# EDGAR Filing Document

**Accession Number:** 0001712178
**File Stem:** 0001185185-26-001481
**Filing Date:** 2026-4
**Character Count:** 896618
**Document Hash:** d53d53ee7f74086ea5ef1b72a47e8088
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-26-001481.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001185185-26-001481

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 158

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NaaS Technology Inc.
- **CENTRAL INDEX KEY:** 0001712178
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294212
- **FILM NUMBER:** 26891544

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NEWLINK CENTER, AREA G, BLDG. 7,HUITONG
- **STREET 2:** TIMES SQUARE, NO.1 YAOJIAYUAN SOUTH RD,
- **CITY:** CHAOYANG DISTRICT, BEIJING
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 861085511066

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NEWLINK CENTER, AREA G, BLDG. 7,HUITONG
- **STREET 2:** TIMES SQUARE, NO.1 YAOJIAYUAN SOUTH RD,
- **CITY:** CHAOYANG DISTRICT, BEIJING
- **PROVINCE COUNTRY:** F4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RISE Education Cayman Ltd
- **DATE OF NAME CHANGE:** 20170718

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on April 24, 2026**

**Registration No. 333-294212**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**AMENDMENT NO. 1**

**TO**

**FORM F-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**NaaS Technology Inc.**

**(Exact name of Registrant as specified in its charter)**

**Not Applicable** 

**(Translation of Registrant's name into English)** 

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **5990** | **Not Applicable** |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(Primary Standard Industrial<br> Classification Code Number)** | **(I.R.S. Employer<br> Identification Number)** |

---

**Newlink Center, Area G, Building 7, Huitong Times Square,** 

**No.1 Yaojiayuan South Road, Chaoyang District,** 

**Beijing, 100024, The People's Republic of China** 

**+86 (10) 8551-1066** 

**(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)** 

**Cogency Global Inc.** 

**122 East 42nd Street, 18th Floor** 

**New York, NY 10168** 

**(800) 221-0102** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***With a Copy to:***

**Richard J. Chang, Esq. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP Suite 2202, Building C, Yintai Center #2 Jianguomenwai Ave. Chaoyang District Beijing, P.R. China 100022 +86 10 5680 3888**

**Approximate date of commencement of proposed sale to the public: as soon as practicable after the effective date of this registration statement.** 

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

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

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

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

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

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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

**The information in this preliminary prospectus is not complete and may be changed. We and/or the Selling Shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any state where the offer or sale is not permitted.** 

**PRELIMINARY PROSPECTUS (Subject to Completion)** 

**Dated April 24, 2026**

![](image_001.jpg)

**NaaS Technology Inc.** 

**37,376,000,000 CLASS A ORDINARY SHARES AND**

**468,750 AMERICAN DEPOSITARY SHARES UNDERLYING WARRANTS REPRESENTING 1,500,000,000 CLASS A ORDINARY SHARES**

This prospectus relates to the offer and sale, from time to time, by the selling shareholders or their pledgees, donees, transferees, or other successors in interest (collectively, the "Selling Shareholders") of (i) up to 32,576,000,000 Class A ordinary shares of NaaS Technology Inc. (the "Company") issued to certain investors pursuant to share subscription agreements dated November 4, 2025 (the "2025 PIPE Agreement"), as supplemented and modified by certain supplementary agreements dated February 27, 2026 and a share subscription agreement dated March 6, 2026 (the "2026 Share Subscription Agreement"); (ii) up to 4,800,000,000 Class A ordinary shares of the Company issuable upon exercise of the warrants issued to certain investors pursuant to the 2026 Share Subscription Agreement (the "2026 Warrants"); and (iii) up to 468,750 American depositary shares of the Company ("ADSs") issuable upon exercise of the warrants issued to certain investors (the "2025 Warrant Holders") pursuant to a securities purchase agreement dated March 31, 2025, as supplemented and modified by certain warrant amendments dated March 6, 2026 (the "2025 Warrants"). Each ADS represents 3,200 of our Class A ordinary shares, par value $0.000001 per share.

We are not selling any Class A ordinary shares under this prospectus and will not receive any proceeds from the sale of Class A ordinary shares by the Selling Shareholders. The Selling Shareholders may offer all or part of the securities for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated prices. These securities are being registered to permit the Selling Shareholders to sell securities from time to time, in amounts, at prices and on terms determined at the time of offering. The Selling Shareholders may sell these securities through ordinary brokerage transactions, directly to market makers of our shares or through any other means described in the section entitled "Plan of Distribution" herein. In connection with any sales of securities offered hereunder, the Selling Shareholders, any underwriters, agents, brokers or dealers participating in such sales may be deemed to be "underwriters" within the meaning of the Securities Act of 1933, as amended, or the "Securities Act".

We are registering these securities for resale by the Selling Shareholders named in this prospectus, or their transferees, pledgees, donees or assignees or other successors-in-interest (that receive any of the securities as a gift, distribution, or other non-sale related transfer).

Our ADSs are listed on the Nasdaq Capital Market, under the symbol "NAAS." On April 23, 2026, the closing trading price for our ADSs, as reported on Nasdaq Capital Market, was US$2.1 per ADS.

Our issued and outstanding share capital consists of Class A ordinary shares, Class B ordinary shares, Class C ordinary shares and Class D ordinary shares. In respect of matters requiring the votes of our shareholders, holders of Class A ordinary shares, Class B ordinary shares, Class C ordinary shares vote together as one class; holders of Class A ordinary shares are entitled to one vote per share, holders of Class B ordinary shares are entitled to ten votes per share, and holders of Class C ordinary shares are entitled to two votes per share. Holders of Class D ordinary shares are entitled to five hundred votes per share. Each Class B ordinary share and each Class C ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares or Class C ordinary shares under any circumstances. Class D ordinary shares are not convertible into any other class of the share issued by the Company, nor into any ADSs representing the Class A ordinary shares under any circumstances.

As of the date of this prospectus, Newlinks Technology Limited ("NewLink") beneficially owns 11,915,840,000 Class A ordinary shares, 195,969,844 Class B ordinary shares, 1,111,577,928 Class C ordinary shares and 16,000,000 Class D ordinary shares, which account for an aggregate of 48.8% of the voting power represented by all our issued and outstanding shares. Our currently effective memorandum and articles of association prohibits any Class B ordinary shares held by NewLink from being disposed of or otherwise transferred to any person other than Mr. Zhen Dai and persons affiliated with him. Our currently effective memorandum and articles of association also requires any Class B ordinary shares or Class C ordinary shares to be automatically converted into Class A ordinary shares upon a transfer of such Class B ordinary shares or Class C ordinary shares to any person other than Mr. Zhen Dai and persons affiliated with him. See "Description of Share Capital."

NaaS Technology Inc. is not an operating company but a Cayman Islands holding company. Our operations are primarily conducted through our PRC subsidiaries. Investors in our ADSs thus are purchasing equity interest in a Cayman Islands holding company and not in an operating entity. As a holding company, NaaS Technology Inc. may rely on dividends from its subsidiaries for cash requirements, including any payment of dividends to our shareholders. The ability of our subsidiaries to pay dividends to NaaS Technology Inc. may be restricted by laws and regulations applicable to them or the debt they incur on their own behalf or the instruments governing their debt. In addition, PRC regulatory authorities could disallow our holding company structure, which would likely result in a material change in our operations and could cause the value of our securities to significantly decline or become worthless. For more details, see "Risk Factors—Risks Related to Doing Business in China—Our holding company structure involves unique risks to investors. If in the future we were to amend our operating structure to use any VIE again for our operations in China or if PRC regulatory authorities were to disallow our holding company structure, additional risks and uncertainties will be involved."

As used in this prospectus, "NaaS" means upon and after the consummation of the Mergers, NaaS Technology Inc., a Cayman Islands exempted company with limited liability, and its subsidiaries, and, prior to the consummation of the Mergers, RISE Education Cayman Ltd, a Cayman Islands exempted company with limited liability, and its consolidated subsidiaries.

On February 8, 2022, RISE Education Cayman Ltd ("RISE") entered into an Agreement and Plan of Merger (the "Merger Agreement") with Dada Merger Sub Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of RISE ("Merger Sub"), Dada Merger Sub II Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of RISE ("Merger Sub II") and Dada Auto, pursuant to the terms of which (i) Merger Sub merged with and into Dada Auto (the "Merger"), with Dada Auto being the surviving entity (the "Surviving Entity") following the Merger, the separate corporate existence of Merger Sub ceasing, and Dada Auto continuing as a direct, wholly-owned subsidiary of RISE, and (ii) immediately after the Effective Time (as defined in the Merger Agreement), the Surviving Entity merged with and into Merger Sub II (the "Second Merger", and together with the Merger, the "Mergers"), with Merger Sub II being the surviving entity (the "Surviving Company") following the Second Merger, the separate corporate existence of the Surviving Entity ceasing, and the Surviving Company continuing as a direct, wholly-owned subsidiary of RISE. The Mergers were consummated on June 10, 2022 (the "Closing"), upon which we changed our name from "RISE Education Cayman Ltd" to "NaaS Technology Inc." and our ticker from "REDU" to "NAAS" and assumed and began conducting the principal businesses of NaaS. The number of Class A ordinary shares represented by each ADS was also changed from two Class A ordinary shares per ADS to ten Class A ordinary shares per ADS. "We," "us," "our," "our company," or the "Company" means, upon and after consummation of the Mergers, NaaS Technology Inc. and its subsidiaries and, prior to the consummation of the Mergers, RISE Education Cayman Ltd and its consolidated subsidiaries. The historical results of operations and financial information presented in this prospectus for periods prior to June 10, 2022 are those of NaaS unless otherwise stated, and our consolidated financial statements from June 10, 2022 are a continuation of the financial statements of NaaS and include the results of operations of RISE and its consolidated subsidiaries.

We face various risks and uncertainties relating to doing business in China. Our business operations are primarily conducted in China, and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on overseas offerings, antimonopoly regulatory actions, and oversight on cybersecurity and data privacy as the PRC legal system and regulatory environment continue to rapidly evolve, which may impact our ability to conduct certain businesses, accept foreign investments, or list and conduct offerings on a stock exchange in the United States or other foreign country. The PRC government's significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations in this nature, such as data security or anti-monopoly related regulations, may cause the value of such securities to significantly decline or become worthless. For more details, see "Risk Factors—Risks Related to Doing Business in China—The PRC government has significant oversight over business operations conducted in China, and may intervene or influence our operations at any time, which could result in a material adverse change in our operations and the value of our ADSs." Moreover, risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For more details, see "Risk Factors—Risks Related to Doing Business in China—Uncertainties with respect to the PRC legal system could adversely affect us." These risks could materially and adversely impact our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless.

Pursuant to the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023 (the "HFCAA"), if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our shares or ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, including our current auditor, our previous auditor that issued the audit report included elsewhere in this prospectus and the auditors that issued the audit reports included in RISE's annual report on Form 20-F for the fiscal year ended December 31, 2021. In June 2022, the SEC conclusively listed RISE as a Commission-Identified Issuer under the HFCAA following the filing of RISE's annual report on Form 20-F for the fiscal year ended December 31, 2021. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. As of the date of this prospectus, the PCAOB has not issued any new determination that it is unable to inspect or investigate completely registered public accounting firms headquartered in any jurisdiction. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCAA after we file our annual report on Form 20-F for the fiscal year ended December 31, 2025. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong and we continue to use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA. See "Risk Factors—Risks Related to Doing Business in China—The PCAOB had historically been unable to inspect our auditors that issued the audit report included elsewhere in this prospectus in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our auditors in the past has deprived our investors with the benefits of such inspections." and "Risk Factors—Risks Related to Doing Business in China—Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment."

NaaS Technology Inc.'s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to NaaS Technology Inc. Under PRC laws and regulations, our PRC subsidiaries are subject to certain restrictions with respect to payment of dividends or other transfers of any of their net assets to us. Our PRC subsidiaries are permitted to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. PRC laws also require a foreign-invested enterprise to set aside at least 10% of its after-tax profits as the statutory common reserve fund until the cumulative amount of the statutory common reserve fund reaches 50% or more of such enterprise's registered capital, if any, to fund its statutory common reserves, which are not available for distribution as cash dividends. Remittance of dividends by a wholly foreign-owned enterprise out of mainland China is also subject to examination by the banks designated by the PRC State Administration of Foreign Exchange ("SAFE"). These restrictions are benchmarked against the paid-up capital and the statutory reserve funds of our PRC subsidiaries. To the extent cash in our business is in China or in an entity in mainland China, the funds may not be available to fund operations or for other use outside of mainland China due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability to transfer cash. As a result, our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business may be materially and adversely affected. For a detailed description of how cash is transferred through our organization, see "Prospectus Summary—Cash and Asset Flows through Our Organization."

