Schedule 13D are incorporated herein by reference. The Reporting Persons currently beneficially own an aggregate of 62,367,293 Class A Ordinary Shares, or 14.4% of the Class A Ordinary Shares of the Issuer. The foregoing amount and percentage ownership of Class A Ordinary Shares represent the combined beneficial ownership of the Reporting Persons. The Reporting Persons share the power to vote or direct the vote and dispose of or direct the disposition of Class A Ordinary Shares referred to in this Schedule 13D.

**(b)**
See (a).

**(c)**
Except as set forth in this Schedule 13D, no Reporting Person has effected any transaction in Shares and ADSs in the 60 days preceding the date hereof.

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

Other than as described in this Schedule 13D, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and any other person with respect to any 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:** HHLR ADVISORS, LTD.

**Signature:** /s/ Audrey Woon

**Name/Title:** Audrey Woon, Chief Compliance Officer

**Date:** 08/20/2025

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:** HILLHOUSE INVESTMENT MANAGEMENT, LTD.

**Signature:** /s/ Audrey Woon

**Name/Title:** Audrey Woon, Chief Compliance Officer

**Date:** 08/20/2025