See "Risk Factors" beginning on page 16 of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**Prospectus dated April 24, 2026.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [THE OFFERING](#a_002) | 13 |
| [SUMMARY CONSOLIDATED FINANCIAL DATA](#a_003) | 14 |
| [RISK FACTORS](#a_004) | 16 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_005) | 47 |
| [USE OF PROCEEDS](#a_006) | 48 |
| [DIVIDEND POLICY](#a_007) | 49 |
| [CAPITALIZATION](#a_008) | 50 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_009) | 51 |
| [CORPORATE HISTORY AND STRUCTURE](#a_010) | 53 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_011) | 59 |
| [BUSINESS](#a_012) | 75 |
| [REGULATION](#a_013) | 80 |
| [MANAGEMENT](#a_014) | 91 |
| [PRINCIPAL SHAREHOLDERS](#a_015) | 97 |
| [SELLING SHAREHOLDERS](#a_016) | 99 |
| [RELATED PARTY TRANSACTIONS](#a_017) | 101 |
| [DESCRIPTION OF SHARE CAPITAL](#a_018) | 102 |
| [DESCRIPTION OF AMERICAN DEPOSITARY SHARES](#a_019) | 110 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_020) | 121 |
| [TAXATION](#a_021) | 122 |
| [PLAN OF DISTRIBUTION](#a_022) | 128 |
| [EXPENSES RELATED TO THIS OFFERING](#a_023) | 129 |
| [LEGAL MATTERS](#a_024) | 129 |
| [EXPERTS](#a_025) | 129 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_026) | 129 |

---

**You should rely only on the information contained or incorporated by reference in this prospectus or any supplement. Neither we nor the selling shareholders have authorized anyone else to provide you with different information. The securities offered by this prospectus are being offered only in jurisdictions where the offer is permitted. You should not assume that the information in this prospectus or any supplement is accurate as of any date other than the date on the front of each document. Our business, financial condition, results of operations and prospects may have changed since that date.**

Except as otherwise set forth in this prospectus, neither we nor the selling shareholders have taken any action to permit a public offering of these securities outside the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of these securities and the distribution of this prospectus outside the United States.

i

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

**PROSPECTUS SUMMARY**

 

*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in the ADSs discussed under "Risk Factors," before deciding whether to invest in the ADSs.* 

**Overview**

We are a new energy asset operation service provider, leveraging artificial intelligence (AI) technology to achieve intelligent matching of electric vehicle charging supply and demand. We provide convenient, efficient and smart charging services for electric vehicle owners, while helping charging station operators to improve operational efficiency and profitability. Our solutions benefit related stakeholders along the industry value chain such as charging station operators, auto OEMs, and end-users in the following ways:

●  ***Charging Services.*** We provide an integrated set of charging services to charging stations that mainly includes mobility connectivity services. We offer effective mobility connectivity services through Kuaidian, our partnered platform operated by a third-party service provider. On March 26, 2026, this third-party service provider entered into an agreement to transfer 100% of equity interest in Kuaidian to a wholly owned subsidiary of Newlink. This transfer is expected to be completed by mid-May 2026, following which Kuaidian will become a wholly owned subsidiary of Newlink. Kuaidian boosts the visibility of charging stations and charging piles and connects end-users with suitable charging infrastructure. We offer full station operation services and deliver charging services at charging stations that are operated under this model. We also provide other online solutions, including software as a service or SaaS products that digitalize and upgrade key aspects of the operations and the management of charging stations.

●  ***Energy Solutions.*** We offer integrated solutions covering the planning, deployment, and operational optimization of EV charging for energy asset owners. Our solutions mainly include site selection, hardware procurement and EPC (engineering, procurement, and construction).

●  ***New Initiatives.*** We deliver electricity procurement, non-charging and other services that aim to enhance the efficiency and profitability of energy assets.

 ****

***Charging Services***

We offer a comprehensive set of charging services. Our mobility connectivity services provide integrated online EV charging solutions for charging stations and enable a frictionless and hassle-free charging experience for end-users through *Kuaidian.* We are also pioneering digitalized operation and we provide SaaS products to support the management of key aspects of charging stations' daily task.

 

*Mobility Connectivity Services*

Our mobility connectivity services increase the visibility of charging stations and chargers and provide channels for them to gain access to end-users through *Kuaidian* which is operated by a third-party service provider. We provide a centralized and single reliable source of charging station information, where numerous charging stations and chargers are networked and presented at the fingertip of end-users through *Kuaidian.*

 

*Full Station Operation*

In addition to providing mobility connectivity services, we also independently and fully operate stations for station owners. Under this model, we obtain the operational rights to a charging station and take full responsibility for running the entire operation of that station, including the delivery of charging services. We retain all of the revenue after paying a fee fixed to the total transaction volume to the station owner.

 

*Other Online Solutions*

We also provide other online solutions, including SaaS products, that extend to traffic support and management, marketing, payment, chargers management, order management, load management, and membership management. We also provide phone support to both energy asset owners and end-users. We also work with certain EV OEMs to provide functions and applications within the pre-installed software of their EVs.

 ****

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

 ****

***Energy Solutions***

Our energy solutions cover the planning, deployment, and operational optimization of EV charging for energy asset owners. We provide site selection and EPC services of charging stations and support hardware procurement.

 

*EPC Services*

Our established EV charging network and extensive industrial experience equip us with valuable insights into market demands and business conditions, which allow us to provide tailored one-stop construction services covering the identification of station location, station design and EPC services. We engage third-party contractors to complete the construction work.

 

*Procurement*

We procure suitable chargers at bulk purchase prices from our partner charger manufacturers and re-sell these chargers to charging stations.

In relation to our hardware procurement, NaaS had historically limited its participation to the facilitation of sales transactions, generating revenues by charging a take rate on the procurement value. We have been directly undertaking procurement and sales activities since 2022.

 ****

***New Initiatives***

 

*Electricity Procurement*

We provide electricity procurement services to charging stations. Leveraging the vast number of charging stations on our network, we are able to aggregate procurement requirements for electricity and negotiate for and secure electricity at favorable prices.

We additionally provide a cloud-based virtual power plant platform to facilitate the establishment of a modern energy system for charging stations. This is a platform to maintain the stability of a power supply that integrates distributed power sources including conventional energy and renewable energy, including solar power, wind power and hydro power, and connects them with EVs and charging stations. It allows scattered energy sources to function as if they were one power plant. Our virtual power plant platform offers two types of services to charging stations: it effects trading transactions in the electricity market with the electricity it collects and stores to earn price differences; it also responds to government peak shaving and load-filling demands.

 

*Non-charging Services*

We are able to boost charging station revenues by enabling the provision additional retail services as well as other amenities and ancillary services.

We are a pioneer in packaging non-charging retail and ancillary services into charging stations and have retail resources that are ready for deployment. We help charging stations adopt scenario-specific furniture and fixture or infrastructure designs with a variety of amenities and non-charging services, such as vending machines, massage chairs and car wash tunnels. We are also assisting in station design and decoration, furniture and fixture procurement with discounted prices for non-charging businesses. We charge commission fees to suppliers based on the value of the facility and the merchandise supplied to charging stations. By enabling charging stations to provide non-charging services, we are able to label charging stations on our network based on the amenities and ancillary services they offer. We work with our business partners to realize the full potential of this information by efficiently matching end-users through *Kuaidian* with the right charging stations that offer the right non-charging services. We are committed to decarbonization and the building of a green and sustainable future. We believe in clean energy and we are facilitating the adoption of EVs through the deployment and operation of EV charging infrastructure, allowing for the reduction of greenhouse gas emissions caused by traditional vehicles. In 2024, we helped reduce carbon emissions by approximately 3,224,900 tons. Although this is a slight decrease from the 3,293,100 tons in 2023, it represents a 74.5% increase in reduction efforts compared to 2022.

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

**Our Holding Company Structure**

NaaS Technology Inc. is a holding company with no operations of its own. We conduct our operations in China primarily through our PRC subsidiaries. As a result, although other means are available for us to obtain financing at the holding company level, NaaS Technology Inc.'s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to NaaS Technology Inc. Under PRC laws and regulations, our PRC subsidiaries are subject to certain restrictions with respect to payment of dividends or other transfers of any of their net assets to us. Our PRC subsidiaries are permitted to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. PRC laws also require foreign-invested enterprises to set aside at least 10% of its after-tax profits as the statutory common reserve fund until the cumulative amount of the statutory common reserve fund reaches 50% or more of such enterprises' registered capital, if any, to fund its statutory common reserves, which are not available for distribution as cash dividends. Remittance of dividends by a wholly foreign-owned enterprise out of mainland China is also subject to examination by the banks designated by SAFE. These restrictions are benchmarked against the paid-up capital and the statutory reserve funds of our PRC subsidiaries. To the extent cash in our business is in China or in an entity in mainland China, the funds may not be available to fund operations or for other use outside of mainland China due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability to transfer cash. As a result, our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business may be materially and adversely affected.

For risks relating to the fund flows of our operations in China, see "Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business."

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The following diagram illustrates our corporate structure, including our principal subsidiaries as of the date of this prospectus:

![](image_002.jpg)

**Summary of Risk Factors**

Investing in our ADSs involves significant risks. You should carefully consider all of the information in this prospectus before making an investment in our ADSs. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully in the section titled "Risk Factors."

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**Risks Related to Our Business and Industry**

● NaaS is an early-stage company with a history of losses, and we expect to incur significant expenses and continuing losses for the near term.

● NaaS experienced rapid growth and we expect to invest in growth for the foreseeable future. If we fail to manage growth effectively, our business, operating results and financial condition could be adversely affected.

● NaaS has a limited operating history. NaaS recently restructured certain aspects of its corporate organization and business operations, adopted a new and unproven business model and expanded into new business segments, and we are subject to significant risks in relation to such transition.

● The EV charging industry and its technology are rapidly evolving and may be subject to unforeseen changes.

● We face intense competition, including from a number of companies in China, and expect to face significant competition in the future as the public EV charging service industry develops.

● NewLink exercises substantial influence over us. Our operation is dependent on our collaboration with NewLink.

● We rely on our collaborative arrangements with the operator of Kuaidian in delivering our EV charging solutions.

● Our results of operation and future profitability are and will remain highly dependent on the success of our online EV charging solutions.

● Failure to effectively expand our sales and marketing capabilities could harm our ability to efficiently deliver our solutions, retain existing customers, increase our customer base, or achieve broader market acceptance of our solutions.

● We rely on marketing, branding and promotional activities to maintain, enhance and protect our reputation and brand recognition, expand our business and improve the efficiency of our solutions, which activities may be costly and may not be effective.

● We expect to raise additional funds and these funds may not be available when needed, if at all.

● A severe or prolonged downturn in the Chinese or global economy could materially and adversely affect our business and financial condition.

**Risks Related to Doing Business in China**

We face various risks and uncertainties relating to doing business in China. Our business operations are primarily conducted in China, and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory requirements on overseas offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, which may impact our ability to conduct certain businesses, accept foreign investments, or list and conduct offerings on a stock exchange in the United States or other foreign country. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless.

● The PRC government has significant oversight over business operations conducted in China and may intervene or influence our operations at any time, which could result in a material adverse change in our operations and the value of our ADSs. Also, the PRC government has recently indicated that it may exert more oversight and control over offerings that are conducted overseas by or foreign investment in China-based issuers. Therefore, investors of our ADSs face potential uncertainty from actions taken by the PRC government affecting our business and operations which could significantly limit or completely hinder our ability to offer or continue to offer securities and cause the value of such securities to significantly decline or be worthless. See "Risk Factors—Risks Related to Doing Business in China— The PRC government has significant oversight over business operations conducted in China, and may intervene or influence our operations at any time, which could result in a material adverse change in our operations and the value of our ADSs." PRC laws, regulations, and rules are rapidly evolving which may be preceded with short advance notice and could result in a material adverse change in our operations and the value of our ADSs. See "Risk Factors—Risks Related to Doing Business in China—We may be required to obtain additional licenses in relation to our ongoing business operations and may be subject to penalties for failing to obtain certain licenses with respect to our past operations."

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● Changes in China's economic, political or social conditions, or government policies could materially and adversely affect our business and operations. See "Risk Factors—Risks Related to Doing Business in China—Changes in China's economic, political or social conditions, or government policies could materially and adversely affect our business and operations."

● Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws, could result in a material adverse change in our operations and the value of our ADSs. See "Risk Factors—Risks Related to Doing Business in China—Uncertainties with respect to the PRC legal system could adversely affect us."

● We are a holding company and we may rely on dividends and other distributions on equity paid by our PRC subsidiaries for our cash and financing requirements. The funds in mainland China or in our PRC subsidiaries may not be available to fund operations or for other use outside of mainland China due to interventions in or the imposition of restrictions and limitations on our and our subsidiaries' ability by the PRC government to transfer cash. Any limitation on the ability of our PRC subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business. Although currently there are no equivalent or similar restrictions or limitations in Hong Kong on cash transfers in, or out of, Hong Kong or our Hong Kong subsidiaries, if certain restrictions or limitations in mainland China were to become applicable to cash transfers in and out of Hong Kong or our Hong Kong subsidiaries in the future, the funds in Hong Kong or in our Hong Kong subsidiaries, likewise, may not be available to fund operations or for other use outside of Hong Kong. Therefore, to the extent cash in our business is in mainland China or Hong Kong or our mainland China subsidiaries or Hong Kong subsidiaries, the funds may not be available to fund operations or for other use outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability to transfer cash. Cash transfers from our Hong Kong subsidiaries to NaaS Technology Inc. or our offshore subsidiaries are subject to tax obligations imposed by Hong Kong laws to the extent applicable. Uncertainties also exist as to our ability to provide prompt financial support to our PRC subsidiaries when needed and if we fail to complete such registrations or record-filings, our ability to use foreign currency, and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund and expand our business. See "Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business" and "Risk Factors—Risks Related to Doing Business in China—PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from making loans to our PRC subsidiaries or making additional capital contributions to our wholly foreign-owned subsidiaries in China, which could materially and adversely affect our liquidity and our ability to fund and expand our business."

● The PCAOB had historically been unable to inspect our auditors that issued the audit report included elsewhere in this prospectus in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our auditors in the past has deprived our investors with the benefits of such inspections.

● Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.

**Risks Related to Our ADSs and Trading Market**

● Our multi-class share structure with different voting rights will significantly limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of the Class A ordinary shares and the ADSs may view as beneficial.

● The trading price of the ADSs is likely to be volatile, which could result in substantial losses to investors.

● Future issuance of ADSs or ordinary shares will result in additional dilution of the percentage ownership of our shareholders and could cause the price of the ADSs to fall.

● Substantial future sales or perceived sales of the ordinary shares or ADSs in the public market could cause the price of the ADSs to decline.

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**Recent Development**

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***Certain Recent Transactions***

On August 8, 2025, the Company issued to LMR Multi-Strategy Master Fund Limited ("LMR"), an affiliate of LMR Partners Limited, a global multi-strategy investment fund a warrant to purchase our Class A ordinary shares (the "LMR Warrant") pursuant to a Deed of Settlement dated June 4, 2025. The LMR Warrant entitles LMR, at any time from the date on which our market capitalization, calculated based on the volume-weighted average price over 20 consecutive trading days, reaches at least US$90 million, until June 4, 2035, to subscribe for a number of our Class A ordinary shares representing 10% of our total issued share capital on such initial exercise date. The LMR Warrant is exercisable in whole but not in part, with the aggregate exercise price to be satisfied by the waiver and cancellation of certain indebtedness owed by us to LMR under the rescheduling documents referred to in the Deed of Settlement dated June 4, 2025, excluding the rescheduled payments thereunder.

On November 4, 2025, the Company entered into share subscription agreements (the "2025 PIPE Agreements") with Newlink Envision Limited, a wholly-owned subsidiary of our controlling shareholder, Newlink, and Newlink Linkage Limited, an entity 84.31% owned by Newlink, and certain accredited investors (the "2025 PIPE Investors") for the purchase and sale of a total of 27,776,000,000 newly issued Class A ordinary shares of the Company, at a price of US$0.001 per Class A ordinary share (equivalent to US$3.6 per ADS, representing the average of the 30 daily volume weighted average prices ("VWAPs") of our ADSs immediately prior to November 1, 2025), for a total purchase price of US$31.2 million. On February 27, 2026, the Company entered into supplementary agreements (the "2025 PIPE Supplementary Agreements") with the 2025 PIPE Investors to repurchase and re-issue the shares issued under the 2025 PIPE Agreements, subject to terms and conditions of the 2025 PIPE Supplementary Agreements.

On March 6, 2026, the Company and the 2025 Warrant Holders entered into Amendments to the 2025 Warrants (the "2025 Warrant Amendments"), to amend the exercise price to US$2.2 per ADS to reflect the latest par value and ADS ratio of the Company's Class A ordinary shares, subject to terms and conditions of the 2025 Warrant Amendments.

On March 6, 2026, the Company entered into a share subscription agreement (the "2026 Securities Purchase Agreement") with certain accredited investors for the purchase and sale of (i) a total of 4,800,000,000 Class A ordinary shares of the Company, at a price of US$0.0006875 per Class A ordinary share and (ii) warrants (the "2026 Warrants") to purchase up to US$3,300,000 of the Company's Class A ordinary shares at an exercise price of US$0.0006875 per share, each subject to terms and conditions set forth in the 2026 Securities Purchase Agreement. Upon closing of the 2026 Securities Purchase Agreement, the Company will receive gross proceeds of US$3,300,000.

 ****

***ADS Ratio Change***

Effective on July 30, 2025, the Company changed the ratio of its ADSs to its Class A ordinary shares (the "ADS ratio"), from the previous ADS Ratio of one ADS to 800 Class A ordinary shares to a new ADS ratio of one ADS to 3,200 Class A ordinary shares. All earnings per ADS figures in this prospectus give retroactive effect to the foregoing ADS to share ratio change.

 ****

***Re-Designation and Reclassification of Authorized Share Capital; Authorization and Issuance of New Class of Shares; Amendment of Memorandum and Articles of Association***

On May 7, 2025, the board of directors of the Company, in accordance with the Second Amended and Restated Memorandum and Articles of Association of the Company, approved the re-designation and reclassification of 2,100,000,000 authorized but unissued shares, par value US$0.01 each, as 2,100,000,000 authorized but unissued Class A ordinary shares, par value US$0.01 each (the "Re-Designation and Reclassification"). The Re-Designation and Reclassification became effective on the same date, and has been filed with the Registrar of the Companies in the Cayman Islands.

On September 4, 2025, in accordance with the Second Amended and Restated Memorandum and Articles of Association of the Company, the board of directors of the Company unanimously approved (i) the designation of 16,000,000 authorized but unissued shares into Class D ordinary shares, a new class of shares of the Company, par value US$0.01 each (the "Class D Ordinary Shares") and (ii) the issuance of 16,000,000 Class D Ordinary Shares to Newlink Envision Limited as fully paid (the "Authorization and Issuance of New Class of Shares"). Each Class D Ordinary Share shall entitle the holder thereof to five hundred (500) votes on all matters subject to vote at general meeting of the Company. The holders of Class D Ordinary Shares shall have no right to convert their shares into any other class of share issued by the Company, nor into any ADS representing Class A ordinary shares of the Company. The Authorization and Issuance of New Class of Shares became effective on the same date and has been filed with the Registrar of the Companies in the Cayman Islands.

On October 10, 2025, the shareholders of the Company approved a special resolution to amend the Company's Second Amended and Restated Memorandum and Articles of Association to the Third Amended and Restated Memorandum and Articles of Association.

 ****

On January 23, 2026, the shareholders of the Company approved a special resolution to amend and restate the Company's Third Amended and Restated Memorandum and Articles of Association to the Fourth Amended and Restated Memorandum and Articles of Association, which has become effective on January 29, 2026. Under the Company's Fourth Amended and Restated Memorandum and Articles of Association, the par value of each authorized and issued share in the capital of the Company has been amended from US$0.01 to US$0.000001, such that following the amendment, the authorized and issued share capital of the Company shall be US$52,000.

 ****

***Board Changes***

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**The Holding Foreign Companies Accountable Act**

Pursuant to the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023, or the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our shares or ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, including our current auditor, our previous auditor that issued the audit report included elsewhere in this prospectus and the auditors that issued the audit reports included in RISE's annual report on Form 20-F for the fiscal year ended December 31, 2021. In June 2022, the SEC conclusively listed RISE as a Commission-Identified Issuer under the HFCAA following the filing of RISE's annual report on Form 20-F for the fiscal year ended December 31, 2021. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. As of the date of this prospectus, the PCAOB has not issued any new determination that it is unable to inspect or investigate completely registered public accounting firms headquartered in any jurisdiction.For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCAA after we file our annual report on Form 20-F for the fiscal year ended December 31, 2025. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong and we continue to use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA. See "Risk Factors—Risks Related to Doing Business in China—The PCAOB had historically been unable to inspect our auditors that issued the audit report included elsewhere in this prospectus in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our auditors in the past has deprived our investors with the benefits of such inspections." and "Risk Factors—Risks Related to Doing Business in China—Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment."

**Permissions Required from the PRC Government Authorities**

We conduct our business primarily through our PRC subsidiaries. Our operations in China are governed by PRC laws and regulations. As of the date of this prospectus, our PRC subsidiaries and we have obtained the business licenses issued by the Market Supervision Administration's regional departments, being all licenses, permits, and registrations from the PRC government authorities that are required for our business operations under current PRC laws, regulations and rules, and such licenses, permits, and registrations have not been denied by any PRC government authorities.

On December 28, 2021, CAC, together with other administrative departments, jointly promulgated the Cybersecurity Review Measures which became effective on February 15, 2022, or the 2022 Cybersecurity Review Measures. According to the 2022 Cybersecurity Review Measures, an internet platform operator who possesses personal information of more than one million users shall apply for a cybersecurity review before listing in a foreign country, and the competent governmental authorities may initiate a cybersecurity review if they consider that the network products or services or data processing activities in question affect or may affect national security. The China Cybersecurity Review Technology and Certification Center, the institution designated by CAC to receive application materials for cybersecurity review and conduct examinations of such applications, confirmed with NaaS that if NaaS did not possess more than one million individuals' personal information, it would not be required to apply for a cybersecurity review in connection with the Mergers or the Transactions. Because NaaS had transferred the ownership of *Kuaidian* as well as the rights to access and use certain data generated by or in the possession of *Kuaidian* to a third-party service provider prior to the Mergers, it did not possess more than one million individuals' personal information. Based on the foregoing, we are advised by Jingtian & Gongcheng, our PRC counsel, that (i) we are not required to obtain permissions from CSRC, and (ii) we have not been asked to obtain or denied such and other permissions by any PRC government authority, under current PRC laws, regulations and rules in connection with the Mergers and the Transactions.

On February 17, 2023, CSRC published the Interim Administrative Measures on Overseas Securities Offering and Listing by Domestic Enterprises (CSRC Announcement [2022] No. 43), or the Overseas Listing Measures, which took effect on March 31, 2023. Under the Overseas Listing Measures, a filing-based regulatory system applies to "indirect overseas offerings and listings" of companies in mainland China, which refers to securities offerings and listings in an overseas market made under the name of an offshore entity but based on the underlying equity, assets, earnings or other similar rights of a company in mainland China that operates its main business in mainland China. The Overseas Listing Measures states that an overseas listed company that conducts any post-listing offering, including issuance of shares, convertible notes and other similar securities, in the same overseas market shall submit a filing with CSRC within three business days after the completion of such offering. Therefore, any of our future offering and listing of our securities in an overseas market may be subject to the filing requirements under the Overseas Listing Measures. In connection with the Overseas Listing Measures, on February 17, 2023 CSRC also published the Notice on the Administrative Arrangements for the Filing of Overseas Securities Offering and Listing by Domestic Enterprises, or the Notice on Overseas Listing Measures. According to the Notice on Overseas Listing Measures, issuers that have already been listed in an overseas market by March 31, 2023, the date the Overseas Listing Measures became effective, are not required to make any immediate filing and are only required to comply with the filing requirements under the Overseas Listing Measures when they subsequently seek to conduct an offering in an overseas market.

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Given (i) the uncertainties of interpretation and implementation of applicable laws and regulations and the enforcement practice by competent government authorities, (ii) the PRC government's ability to intervene or influence our operations at any time, and (iii) the rapid evolvement of PRC laws, regulations, and rules which may be preceded with short advance notice, we may be required to obtain additional licenses, permits, registrations, filings or approvals for our business operations, the Mergers, the Transactions, or for our offerings overseas in the past or in the future and our conclusion on the status of our licensing compliance may prove to be mistaken. If (i) we do not receive or maintain any permission or approval required of us, (ii) we inadvertently concluded that certain permissions or approvals have been acquired or are not required, or (iii) applicable laws, regulations, or interpretations thereof change and we become subject to the requirement of additional permissions or approvals in the future, we may have to expend significant time and costs to procure them. If we are unable to do so, on commercially reasonable terms, in a timely manner or otherwise, we may become subject to sanctions imposed by the PRC regulatory authorities, which could include fines, penalties, and proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into mainland China as foreign investments or accept foreign investments, or list on a U.S. or other overseas exchange may be restricted, and our business, reputation, financial condition, and results of operations may be materially and adversely affected. Specifically, if it is determined in the future that approval and filing from CSRC, CAC or other regulatory authorities or other procedures, including the cybersecurity review under the 2022 Cybersecurity Review Measures, are required for the Mergers or the Transactions, or for our overseas offerings in the past, on a retrospective basis, it is uncertain whether such approval can be obtained or filing procedures completed, or how long it will take to obtain such approval or complete such filing procedures. Any failure to obtain or delay in obtaining such approval or complete such filing procedures, or a rescission of any such approval if obtained, would subject us to sanctions by CSRC, CAC or other PRC regulatory authorities. These regulatory authorities may impose fines and penalties on our operations in China, limit our abilities to carry out business operations in China or pay dividends outside China, delay or restrict the repatriation of our offshore funds into China or take other actions that could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of the ADSs. CSRC, CAC, and other PRC regulatory authorities may also order us, or make it advisable for us, to unwind or reverse the Mergers and the Transactions. In addition, if CSRC, CAC or other regulatory authorities in China subsequently promulgate new rules or issue directives requiring that we obtain additional approvals or complete additional filing or other regulatory procedures for the Mergers, the Transactions or our prior offerings overseas, there is no assurance that we will be able to comply with these requirements and may not be able to obtain any waiver of such requirements, if and when procedures are established to obtain such a waiver. Any of the foregoing could materially and adversely affect our business, prospects, financial condition, reputation, and the trading price of our listed securities.

For more detailed information, see "Risk Factors—Risks Related to Doing Business in China— We may be required to obtain additional licenses in relation to our ongoing business operations and may be subject to penalties for failing to obtain certain licenses with respect to our past operations," "Risk Factors—Risks Related to Doing Business in China— The PRC government has significant oversight over business operations conducted in China, and may intervene or influence our operations at any time, which could result in a material adverse change in our operations and the value of our ADSs," and "Risk Factors—Risks Related to Doing Business in China—The approval of and filing with CSRC or other PRC government authorities may be required retrospectively in connection with the Mergers and the Transactions under PRC law, and, if required, it is uncertain whether such approval can be obtained or filing completed or how long it will take to obtain such approval or complete such filing."

**Cash and Asset Flows through Our Organization** 

NaaS Technology Inc. is a holding company with no operations of its own. We conduct our operations in China primarily through our PRC subsidiaries. As a result, although other means are available for us to obtain financing at the holding company level, NaaS Technology Inc.'s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to NaaS Technology Inc. Under PRC laws and regulations, our PRC subsidiaries are subject to certain restrictions with respect to payment of dividends or other transfers of any of their net assets to us. Our PRC subsidiaries are permitted to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. PRC laws also require a foreign-invested enterprise to set aside at least 10% of its after-tax profits as the statutory common reserve fund until the cumulative amount of the statutory common reserve fund reaches 50% or more of such enterprises' registered capital, if any, to fund its statutory common reserves, which are not available for distribution as cash dividends. Remittance of dividends by a wholly foreign-owned enterprise out of mainland China is also subject to examination by the banks designated by the PRC State Administration of Foreign Exchange, or SAFE. These restrictions are benchmarked against the paid-up capital and the statutory reserve funds of our PRC subsidiaries. To the extent cash in our business is in China or in an entity in mainland China, the funds may not be available to fund operations or for other use outside of mainland China due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability to transfer cash. As a result, our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business may be materially and adversely affected.

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For risks relating to the fund flows of our operations in China, see "Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business."

In 2023, 2024 and 2025, (i) payments totalling RMB1,400.1 million, RMB297.6 million and RMB481.5 million (US$68.9 million) were made among our consolidated entities; (ii) advances totalling RMB2,401.2 million, RMB884.1 million, RMB1,426.8 million (US$204.0 million) were made among our consolidated entities; and (iii) no dividend or other distribution were made by any of our consolidated entities.

NaaS Technology Inc. has established stringent controls and procedures for cash flows within its organization. Each transfer of cash between its Cayman Islands holding company and a subsidiary is subject to internal approval. The cash of the group is under the unified management of NaaS Technology Inc.'s finance department and is disbursed and applied to each operating entity based on the budget and operating conditions of the specific operating entity. Each cash requirement, after being raised by the relevant operating entity, is subject to three levels of review process by the finance department.

Under PRC law, NaaS Technology Inc. and our offshore subsidiaries may provide funding to our PRC subsidiaries only through capital contributions or loans, subject to satisfaction of applicable government registration and approval requirements, and our PRC subsidiaries are subject to certain restrictions with respect to paying dividends or transferring any of their net assets to NaaS Technology Inc. or our offshore subsidiaries. Although currently there are no equivalent or similar restrictions or limitations in Hong Kong on cash transfers in, or out of, Hong Kong or our Hong Kong subsidiaries, if certain restrictions or limitations in mainland China were to become applicable to cash transfers in and out of Hong Kong or our Hong Kong subsidiaries in the future, the funds in Hong Kong or our Hong Kong subsidiaries, likewise, may not be available to fund operations or for other use outside of Hong Kong. Therefore, to the extent cash in our business is in mainland China or Hong Kong or our mainland China subsidiaries or Hong Kong subsidiaries, the funds may not be available to fund operations or for other use outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability to transfer cash.

Cash transfers from our Hong Kong subsidiaries to NaaS Technology Inc. or our offshore subsidiaries are subject to tax obligations imposed by Hong Kong laws to the extent applicable. Going forward, our subsidiaries intend to retain most, if not all, of their available funds and any future earnings. For PRC and United States federal income tax considerations of an investment in our ADSs and/or ordinary shares, see "Taxation."

**Implication of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers. Moreover, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. In addition, as an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq Stock Market Rules. See "Risk Factors—Risks Related to Our ADSs and Trading Market—We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies."

**Corporate Information** 

Our principal executive offices are located at Newlink Center, Area G, Building 7, Huitong Times Square, No.1 Yaojiayuan South Road, Chaoyang District, Beijing, China. Our telephone number at this address is +86 (10) 8551-1066. Our registered office in the Cayman Islands is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

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Investors should submit any inquiries to the address and telephone number of our principal executive offices. Our main website is *htqls://www.enaas.com/en/.* The information contained on our website is not a part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

**Conventions That Apply to This Prospectus**

Unless otherwise indicated or the context otherwise requires, references in this prospectus to:

● "ADRs" means the American depositary receipts evidencing ADSs.

● "ADS" means the American depositary share of NaaS Technology Inc., each representing 3,200 Class A ordinary shares of NaaS Technology Inc., par value US$0.000001 per share, as listed on Nasdaq Capital Market under the symbol "NAAS" upon and after the Closing, and the American depositary share of RISE Education Cayman Ltd prior to the Closing.

● "CAC" means the Cyberspace Administration of China.

● "car parc" means all registered vehicles within a given geographic region.

● "China" or "PRC" means the People's Republic of China.

● "Class A ordinary share" means each Class A ordinary share of NaaS Technology Inc., par value US$0.01 per share for the period prior to January 29, 2026, and par value US$0.000001 per share effective on and after January 29, 2026.

● "Class B ordinary share" means each Class B ordinary share of NaaS Technology Inc., par value US$0.01 per share for the period prior to January 29, 2026, and par value US$0.000001 per share effective on and after January 29, 2026.

● "Class C ordinary share" means each Class C ordinary share of NaaS Technology Inc., par value US$0.01 per share for the period prior to January 29, 2026, and par value US$0.000001 per share effective on and after January 29, 2026.

● "Class D ordinary share" means each Class D ordinary share of NaaS Technology Inc., par value US$0.01 per share for the period prior to January 29, 2026, and par value US$0.000001 per share effective on and after January 29, 2026.

● "Closing" means the consummation of the Mergers.

● "Code" means the U.S. Internal Revenue Code of 1986, as amended.

● "CSRC" means the China Securities Regulatory Commission.

● "COVID-19" means SARS-CoV-2 or COVID-19, and any evolutions thereof.

● "Dada Auto" is an exempted company incorporated with limited liability under the laws of the Cayman Islands.

● "DCFC" means direct current fast charger with 30kW power output or more.

● "dedicated charger" or "dedicated DCFC" means non-DCFC EV charger or DCFC, as applicable, that is dedicated to public utility vehicles or used exclusively by government agencies, corporations, or other specific groups of users.

● "deposit agreement" means the deposit agreement dated as of October 19, 2017 (as amended as of May 31, 2022 and as further amended from time to time among us, JPMorgan Chase Bank, N.A., as depositary and all holders from time to time of ADRs issued thereunder.

● "Effective Time" means the effective time of the Merger, which was on June 10, 2022.

● "end-users" means EV drivers, being the end-users of our EV charging services.

● "EV" means electric vehicle.

● "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

● "IFRS" means International Financial Reporting Standards as issued by the International Accounting Standards Board. "IRS" means the U.S. Internal Revenue Service.

● "*Kuaidian*" means the Kuaidian mobile application, and Kuaidian Weixin mini-program, each of which connects EV drivers with charging stations and chargers.

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● "Merger" or "Mergers" has the meaning ascribed to it in "Corporate History and Structure."

● "Merger Agreement" has the meaning ascribed to it in "Corporate History and Structure."

● "NaaS" means NaaS Technology Inc and its subsidiaries;

● "Nasdaq" means The Nasdaq Stock Market LLC.

● "NewLink" means Newlinks Technology Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands.

● "ordinary share" means (i) each of our ordinary share, par value $0.01 per share, outstanding immediately prior to the Effective Time, and (ii) each of our Class A ordinary share, Class B ordinary share, Class C ordinary share and Class D ordinary share, par value $0.01 per share, outstanding from the Effective Time to January 27, 2026; and (iii) each of our Class A ordinary share, Class B ordinary share, Class C ordinary share and Class D ordinary share, par value $0.000001 per share, outstanding upon and after January 27, 2026.

● "PCAOB" means the U.S. Public Company Accounting Oversight Board.

● "PRC subsidiaries" means our subsidiaries in mainland China.

● "PRC laws," "PRC rules," and "PRC regulations" mean the laws, rules and regulations of the PRC.

● "public charger" or "public DCFC" means non-DCFC EV charger or DCFC, as applicable, that is installed in public area and accessible to the general public, and excludes, for the avoidance of doubt, dedicated charger.

● "Renminbi" or "RMB" means the legal currency of the PRC, and "US$" or "U.S. dollars" means the legal currency of the United States.

● "RISE" means RISE Education Cayman Ltd, an exempted company incorporated with limited liability under the laws of the Cayman Islands, and, if applicable, its consolidated subsidiaries. Upon the Closing, RISE changed its name to "NaaS Technology Inc."

● "SEC" means the United States Securities and Exchange Commission.

● "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

● "Transactions" means the Mergers and all transactions contemplated by the Merger Agreement.

● "VIE" means variable interest entity.

● "we," "us," "our," "our company," or the "Company" means, upon and after the Closing, NaaS Technology Inc. and its subsidiaries and, prior to the Closing, RISE Education Cayman Ltd and its consolidated subsidiaries.

Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this prospectus are made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. We make no representation that any Renminbi or U.S. dollar amounts referred to in this prospectus could have been, or could be, converted to U.S. dollars or Renminbi, as the case may be, at any particular rate, or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the conversion of Renminbi into foreign exchange.

Any discrepancies in any table in this prospectus between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.

All numbers in this prospectus, including references to price per ADS (as defined below) and a specific number of ADS, for the fiscal years 2021, 2022, 2023 and through June 12, 2024 reflect an ADS to ordinary share ratio of 1:10. On June 13, 2024, we completed a ratio change whereby the ratio of our ADS to Class A ordinary shares was changed from one ADS representing ten (10) Class A ordinary shares to one ADS representing two hundred (200) Class A ordinary shares (the "2024 ADS Ratio Change"). On April 28, 2025, we completed a ratio change whereby the ratio of our ADS to Class A ordinary shares was changed from one ADS representing two hundred (200) Class A ordinary shares to one ADS representing eight hundred (800) Class A ordinary shares (the "2025 ADS Ratio Change"). On July 30, 2025, we completed a ratio change whereby the ratio of our ADS to Class A ordinary shares was changed from one ADS representing eight hundred (800) Class A ordinary shares to three thousand and two hundred (3,200) Class A ordinary shares (the "2025 New ADS Ratio Change"). Accordingly, (i) all metrics presented from June 13, 2024 through April 27, 2025, including references to price per ADS and the number of ADSs or stock options, reflect the 1:200 ratio, (ii) all such metrics presented on or after April 28, 2025 through July 29, 2025 reflect the 1:800 ratio, and (iii) all such metrics presented on or after July 30, 2025 reflect the 1:3200 ratio.

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**THE OFFERING**

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| | |
|:---|:---|
| Securities being registered for resale by the Selling Shareholders named in the prospectus | (i) 32,576,000,000 Class A ordinary shares issued to certain investors pursuant to the 2025 PIPE Agreement and 2026 Share Subscription Agreement, as supplemented and modified by certain supplementary agreements dated February 27, 2026 and the 2026 Share Subscription Agreement; (ii) 4,800,000,000 Class A ordinary shares issuable upon exercise of the 2026 Warrants; and (iii) up to 468,750 ADSs issuable upon exercise of the 2025 Warrants. |
| Terms of 2025 Warrants | Each 2025 Warrant will entitle the holder to purchase one ADS and will be exercisable from the date of issuance and will expire five years from the date of issuance. The 2025 Warrants will have an initial exercise price equal to US$2.2 per ADS. The exercise price and number of ADSs issuable upon exercise is subject to appropriate proportional adjustment in the event of share dividends, share splits, reorganizations or similar events affecting our ADSs and the exercise price. |
| Terms of 2026 Warrants | Each 2026 Warrant will entitle the holder to purchase one Class A ordinary share of the Company, exercisable from the issue date until March 5, 2031. The 2026 Warrants will have an initial exercise price equal to US$0.0006875 per Class A ordinary share. The exercise price and number of our Class A ordinary shares issuable upon exercise is subject to appropriate proportional adjustment in the event of share dividends, share splits, reorganizations or similar events affecting our Class A ordinary shares and the exercise price. |
| Offering price | The securities offered by this prospectus may be offered and sold at prevailing market prices, privately negotiated prices or such other prices as the Selling Shareholders may determine. See "Plan of Distribution." |
| Ordinary shares issued and outstanding prior to any exercise of Warrants as of the date of this prospectus | (i) 37,253,046,115 Class A ordinary shares, excluding Class A ordinary shares issued to JPMorgan Chase Bank, N.A., the depositary of our ADS program, for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our stock incentive plans, (ii) 195,969,844 Class B ordinary shares, (iii) 1,111,577,928 Class C ordinary shares and (iv) 16,000,000 Class D ordinary shares. |
| ADSs issuable upon exercise of the 2025 Warrants as of the date of this prospectus= | 468,750 ADSs. |
| Class A ordinary shares issuable upon exercise of the 2026 Warrants as of the date of this prospectus | 4,800,000,000 Class A ordinary shares |
| The ADSs | Each ADS represents 3,200 Class A ordinary shares, par value US$0.000001 per share.<br>The depositary will hold Class A ordinary shares underlying your ADSs. You will have rights as provided in the deposit agreement among us, the depositary and holders and beneficial owners of ADSs from time to time.<br>We do not expect to pay dividends in the foreseeable future. If, however, we declare dividends on our Class A ordinary shares, the depositary will pay you the cash dividends and other distributions it receives on our Class A ordinary shares after deducting its fees and expenses in accordance with the terms set forth in the deposit agreement.<br>You may surrender your ADSs to the depositary in exchange for Class A ordinary shares. The depositary will charge you fees for any exchange.<br>We may amend or terminate the deposit agreement without your consent. If you continue to hold your ADSs after an amendment to the deposit agreement, you agree to be bound by the deposit agreement as amended.<br>To better understand the terms of the ADSs, you should carefully read the "Description of American Depositary Shares" section of this prospectus. You should also read the deposit agreement, which is filed as an exhibit to the registration statement that includes this prospectus. |
| Use of proceeds | All of the securities offered by the Selling Shareholders pursuant to this prospectus will be sold by the Selling Shareholders for their respective accounts. We will not receive any of the proceeds from such sales. |
| Nasdaq trading symbol | NAAS |
| Depositary | JPMorgan Chase Bank, N.A. |
| Risk factors | Prospective investors should carefully consider the "Risk Factors" for a discussion of certain factors that should be considered before buying the securities offered hereby. |

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**SUMMARY CONSOLIDATED FINANCIAL DATA**

The following summary consolidated statements of profit or loss and other comprehensive income data and summary consolidated cash flow data for the years ended December 31, 2023, 2024 and 2025, and summary consolidated balance sheets data as of December 31, 2024 and 2025 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. You should read this "Summary Consolidated Financial Data" section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with the International Financial Reporting Standards. Our historical results are not necessarily indicative of results expected for future periods.

The following table presents our summary consolidated statements of profit or loss and other comprehensive income data for the years ended December 31, 2023, 2024 and 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **US$'000** |
| **Continuing operations** |  |  |  |  |
| **Revenues** |  |  |  |  |
| Charging services revenues | 129434 | 169093 | 118816 | 16990 |
| Energy solutions revenues | 100545 | 25516 | 765 | 109 |
| New initiatives revenues | 3384 | 6367 | 5558 | 795 |
| **Total revenues** | **233363** | **200976** | **125139** | **17894** |
| **Cost of revenues** | **(170174)** | **(112434)** | **(17619)** | **(2519)** |
| **Gross profit** | **63189** | **88542** | **107520** | **15375** |
| Operating expenses |  |  |  |  |
| Selling and marketing expenses | (438609) | (198863) | (150506) | (21522) |
| Administrative expenses | (568446) | (374644) | (133135) | (19038) |
| Research and development expenses | (61608) | (42070) | (14599) | (2088) |
| Impairment losses, net | (73816) | (300921) | (81558) | (11663) |
| **Total operating expenses** | **(1142479)** | **(916498)** | **(379798)** | **(54311)** |
| **Other gains, net** | **24083** | **20928** | **6484** | **927** |
| **Operating loss** | **(1055207)** | **(807028)** | **(265794)** | **(38009)** |
| Fair value changes of financial instruments at fair value through profit or loss | (203663) | (80322) | (126749) | (18125) |
| Finance costs | (31852) | (39838) | (32567) | (4656) |
| **Loss before income tax** | **(1290722)** | **(927188)** | **(425110)** | **(60790)** |
| Income tax | (3308) | 19150 |  |  |
| **Loss from continuing operations** | **(1294030)** | **(908038)** | **(425110)** | **(60790)** |
| Loss from discontinued operations | (13120) | (6404) | (24857) | (3555) |
| **Net loss** | **(1307150)** | **(914442)** | **(449967)** | **(64345)** |
| **Net loss attributable to:** |  |  |  |  |
| Equity holders of the Company | (1306913) | (913484) | (438955) | (62770) |
| Non-controlling interests | (237) | (958) | (11012) | (1575) |
|  | **(1307150)** | **(914442)** | **(449967)** | **(64345)** |
| **Basic and diluted loss per share for loss from continuing operations attributable to the ordinary shareholders of the Company (Expressed in RMB per share)** |  |  |  |  |
| Basic loss per share | (0.57) | (0.35) | (0.04) | (0.01) |
| Diluted loss per share | (0.57) | (0.35) | (0.04) | (0.01) |
| **Basic and diluted loss per share for loss attributable to the ordinary shareholders of the Company (Expressed in RMB per share)** |  |  |  |  |
| Basic loss per share | (0.58) | (0.35) | (0.05) | (0.01) |
| Diluted loss per share | (0.58) | (0.35) | (0.05) | (0.01) |
| **Net loss for the year** | **(1307150)** | **(914442)** | **(449967)** | **(64345)** |
| **Other comprehensive (loss)/income that will not be reclassified to profit or loss in subsequent periods:** |  |  |  |  |
| – Fair value changes on equity investment designated at fair value through other comprehensive income, net of tax | (24090) | (37127) | 25754 | 3683 |
| – Own-credit risk portion of fair value changes on convertible bonds designated at fair value through profit or loss, net of tax |  |  | 121652 | 17396 |
| – Currency translation differences | (6408) | 5632 | (3050) | (436) |
| **Other comprehensive (loss)/income for the year, net of tax** | **(30498)** | **(31495)** | **144356** | **20643** |
| **Total comprehensive loss for the year** | **(1337648)** | **(945937)** | **(305611)** | **(43702)** |
| Total comprehensive loss attributable to: |  |  |  |  |
| Equity holders of the Company | (1337411) | (944979) | (294599) | (42127) |
| Non-controlling interests | (237) | (958) | (11012) | (1575) |
|  | **(1337648)** | **(945937)** | **(305611)** | **(43702)** |

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The following table presents our summary consolidated balance sheets data as of the dates indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB'000** | **RMB'000** | **US$'000** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 126614 | 81154 | 11605 |
| Trade receivables, net | 44506 | 21714 | 3105 |
| Financial assets measured at fair value | 45 | 1291 | 185 |
| Inventories |  | 17 | 2 |
| Prepayments, other receivables and other assets, net | 204177 | 105724 | 15118 |
| Other financial assets | 9129 |  |  |
| Assets classified as held for sale | 55026 | 4148 | 593 |
| **Total current assets** | **439497** | **214048** | **30608** |
| **Non-current assets** |  |  |  |
| Right-of-use assets | 4804 | 2794 | 400 |
| Financial assets measured at fair value, non-current | 198949 | 92396 | 13211 |
| Investments accounted for using equity method | 411 | 421 | 60 |
| Property, plant and equipment, net | 2601 | 1127 | 161 |
| Intangible assets, net | 2335 | 1592 | 228 |
| Other non-current assets | 2047 | 194 | 28 |
| **Total non-current assets** | **211147** | **98524** | **14088** |
| **Total assets** | **650644** | **312572** | **44696** |
| **Total liabilities** | **1404778** | **1205246** | **172347** |
| **Total equity** | **(754134)** | **(892674)** | **(127651)** |
| **Total equity and liabilities** | **650644** | **312572** | **44696** |

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The following table presents our summary consolidated cash flow data for the periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **US$'000** |
| Net cash (used in)/generated from operating activities | (567604) | (179138) | 532 | 74 |
| Net cash (used in)/generated from investing activities | (339610) | (201671) | 12182 | 1742 |
| Net cash generated from/(used in) financing activities | 830105 | 71270 | (57194) | (8179) |
| Net decrease in cash and cash equivalents | (77109) | (309539) | (44480) | (6363) |
| Cash and cash equivalents at the beginning of the year | 513351 | 436242 | 126703 | 18118 |
| Cash and cash equivalents at the end of the year | 436242 | 126703 | 82223 | 11755 |
| Included in cash and cash equivalents per balance sheet | 436242 | 126614 | 81154 | 11605 |
| Included in assets classified as held for sale |  | 89 | 1069 | 150 |

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**RISK FACTORS**

 

*You should carefully consider the risks described below before making an investment decision. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price and value of our Class A ordinary shares and/or ADSs could decline due to any of these risks, and you may lose all or part of your investment. This prospectus and any prospectus supplement or related free writing prospectus also contain forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsewhere in this prospectus and any prospectus supplement or related free writing prospectus.*

**Risks Related to Our Business and Industry**

**NaaS is an early-stage company with a history of losses, and we expect to incur significant expenses and continuing losses for the near term.**

NaaS incurred net loss of RMB1,307.2 million, RMB914.4 million, and RMB450.0 million (US$64.3 million) in the years ended December 31, 2023, 2024, and 2025, respectively. We expect to continue to incur operating and net losses for the near term. There can be no assurance that we will be able to achieve profitability in the future. Our potential profitability is particularly dependent upon the continued adoption of EVs by consumers and fleet operators, along with market's ongoing deployment of new charging infrastructure.

**NaaS experienced rapid growth and we expect to invest in growth for the foreseeable future. If we fail to manage growth effectively, our business, operating results and financial condition could be adversely affected.**

The growth and expansion of NaaS's business placed, and the continued growth and expansion of our business following the completion of the Mergers will continue to place, a significant strain on management, operations, financial infrastructure and corporate culture. We will need to continue to improve our operational, financial and management controls and reporting systems and procedures in order to manage growth in operations and personnel. Failure to manage growth effectively could result in loss of customers, difficulty in attracting new customers, declines in quality of products and services or in customer satisfaction, increases in costs, difficulties and delays in introducing new products and services or enhancing existing products and services, information security vulnerabilities or other operational difficulties, any of which could have adverse effect on our business, financial condition and results of operations.

**NaaS has a limited operating history. NaaS recently restructured certain aspects of its corporate organization and business operations, adopted a new and unproven business model and expanded into new business segments, and we are subject to significant risks in relation to such transition.**

NaaS launched its mobility connectivity services in 2019. Full station operation commenced in June 2020 and new initiatives were launched one month later. NaaS began to provide hardware procurement services in July 2020, and electricity procurement services in October 2020. NaaS further added SaaS products and services targeting EVs and station operation and maintenance to its portfolio of solutions in 2021. We launched our photovoltaic-related business and our energy storage services in June 2023 and September 2023, respectively, and we released an autonomous charging robot prototype in 2023. In 2024, NaaS announced a strategic focus on a platform - based interconnectivity charging business and has formed strategic collaborations with multiple partners to support this direction. In 2025, NaaS kept reinforcing the strategic focus by proactively shifting away from capital-intensive and low-margin full station operation business.

We rely on our collaborative arrangements with the operator of *Kuaidian* in delivering our EV charging solutions." On March 26, 2026, the sole shareholder of the operator of *Kuaidian* entered into an agreement to transfer 100% of equity interest in the operator of *Kuaidian* to a wholly owned subsidiary of Newlink. This transfer is expected to be completed by mid-May 2026, following which *Kuaidian* will be owned by a wholly owned subsidiary of Newlink.

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In addition, because NaaS has a limited operating history and track record and operate in a rapidly evolving market, any predictions about our future revenues and expenses may not be as accurate as they would be if NaaS had had a longer operating history or operated in a more predictable market. NaaS encountered in the past, and we will continue to encounter in the future, risks and uncertainties frequently experienced by fast-growing companies with limited operating histories in rapidly changing industries. If our assumptions regarding these risks and uncertainties, which we use to plan and operate our business, are incorrect or outdated, or if we do not address these risks successfully, our results of operations could differ materially from expectations, and our business, financial condition and results of operations could be adversely affected.

**The EV charging and energy solution industries and their technologies are rapidly evolving and may be subject to unforeseen changes.**

The EV charging and energy solution markets are in their early stage and are constantly evolving. New demands and preferences continue to emerge from industry participants, especially from charging stations and other energy asset owners and EV drivers. The EV charging market in China is unique in the sense that there is overall a very high demand for public charging infrastructure due to the scarcity of private or residential charging facilities. The trend towards the primacy of public charging is expected to continue in China and our product and service offerings are tailored in anticipation of this market development. There is however no assurance that public charging will be or will remain as the predominant mode of charging in China and the possibility of a transition to private charging or battery swap as the primary mode of charging, following a change in end-user preference, legislative initiatives or otherwise, cannot be gainsaid. There are similarly uncertainties in the prospects of the energy solutions market. We will be tested on our ability to forecast and meet shifts in the market and to make timely adaptation of our product and service offerings. If we fail to do so, our business, operating results, prospects and financial condition will be adversely affected.

The EV charging and energy solution industries are also characterized by rapid technological change, which will require us to continue to innovate in our product and service offerings. Any delays in such development could adversely affect market acceptance of our solutions. Our future success will depend upon our ability to develop and introduce a variety of new capabilities and innovations to our product and service offerings, to address the changing needs of the EV charging and energy solution markets. As new products and services are introduced, gross margins tend to decline in the near term and improve as the product and services become more mature and gain traction in the market. As EV and EV charging technologies change, we may need to upgrade our technologies, software and other product and service offerings in order to serve vehicles that have the latest technology, which could involve substantial costs. We also have to keep abreast of the latest trends in the energy solution market and tailor our solutions timely and effectively. Even if we are able to keep pace with changes in technology and develop new products and services, our research and development expenses could increase, our gross margins could be adversely affected in some periods and our prior products could become obsolete more quickly than expected. There is no guarantee that any new products or services will be released in a timely manner, or at all, or achieve market acceptance. Delays in this respect could damage our relationships with customers and lead them to seek alternative providers. If we are unable to devote adequate resources to innovate and meet customer requirements on a timely basis or to remain competitive with technological alternatives, our products and services could lose market share, our revenue will decline, our may experience higher operating losses and our business and prospects could be adversely affected.

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**We face intense competition, including from a number of companies in China, and expect to face significant competition in the future.**

The public EV charging service market in China is relatively new and competition is still developing.

For our EV charging services, we primarily compete with other EV charging service providers. Some charging station customers in China require solutions not yet available and the continual arrival of new players in this market heightens the need for us to develop and maintain our competitive edge. In addition, there are multiple competitors in China with limited funding or capabilities, which could cause poor end-user experiences, hampering overall EV adoption or trust in the EV charging service market as a whole. Because the public EV charging service market in China is relatively new, we and our charging station customers have been and are expected to continue exploring different business models and creating new product and service offerings. Our station customers are launching products and services that compete with our offerings and may continue to do so in the future. In addition, charging stations will seek to acquire and connect with end-users directly and reduce their reliance on third-party EV charging service providers like us. They may also be able to drive out EV charging service providers like us from certain geographical areas by dominating or monopolizing EV charging services in those areas. In late August 2023, three major charging station operators in China simultaneously terminated their collaboration with us in a coordinated effort. This resulted in the disconnection of a meaningful percentage of the total charging stations and charging ports on our network. The situation has continued, with top operators maintaining and enhancing their own user ecosystems. There are also other means for charging EVs in China, which could affect the level of demand for public charging capabilities at charging stations. For example, certain EV OEMs have built and will continue to build their own supercharger network across China for their EVs, which could reduce overall demand for EV charging services at other sites or eliminate the need for services from third-party EV charging service providers altogether. Also, third-party contractors can provide basic electric charging capabilities to potential customers seeking to have on-premise EV charging capability as well as for home charging. In addition, many charger manufacturers and EV OEMs are offering home charging equipment, which could reduce demand for public charging infrastructure if EV owners find charging at home to be sufficient for their needs.

Further, our current or potential competitors may be acquired by third-parties with greater available resources or greater ability to access the capital markets for additional funding. As a result, competitors may be able to respond more quickly and effectively than us to new or changing opportunities, technologies, standards or customer requirements and may have the ability to initiate or withstand substantial price competition. In addition, competitors may in the future establish cooperative relationships with vendors of complementary products, technologies or services to increase the availability of their solutions in the marketplace. This competition may also materialize in the form of costly intellectual property disputes or litigation.

New competitors or alliances may emerge in the future that have greater market share, more widely adopted proprietary technologies, greater marketing expertise and greater financial resources, which could put us at a competitive disadvantage. Future competitors could also be better positioned to serve certain segments of our current or future target markets, which could create price pressure. In light of these factors, such current or potential customers may accept competitive solutions. If we fail to adapt to changing market conditions or to continue to compete successfully with current charging service providers or new competitors, our growth will be limited, which would adversely affect our business and results of operations.

**NewLink exercises substantial influence over us. Our operation is dependent on our collaboration with NewLink.**

As of the date of this prospectus, NewLink has the right to vote 48.8% of our ordinary shares and has substantial influence over our affairs. We also rely on certain services provided by and cooperative arrangements entered into with NewLink and we benefit significantly from the strong market position, industrial insights, brand recognition and extensive upstream and downstream resources of NewLink.

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There is no assurance that we will continue to maintain the same collaborative arrangements with or receive the same level of support from NewLink. Any failure by NewLink to perform its obligations under these arrangements or any change to NewLink's own business, including its future operational needs, results of operations and cash flow and capital expenditure requirements, could affect our arrangements with NewLink or the level of support that NewLink is able or willing to offer to us, which in turn could have a material adverse effect on our business, financial condition, results of operations and cash flows. Prior to the completion of the Mergers, NewLink bore certain expenses which were incurred for our benefits but there is no certainty that NewLink will continue to do so. If we were to settle such expenses on our own historically, our financial condition and results of operations could be adversely affected and could have differed from those presented in this prospectus. In addition, to our knowledge, NewLink intends to distribute some or all of the ordinary shares of ours that it owns to its shareholders, which could significantly reduce its shareholding. In the event that NewLink ceases to be a significant shareholder of ours as a result of such distribution, our collaborative relationship with NewLink may suffer, and NewLink may reduce the level of support it affords us or otherwise take actions that are not in our best interests or the best interests of our other shareholders, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

**We rely on our collaborative arrangements with the operator of Kuaidian in delivering our EV charging solutions.**

We benefit significantly from and we are expected to continue relying on *Kuaidian's* existing user base and services for our mobility connectivity services, connecting end-users on *Kuaidian* with our charging station customers.

Kuaidian have been owned and operated by a third-party service provider in 2023 to 2025. On March 26, 2026, the sole shareholder of the operator of Kuaidianentered into an agreement to transfer 100% of equity interest in the operator of Kuaidian to a wholly owned subsidiary of Newlink. This transfer is expected to be completed by mid-May 2026, following which Kuaidian will be owned by a wholly owned subsidiary of Newlink.

NaaS is expected to continue to receive certain services from Newlink in relation to the delivery of EV charging solutions of *Kuaidian* in the foreseeable future. There is however no assurance that we will continue to maintain the same collaborative arrangements with or receive the same level of services from Newlink. If the arrangement between NaaS and Newlink is terminated or expires without renewal, or if Newlink fails to perform its obligations under this arrangement, becomes unable to provide its services timely and effectively, or at all, or decides to conduct its business or operate *Kuaidian* in a way that is detrimental to our business interests, our business may be severely interrupted and there would be a material adverse effect on our business, results of operations, financial condition, and prospects. Further, because Newlink is the sole service provider through whom we are given access to *Kuaidian's* existing user base and services, we also face risks resulting from our reliance on a single service provider for a key aspect of our business. For examples, if Newlink terminates the business cooperation agreement with us or if the agreement expires without renewal, we may not be able to identify an alternative service provider that provides comparable services. Even if we find an alternate provider, we may not be able to enter into a similar agreement with such alternate provider in a timely manner or on terms that are acceptable to us or at all and there are also significant risks associated with any transitioning activities. This will cause significant disruption to our business, which could in turn materially and adversely impact our business, results of operations, financial condition, and prospects.

**Our results of operation and future profitability are and will remain highly dependent on the success of our charging services.**

Our results of operation and future profitability are and will continue to substantially depend on the commercial success and market acceptance of our charging services. As a result of such dependence, a significant decline in the demand for or pricing of our charging services would have a material adverse effect on our business, operating results and financial condition. Any decline in the market demand for these solutions or any failure to timely improve our solutions or introduce new solutions could have a material adverse effect on our business, financial condition and results of operations. To the extent that our EV charging solutions do not meet customer expectations, in terms of quality, cost or otherwise, our future profitability may be materially and adversely affected. There can also be no assurance that we will be able to broaden our product and service portfolio or reduce our reliance on charging services.

**Failure to effectively expand our sales and marketing capabilities could harm our ability to efficiently deliver our solutions, retain existing customers, increase our customer base, or achieve broader market acceptance of our solutions.**

Our ability to efficiently deliver our solutions, retain existing customers, grow our customer base, achieve broader market acceptance, grow revenue, and achieve and sustain profitability will depend, to a significant extent, on our ability to effectively expand our sales and marketing operations and activities. Sales and marketing expenses represent a significant percentage of our total revenue, and our operating results will suffer if sales and marketing expenditures do not contribute significantly to increasing revenue.

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We are and we expect to be dependent on our in-house business development team to identify new charging station customers and explore near-term and long-term opportunities and convert them into our customers. We expect to continue expanding our direct business development force but we may not be able to recruit or retain a sufficient number of qualified personnel, which may adversely affect our ability to expand our business development capabilities. New hires require significant training and time before they achieve full productivity, particularly in new sales territories. Furthermore, hiring business development personnel in new regions can be costly, complex and time-consuming, and requires additional set up and upfront costs that may be disproportionate to the initial revenue expected from those countries. There is significant competition for qualified business development personnel with strong sales skills and technical knowledge. Our ability to achieve significant revenue growth in the future will depend, in large part, on our success in recruiting, training, incentivizing and retaining a sufficient number of qualified business development personnel and on such personnel attaining desired productivity levels within a reasonable amount of time.

We also seek to improve the efficiency of our mobility connectivity services and attract more charging stations and end-users to join our network through a variety of online and offline marketing and branding activities and promotions targeting end-users and other users of our EV charging network. This continues to require us to improve our marketing approaches and experiment with new marketing methods to keep pace with industry developments and end-user preferences. Failure to refine our existing marketing strategies or to introduce new marketing activities in a cost-effective manner could reduce our customer mindshare, lower the effectiveness of the EV charging solutions we provide to our station customers and negatively impact our revenues, and consequently affect our profitability.

Our business will be harmed if we fail to continue investing in our sales and marketing capabilities or if our continuing investment does not generate a proportionate increase in revenue.

**We rely on marketing, branding and promotional activities to maintain, enhance and protect our reputation and brand recognition, expand our business and improve the efficiency of our solutions, which activities may be costly and may not be effective.**

We believe that maintaining and enhancing our reputation and brand recognition is critical to our relationships with both our end-users and our station customers. We seek to improve the efficiency of our mobility connectivity services and attract more charging stations to join our network through a range of marketing, branding and promotional activities that target our end-users.

The promotion of our brand may require us to make substantial investments, including incentives offered to end users, and we anticipate that, as the market becomes increasingly competitive, these marketing initiatives may become increasingly difficult and expensive. Our marketing activities may not be successful or yield increased revenue, and to the extent that these activities yield increased revenue, the increased revenue may not offset the expenses we incur and our results of operations could be harmed. If we scale back our marketing activities or if our marketing efforts or the channels we use to promote our products and services become less effective, or if our competitors decide to devote more resources to marketing activities, we may fail to attract new end-users or charging stations or to retain our existing end-users or charging stations, in which case our business, operating results and financial condition, would be materially and adversely affected.

**We expect to raise additional funds and these funds may not be available when needed, if at all.**

We expect to raise additional capital to further scale and expand our business. We may raise additional funds through the issuance of equity, equity-related or debt securities, or through obtaining credit from government or financial institutions. In addition, the fact that NaaS has a limited operating history means there is limited historical data for us to project the demand for our products and services in the future. As a result, our future capital requirements may be uncertain and actual capital requirements may be different from what we currently anticipate. Our ability to obtain the necessary financing to carry out our business plan is subject to a number of factors, including general market conditions and investor acceptance of our business plan. These factors may make the timing, amount, terms and conditions of such financing unattractive or unavailable to us. There is no certainty that additional funds will be available on favorable terms when required, or at all. If additional funds cannot be obtained when needed, our financial condition, results of operations, business and prospects could be materially and adversely affected.

We may raise funds through the issuance of debt securities or through loan arrangements, the terms of which could require significant interest payments, contain covenants that restrict our business, or other unfavorable terms. In addition, to the extent we raise funds through the sale of additional equity securities, our shareholders would experience additional dilution.

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Historically we had net operating cash outflows. There can be no assurance that we will not experience net operating cash outflow or liquidity problems in the future. If we fail to generate sufficient cash flow from our operations, or if we fail to maintain sufficient cash or obtain additional external financing, our liquidity position may be adversely affected. If we do not have sufficient cash flows to fund our business, operations and capital expenditure, our business and financial position will be materially and adversely affected.

**A severe or prolonged downturn in the Chinese or global economy could materially and adversely affect our business and financial condition.**

The global macroeconomic environment faces numerous challenges. The growth rate of the Chinese economy has been slowing since 2010 and the Chinese population began to decline in 2022. The Federal Reserve and other central banks outside of China have raised interest rates. There have also been concerns about the relationship between China and other countries which may potentially have economic effects. In particular, there is significant uncertainty about the future relationship between the United States and China with respect to a wide range of issues including trade policies, treaties, government regulations and tariffs. In 2025, the Trump administration indicated that the United States will impose retaliatory measures with respect to jurisdictions that have or are likely to put in place tax rules that are extraterritorial or disproportionately affect U.S. companies. The influence of these changes, if enacted or implemented, is unclear. In addition, U.S. and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and ongoing or recent military conflict between Russia and Ukraine, and between Israel and Hamas. In February 2022, Russia launched a full-scale military invasion of Ukraine. In February 2026 the United States and Israel launched their aerial attacks of Iran. Although the length and impact of the ongoing military conflicts are highly unpredictable, these conflicts could lead to market disruptions, including significant volatility in commodity prices, availability of the credit markets and capital markets. These military actions and the resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional funds. Any of the abovementioned factors could affect our business, prospects, financial condition, and operating results. The extent and duration of military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. We are currently unable to predict whether such changes will occur and, if so, the ultimate impact on our business. While we believe that the direct impact of the effects of global trade tensions and tariff measures on energy industry has so far been limited, we are not immune to these broader market forces. See also "—Heightened tensions in international relations, particularly between the United States and China, may adversely impact our business, financial condition, and results of operations." Economic conditions in China are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate in China. Any severe or prolonged slowdown in the global or Chinese economy may materially and adversely affect our business, results of operations and financial condition.

**Our future growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of EVs for passenger and fleet applications.**

Our future growth is highly dependent upon the adoption of EVs by businesses and consumers. The market for EVs is still rapidly evolving, characterized by rapidly changing technologies, competitive pricing and competitive factors, evolving government regulation and industry standards and changing consumer demands and behaviors, changing levels of concern related to environmental issues and governmental initiatives related to climate change and the environment generally. Although the demand for EVs has grown in recent years, there is no guarantee of continuing future demand. If the market for EVs develops more slowly than expected, or if the demand for EVs decreases, our business, prospects, financial condition and operating results would be harmed. The market for EVs could be affected by numerous factors, such as:

● perceptions about EV features, quality, safety, performance and cost;

● perceptions about the limited range over which EVs may be driven on a single battery charge;

● competition, including from other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy internal combustion engine vehicles;

● volatility in the cost of oil and gasoline;

● concerns regarding the stability of the electrical grid;

● the decline of EV battery's ability to hold a charge over time;

● availability of service for EVs;

● consumers' perception about the convenience and cost of charging EVs;

● increases in fuel efficiency;

● government regulations and economic incentives, including adverse changes in, or expiration of, favorable tax incentives related to EVs, EV charging stations or decarbonization generally;

● relaxation of government mandates or quotas regarding the sale of EVs; and

● concerns about the future viability of EV manufacturers.

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In addition, sales of vehicles in the automotive industry can be cyclical, which may affect growth in the acceptance of EVs. It is uncertain how macroeconomic factors will impact demand for EVs, particularly since they can be more expensive than traditional gasoline-powered vehicles, when the automotive industry globally has been experiencing a recent decline in sales. There have been fluctuations in terms of year-over-year growth in sales volume in China recently for passenger vehicles in general as well as for EVs. It cannot be predicted how the consumer demand for EVs and for passenger vehicles in general will develop in the future. Amid the market slowdown, certain automakers operating in China have suffered declining performance or financial difficulties. If the consumer demand for EVs in China abates, our business, financial condition and results of operations could be materially and adversely affected.

**Demand for EVs may also be affected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles, such as sales and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations, including tariffs, import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may result in reduced demand for EV charging services and related solutions and therefore adversely affect our business, financial condition and operating results.**

The EV market in China has benefited from the availability of rebates, tax credits and other financial incentives from governments, utilities and others to offset the purchase or operating cost of EVs and EV charging stations. Any reduction, modification, or elimination of such benefits could cause reduced demand for EVs and EV charging services, which would adversely affect our financial results.

Our growth benefits from PRC government policies at central and local levels that favor the adoption of EVs and expansion of EV charging stations.

The PRC government has been implementing strict vehicle emission standards for internal combustion engine vehicles. Certain municipal governments in China impose quotas and lottery or bidding systems to limit the number of license plates issued to internal combustion engine vehicles, but exempt qualified EVs from these restrictions to incentivize the development of the EV market.

The PRC government also provides incentives to end-users and purchasers of EVs and EV charging stations in the form of tax exemptions, subsidies, other financial incentives and preferential utility rates for charging facilities. The EV market relies on these governmental rebates, tax credits and other financial incentives to significantly lower the effective price of EVs and EV charging services to end-users. However, these incentives may expire on a particular date, end when the allocated funding is exhausted, or be reduced or terminated as a matter of regulatory or legislative policy. As an example, the PRC central government has recently implemented a phase-out schedule for the subsidies provided for purchasers of certain EVs. On December 31, 2021, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology and the National Development and Reform Commission jointly issued the Notice on the Promotion and Application of Financial Subsidy Policies for New Energy Vehicles in 2022. According to the notice, the level of subsidy for new energy vehicles was reduced by 30% in 2022 compared with 2021. The notice also stipulates that the subsidy for new energy vehicle purchases would terminate on December 31, 2022, and vehicles registered after December 31, 2022 will no longer be entitled to any government subsidy. The termination or scaling back of any governmental support or incentive could adversely affect our business, financial condition and operating results.

**We are subject to risks related to the restatement of NaaS's financial statements for the years ended December 31, 2020 and 2021 and the pro forma information for the year ended December 31, 2021.**

We have amended and restated (i) the combined financial statements of NaaS as of and for the years ended December 31, 2020, and 2021, together with the notes thereto, and (ii) the pro forma condensed combined statement as of and for the year ended December 31, 2021, together with the notes thereto, each as included in the Shell Company Report on Form 20-F originally filed by us on June 16, 2022, as amended, to correct the presentation of revenues to be consistent with our recognition and measurement policy for each class of revenues and to reflect certain other adjustments that we found necessary, or the Restatement.

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We may receive additional inquiries from regulatory authorities regarding the Restatement. We and our current and former directors and officers may be subject to future claims, investigations or proceedings arising from the Restatement. Any future inquiries from the SEC or other regulatory authorities, or future claims or proceedings as a result of the Restatement will, regardless of the outcome, likely consume a significant amount of our internal resources and result in additional costs. In addition, we may be the subject of negative publicity focusing on the Restatement and adjustment of NaaS's financial statements, and we may be adversely impacted by negative reactions from our customers or others with whom we do business, including negative perceptions of or concerns over our internal controls. Such adverse publicity and potential reactions from customers and other business partners could harm our business and have an adverse effect on our financial condition.

**If we do not appropriately maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002, we may be unable to accurately report our financial results and the market price of our securities may be adversely affected.**

We are subject to reporting obligations under the U.S. securities laws. The SEC, as required under Section 404 of the Sarbanes-Oxley Act of 2002, adopted rules requiring every public company to include a management report on such company's internal control over financial reporting in its annual report, which contains management's assessment of the effectiveness of the company's internal control over financial reporting.

Our management has concluded that our internal control over financial reporting was effective as of December 31, 2025. See "Management's Discussion and Analysis of Financial Condition and Results of Operations —Internal Control Over Financial Reporting." However, if we fail to maintain an effective system of internal control over financial reporting in the future, our management and our independent registered public accounting firm may not be able to conclude that we have effective internal control over financial reporting at a reasonable assurance level. This could in turn result in loss of investor confidence in the reliability of our financial statements and negatively impact the trading price of our Class A ordinary shares and ADSs. Furthermore, we have incurred and anticipate that we will continue to incur considerable costs, management time and other resources in an effort to comply with Section 404 of the Sarbanes-Oxley Act and other requirements.

***Our business is subject to complex and evolving PRC laws and regulations regarding cybersecurity and data privacy.***

We and *Kuaidian* face challenges with respect to the complex and evolving laws and regulations regarding cybersecurity and data privacy in China, including without limitation, the PRC Criminal Law, PRC Civil Code, PRC Cybersecurity Law, PRC Data Security Law, and PRC Personal Information Protection Law. These laws and regulations mandate the protection of the confidentiality, integrity, availability, and authenticity of the information of end-users. While we believe the third-party service provider has adopted information security policies and deployed measures to implement the policies, there could be compromise or breach of its information system due to increased level of expertise of hackers or otherwise. If the third-party service provider is unable to protect its systems, and hence the information stored in its systems, from unauthorized access, use, disclosure, disruption, modification, or destruction, such problems or security breaches could cause the termination or suspension of the business of the third-party service provider or otherwise result in material adverse impact on its operations and thereby its collaborative arrangement with us. This could in turn have material adverse impact on our business, prospects, financial condition and operating results.

The PRC Criminal Law, as most recently amended on March 1, 2024, prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a PRC citizen's personal information obtained during the course of performing duties or providing services, or obtaining such information through theft or other illegal ways. On November 7, 2016, the Standing Committee of the National People's Congress of the PRC issued the PRC Cyber Security Law, which was most recently amended on October 28, 2025 and took effect on January 1, 2026. Pursuant to the Cyber Security Law (as amended in 2025), network operators must not collect users' personal information without their consent and may only collect users' personal information necessary to the provision of services. Providers are also obligated to provide security maintenance for their products and services and to comply with provisions regarding the protection of personal information as stipulated under the applicable laws and regulations.

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PRC regulators have been increasingly focused on regulation in areas of data security and data protection. The PRC regulatory requirements regarding cybersecurity are constantly evolving. For instance, various regulatory bodies in China, including CAC, the Ministry of Industry and Information Technology, the Ministry of Public Security and the State Administration for Market Regulation, have enforced data privacy and protection laws and regulations with varying and evolving standards and interpretations. In addition, certain Internet platforms in China have reportedly been subject to heightened regulatory scrutiny in relation to cybersecurity matters.

In April 2020, the Chinese government promulgated the Cybersecurity Review Measures, which came into effect on June 1, 2020. On December 28, 2021, the Chinese government promulgated the 2022 Cybersecurity Review Measures, which came into effect on February 15, 2022. According to the 2022 Cybersecurity Review Measures, (i) critical information infrastructure operators' purchase of network products and services and internet platform operators' data processing activities shall be subject to cybersecurity review in accordance with the 2022 Cybersecurity Review Measures if such activities affect or may affect national security; and (ii) internet platform operators holding personal information of more than one million users and seeking to have their securities listed on a stock exchange in a foreign country are required to file for cybersecurity review with the Cybersecurity Review Office. Under the Regulation on Protecting the Security of Critical Information Infrastructure promulgated by the State Council on July 30, 2021, effective September 1, 2021, "critical information infrastructure" is defined as important network facilities and information systems in important industries and fields, such as public telecommunication and information services, energy, transportation, water conservancy, finance, public services, e-government and national defense, science, technology and industry, as well as other important network facilities and information systems that, in case of destruction, loss of function or leak of data, may severely damage national security, the national economy and the people's livelihood and public interests. As of the date of this prospectus, neither we nor the third-party service provider has been informed by any PRC governmental authority that we or it operates any "critical information infrastructure."

The 2022 Cybersecurity Review Measures provides, among others, that: (i) internet platform operators who are engaged in data processing are also subject to the regulatory scope; (ii) CSRC is included as one of the regulatory authorities for purposes of jointly establishing the state cybersecurity review mechanism; (iii) internet platform operators holding personal information of more than one million users and seeking to have their securities list on a stock exchange in a foreign country shall file for cybersecurity review with the Cybersecurity Review Office; (iv) the risks of core data, important data or large amounts of personal information being stolen, leaked, destroyed, damaged, illegally used or illegally transmitted to overseas parties and the risks of critical information infrastructure, core data, important data or large amounts of personal information being influenced, controlled or used maliciously by foreign governments and any cybersecurity risk associated with a company's listing on a stock exchange shall be collectively taken into consideration during the cybersecurity review process; and (v) critical information infrastructure operators and internet platform operators covered by the 2022 Cybersecurity Review Measures shall take measures to prevent and mitigate cybersecurity risks in accordance with the requirements therein. On September 24, 2024, CAC released the Administrative Regulation on Network Data Security, which came into effect on January 1, 2025. Under the regulation, (i) data processors, i.e., individuals and organizations who can decide on the purpose and method of their data processing activities at their own discretion, that process personal information of more than one million individuals shall apply for cybersecurity review before listing in a foreign country; (ii) overseas data processors shall carry out annual data security evaluation and submit the evaluation report to the municipal cyberspace administration authority; and (iii) where the data processor undergoes merger, reorganization or subdivision that involves important data and personal information of more than one million individuals, the transaction shall be reported to the authority in-charge at the municipal level (by data processor or data recipient).

As of the date of this prospectus, neither we nor the third-party service provider has been directed by any PRC governmental authority to apply for cybersecurity review, or received any inquiry, notice, warning, sanction in such respect or been denied permission from any Chinese authority with respect to the listing on a stock exchange in any foreign country, the Mergers or the Transactions. However, as the PRC government has the authority and discretion to interpret and implement these laws and regulations and there remains uncertainty in the interpretation and enforcement of PRC cybersecurity laws and regulations, there is no assurance that we or the third-party service provider will not be deemed to be subject to PRC cybersecurity review requirements under the 2022 Cybersecurity Review Measures or the Administrative Regulations on Network Data Security as a critical information infrastructure operator or an interact platform operator that is engaged in data processing activities that affect or may affect national security or holds personal information of more than one million users, nor can it be assured that we or the third-party service provider would be able to pass any cybersecurity review if required. In addition, we and the third-party service provider could become subject to enhanced cybersecurity review or investigations launched by PRC regulators in the future pursuant to any new laws, regulations or policies. Any failure or delay in the completion of the cybersecurity review or any other non-compliance with applicable laws and regulations may result in fines, suspension of business, prospects, website closure, revocation of business licenses or other penalties, as well as reputational damage or legal proceedings or actions against us or the third-party service provider, which may have a material adverse effect on our business, financial condition and results of operations.

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On June 10, 2021, the Standing Committee of the National People's Congress of the PRC, promulgated the PRC Data Security Law, which became effective in September 2021. The PRC Data Security Law imposes data security and privacy obligations on entities and individuals carrying out data activities, and introduces a data classification and hierarchical protection system based on the importance of data in economic and social development and the degree of harm it will cause to national security, public interests or the rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked or illegally acquired or used. The PRC Data Security Law also provides for a national security review procedure for data activities that may affect national security and imposes export restrictions on certain data and information. On August 20, 2021, the Standing Committee of the National People's Congress promulgated the Personal Information Protection Law, effective November 1, 2021. The Personal Information Protection Law clarifies the required procedures for personal information processing, the obligations of personal information processors, and individuals' personal information rights and interests. The Personal Information Protection Law provides that, among other things, (i) the processing of personal information is only permissible under certain circumstances, such as prior consent from the subject individual, fulfillment of contractual and legal obligations, furtherance of public interests or other circumstances prescribed by laws and regulations; (ii) the processing of personal information should be conducted in a disciplined manner with as little impact on individuals' rights and interests as possible, and (iii) excessive collection of personal information is prohibited. In particular, the Personal Information Protection Law provides that personal information processors should ensure the transparency and fairness of automated decision-making based on personal information, refrain from offering unreasonably differentiated transaction terms to different individuals and, when sending commercial promotions or information updates to individuals selected through automated decision-making, simultaneously offer such individuals an option not based on such individuals' specific characteristics or a more convenient way for such individuals to turn off such promotions.

On July 7, 2022, CAC promulgated the Measures on Security Assessment of Cross-border Data Transfer which became effective on September 1, 2022. Such data export measures requires that any data processor which processes or exports personal information exceeding certain volume threshold under such measures shall apply for security assessment by CAC before transferring any personal information abroad, including the following circumstances: (i) important data will be provided overseas by any data processor; (ii) personal information will be provided overseas by any operator of critical information infrastructure or any data processor who processes the personal information of more than 1,000,000 individuals; (iii) personal information will be provided overseas by any data processor who has provided the personal information of more than 100,000 individuals in aggregate or has provided the sensitive personal information of more than 10,000 individuals in aggregate since January 1 of last year; and (iv) other circumstances where the security assessment is required as prescribed by CAC. The security assessment requirement also applies to any transfer of important data outside of China.

The Ministry of Industry and Information Technology promulgated the Administrative Measures on Data Security in the Field of Industry and Information Technology (for Trial Implementation), effect on January 1, 2023. The Measures applies to the data processing activities in the field of industry and information technology carried out within the territory of China, and sets out a series of data security protection obligations for data processors in such field, such as establishing a full life-cycle data security management system, appointing data security management personnel, and conducting filings for the important data and core data processed by the data processors.

Pursuant to the 2022 Cybersecurity Review Measures, we conducted a self-assessment with respect to the status of our compliance with the Cyber Security Law, the Data Security Law, the Personal Information Protection Law, and the implementing regulations and we implemented various measures to improve the overall compliance level. We are of the view that our existing practices are compliant with applicable requirements imposed under the foregoing laws, rules and regulations, including the regulations or policies that have been issued by CAC to date, in all material respects. However, regulatory requirements on cybersecurity and data privacy are evolving and can be subject to varying interpretations or significant changes. While NaaS transferred the ownership of *Kuaidian* as well as the rights to access and use certain data generated by or in the possession of *Kuaidian to* the third-party service provider and despite our efforts to comply with laws and regulations relating to privacy, data protection and information security, there is no guarantee that the current security measures, practices and operations of ours and of the third-party service provider are and will remain compliant with applicable laws. In the event of non-compliance or any compromise of security that results in unauthorized access, use or release of personally identifiable information or other data, or the perception or allegation that any of the foregoing types of failure or compromise has occurred, our reputation could be harmed and we may be subject to investigations and penalties by PRC governmental authorities, including fines, suspension of business, and revocation of required licenses, as well as private claims and litigations, any of which could materially and adversely affect our business, prospects, financial condition and operating results and could result in a material impact on the value of our securities.

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**We rely on the service of our founders and certain members of our executive management team, and the loss of any of them may adversely affect our operations. Further, if we are unable to attract or retain key employees and hire qualified management, technical, engineering and sales personnel, our ability to compete and successfully grow our business would be harmed**

Our continued success is and will continue to depend to a significant extent on the efforts and abilities of Mr. Zhen Dai, Ms. Yang Wang, Mr. Steven Sim and Ms. Wu Ye, serving as our chairman of board of directors, chief executive officer, chief financial officer and chief strategy officer, respectively, and each of whom is and will continue to be actively engaged in our management and determines our strategic direction. The departure of any of the foregoing key individuals from or their reduced attention to us could have a material adverse effect on our operations, financial condition and operating results. Mr. Dai and Ms. Wang also serve as chairman, president and management partner of NewLink, respectively, and may not be able to devote her full efforts to our affairs.

We are and will continue to be dependent upon the services of members of our executive management team. Our future performance will also depend on their continued services and continuing contributions to formulate and execute our business plan and to identify and pursue new opportunities and product innovations. The loss of services of any of these individuals, or the ineffective management of any leadership transitions could significantly delay or prevent the achievement of our development and strategic objectives, which could adversely affect our business, financial condition, and operating results.

Our success also depends, in part, on the continuing ability to identify, hire, attract, train and develop and retain highly qualified personnel. The inability to recruit and retain qualified personnel in the future, could have an adverse effect on our business and financial condition. Competition for employees can be intense and the ability to attract, hire and retain them will depend on our ability to provide competitive compensation. We may not be able to attract, assimilate, develop or retain qualified personnel in the future.

**We expect to incur research and development costs in and to devote significant resources to the development of new products and services, which could significantly reduce our profitability and may never result in revenue.**

Our future growth depends on penetrating new markets, adapting existing products and services to new applications and customer requirements, and introducing new products and services that achieve market acceptance. NaaS's research and development expenses were RMB61.6 million, RMB42.1 million and RMB14.6 million (US$2.1 million) in 2023, 2024 and 2025, respectively. We are expected to incur research and development expenses in the future as part of our efforts to design, develop and market new products and services and enhance existing products and services. Further, our research and development program may not produce successful results, and our new products may not achieve market acceptance, create additional revenue or become profitable.

***We may not be able to adequately establish, maintain, protect and enforce our intellectual property and proprietary rights or prevent others from unauthorized use of our technology and intellectual property rights, which could harm our business and competitive position and also make us subject to litigations brought by third parties.***

Our intellectual property is an essential asset of our business and such intellectual property forms an essential part of our asset. Failure to adequately protect such intellectual property rights could result in our competitors offering similar products and services, potentially resulting in the loss of our competitive advantage and a decrease in our revenue, which would adversely affect our business prospects, financial condition and operating results. Our success depends on the ability to protect our core technology and intellectual property. We expect to rely on a combination of intellectual property rights, such as patents, trademarks, copyrights and trade secrets (including know-how), in addition to employee and third-party nondisclosure agreements, intellectual property licenses and other contractual rights, to establish, maintain, protect and enforce our rights in our technology, proprietary information and processes. Intellectual property laws and our procedures and restrictions will provide only limited protection and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed or misappropriated. If we fail to protect our intellectual property rights adequately, we may lose an important advantage in the markets in which we compete. While we are expected to take measures to protect our intellectual property, such efforts may be insufficient or ineffective, and any of our intellectual property rights may be challenged, which could result in them being narrowed in scope or declared invalid or unenforceable. Other parties may also independently develop technologies that are substantially similar or superior. We may also be forced to bring claims against third parties, or defend claims that they may bring against us, to determine the ownership of what we regard as our intellectual property. However, the measures we will take to protect our intellectual property from unauthorized use by others may not be effective and there can be no assurance that our intellectual property rights will be sufficient to protect against others offering products, services or technologies that are substantially similar or superior to those of ours and that compete with our business.

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Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property. Any litigation initiated concerning the violation by third parties of our intellectual property rights is likely to be expensive and time-consuming and could lead to the invalidation of, or render unenforceable, our intellectual property, or could otherwise have negative consequences for us. Furthermore, it could result in a court or governmental agency invalidating or rendering unenforceable our patents or other intellectual property rights upon which the suit is based. We will not be able to protect our intellectual property if we are unable to enforce our rights or if we fail to detect unauthorized use of our intellectual property. Our inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion of our management's attention and resources, could delay the introduction and implementation of new technologies. Moreover, policing unauthorized use of technologies, trade secrets and intellectual property may be difficult, expensive and time-consuming. If we fail to meaningfully establish, maintain, protect and enforce our intellectual property and proprietary rights, our business, operating results and financial condition could be adversely affected.

**We may need to defend against intellectual property infringement or misappropriation claims, which may be time-consuming and expensive.**

From time to time, the holders of intellectual property rights may assert their rights and urge us to take licenses, and/or may bring suits alleging infringement, misappropriation or other violation of such rights. There can be no assurance that we will be able to mitigate the risk of potential suits or other legal demands by competitors or other third-parties. Accordingly, we may consider entering into licensing agreements with respect to such rights, although no assurance can be given that such licenses can be obtained on acceptable terms or that litigation will not occur, and such licenses and associated litigation could significantly increase our operating expenses. In addition, if we are determined to have or believe there is a high likelihood that we have infringed upon, misappropriated or otherwise violated a third party's intellectual property rights, we may be required to cease making, selling or incorporating certain key components or intellectual property into the products and services we offer, to pay substantial damages and/or royalties, to redesign our products and services, and/or to establish and maintain alternative branding. In addition, to the extent that our customers and business partners become the subject of any allegation or claim regarding the infringement, misappropriation or other violation of intellectual property rights related to our products and services, we may be required to indemnify such customers and business partners. If we were required to take one or more such actions, our business, prospects, operating results and financial condition could be materially and adversely affected. In addition, any litigation or claims, whether or not valid, could result in substantial costs, negative publicity and diversion of resources and management attention.

**Unpatented proprietary technology, trade secrets, processes and know-how are relied on.**

We rely on proprietary information (such as trade secrets, know-how and confidential information) to protect intellectual property that may not be patentable, or that we believe is best protected by means that do not require public disclosure. We expect to protect this proprietary information by entering into confidentiality agreements, or consulting, services or employment agreements that contain non-disclosure and non-use provisions with our employees, consultants, contractors, scientific advisors and third parties. However, there is no guarantee that we will enter into such agreements with each party that has or may have had access to our trade secrets or proprietary information and, even if entered into, these agreements may be breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation of our proprietary information, may be limited as to their term and may not provide an adequate remedy in the event of unauthorized disclosure or use of proprietary information. We will have limited control over the protection of trade secrets used by our third-party manufacturers and suppliers and could lose future trade secret protection if any unauthorized disclosure of such information occurs. In addition, our proprietary information may otherwise become known or be independently developed by our competitors or other third parties. To the extent that our employees, consultants, contractors and other third parties use intellectual property owned by others in their work for us, disputes may arise as to the rights in related or resulting know-how and inventions. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain protection for our proprietary information could adversely affect our competitive business position. If any of our trade secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that trade secret. If any of our trade secrets were to be disclosed (whether lawfully or otherwise) to or independently developed by a competitor or other third party, our business, operating results, and financial condition will be materially and adversely affected.

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**We utilize open-source software, which may pose particular risks and could be harmful.**

We utilize open-source software to develop our products and services. Some open-source software licenses require those who distribute open-source software as part of their own software products to publicly disclose all or part of the source code to such software product or to make available any modifications or derivative works of the open-source code on unfavorable terms or at no cost. This could result in our proprietary software being made available in the source code form and/or licensed to others under open-source licenses, which could allow our competitors or other third parties to use our proprietary software freely without spending the development effort, and which could lead to a loss of the competitive advantage of our proprietary technologies and, as a result, sales of our products and services. The terms of many open-source licenses have not been interpreted by courts, and there is a risk that open-source software licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to provide or distribute our products or services or retain ownership of our proprietary intellectual property. Additionally, we could face claims from third parties claiming ownership of, or demanding release of, the open-source software or derivative works that we developed using such software, which could include our proprietary source code, or otherwise seeking to enforce the terms of, or alleging breach of, the applicable open-source license. These claims could result in litigation and could require us to make our proprietary software source code freely available, purchase a costly license, or cease offering the implicated products or services unless and until our can re-engineer them to avoid breach of the applicable open-source software licenses or potential infringement. This re-engineering process could require us to expend significant additional research and development resources and may not be successful.

Additionally, the use of certain open-source software can lead to greater risks than use of third-party commercial software, as open-source licensors generally do not provide warranties or controls on the origin of software. There is typically no support available for open-source software, the authors of such open-source software may not implement or push updates to address security risks and may abandon further development and maintenance. Many of the risks associated with the use of open-source software, such as the lack of warranties or assurances of title, non-infringement or performance, cannot be eliminated, and could, if not properly addressed, negatively affect our business. Any of these risks could be difficult to eliminate or manage, and, if not addressed properly, could adversely affect our ownership of proprietary intellectual property, the quality and security of our services and products, or our business, results of operations and financial condition.

**We depend on the information systems of our own and those of third parties for the effective delivery and performance of our products and services, and the overall effective and efficient functioning of our business. Failure to maintain or protect our information systems and data integrity effectively could harm our business, financial condition and results of operations.**

We depend on our information systems for the effective and efficient functioning of our business, as well as for accounting, data storage, compliance, purchasing and inventory management. Our and our third-party collaborator's information systems may be subject to computer viruses, ransomware or other malware, attacks by computer hackers, failures during the process of upgrading or replacing software, databases or components thereof, damage or interruption from fires or other natural disasters, hardware failures, telecommunication failures and user errors, among other malfunctions and other cyber-attacks. We and our third-party collaborators could be subject to an unintentional event that involves a third-party gaining unauthorized access to our systems, which could disrupt our operations, corrupt our data or result in release of confidential information. Any attempts by cyber attackers to disrupt our or our third-party collaborators' services or systems, if successful, could harm our business, introduce liability to data subjects, result in the misappropriation of funds, be expensive to remedy, subject us to substantial fines, penalties, damages and other liabilities under applicable laws and regulations, lead to a loss of protection of our intellectual property or trade secrets and damage our reputation or brand. Additionally, theft of our intellectual property or proprietary business information could require substantial expenditures to remedy and even then may not be able to be remedied in full. We may have been and going forward will continue to be the target of events of this nature as cybersecurity threats have been rapidly evolving in sophistication and becoming more prevalent in the industry. Third parties upon whom we rely or with whom we have business relationships, including our customers, collaborators, suppliers, and others are subject to similar risks that could potentially have an adverse effect on our business.

To date, we have not experienced a system failure, cyber-attack or security breach that has resulted in a material interruption in our operations or material adverse effect on our financial condition. In the event we or our third-party collaborators experience significant disruptions, we may, despite having developed emergency plans for security incidents, be unable to repair such systems in an efficient and timely manner. Accordingly, such events may disrupt or reduce the efficiency of our entire operation and harm our business, financial condition and results of operations. Insurance may not be sufficient to cover significant expenses and losses related to cyber-attacks. Our information systems require an ongoing commitment of significant resources to maintain, protect and enhance. Efforts to prevent cyber attackers from entering computer systems are expensive to implement, and we may not be able to cause the implementation or enforcement of such preventions with respect to our third-party vendors. Though it is difficult to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability, security and availability of systems and technical infrastructure may, in addition to other losses, harm our reputation, brand and ability to attract customers.

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If our products or services are unavailable when our customers and end-users attempt to access them, they may seek other services, which could reduce demand for our solutions. Processes and procedures designed to enable quick recovery from a disaster or catastrophe and continued business operations and with tested capability under controlled circumstances, are in place. However, there are several factors ranging from human error to data corruption that could materially impact the efficacy of such processes and procedures, including by lengthening the time services are partially or fully unavailable to customers and users. It may be difficult or impossible to perform some or all recovery steps and continue normal business operations due to the nature of a particular disaster or catastrophe, especially during peak periods, which could cause additional reputational damages, or loss of revenue, any of which could adversely affect our business and financial results.

**The obligation to disclose information publicly may put us at a disadvantage to our competitors that are private companies.**

As a publicly listed company, we are required to file periodic reports with the SEC upon the occurrence of matters that are material to ourselves and our shareholders. In some cases, we may need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this information, which would otherwise be confidential. This may give such competitors advantages in competing with us. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws which our non-publicly traded competitors are not required to follow. To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, it could affect our results of operations.

**Our management team has limited experience managing a public company.**

Most members of our management team have not previously served as management of a publicly traded company and may not have experience complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage a public company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws as well as the continuous scrutiny of securities analysts and investors like us. These new obligations and constituents will require significant attention from our management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business and financial performance.

**Heightened tensions in international relations, particularly between the United States and China, may adversely impact our business, financial condition, and results of operations.**

Recently there have been heightened tensions in international relations, particularly between the United States and China, but also as a result of the war in Ukraine and sanctions on Russia. These tensions have affected both diplomatic and economic ties among countries. Heightened tensions could reduce levels of trade, investments, technological exchanges, and other economic activities between the major economies. The existing tensions and any further deterioration in the relationship between the United States and China may have a negative impact on the general, economic, political, and social conditions in both countries and, given our reliance on the Chinese market, adversely impact our business, financial condition, and results of operations.

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**Acquisitions or strategic investments could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value and adversely affect our results of operations and financial condition.**

As part of the business strategy, NaaS made investments in and we are expected to make acquisitions of, or investments in, businesses, services or technologies, including with our affiliates, that are complementary to our EV charging services or otherwise.

The process of identifying and consummating acquisitions and investments, and the subsequent integration of new assets and businesses into our own business, requires attention from our management and could result in a diversion of resources from our existing business, which in turn could have an adverse effect on our operations. In addition, NewLink continues to have significant influence in determining the outcome of our corporate actions and may from time to time make strategic decisions, including in respect of our investments and mergers and acquisitions activities and strategies, that it believes are in the best interests of its business as a whole. These decisions may be different from the decision that we would have made on our own and may be made in ways that favor NewLink and may not coincide with the interests of our other shareholders.

Even if we identify an appropriate acquisition or investment target, we may not be able to negotiate the terms of the proposed transaction or finance the proposed transaction successfully, or we or the sellers may not be able to fulfill all of the closing conditions. Failure to consummate such transactions could cause the costs and management time incurred thereby, which could be significant, to be futile. As a result, our results of operations and financial condition may be materially and adversely impacted. On August 22, 2023, we entered into a share purchase agreement with the existing shareholders of Charge Amps to acquire 100% of its issued and outstanding shares. The agreement was terminated on November 22, 2023 and the acquisition was not closed. We may be subject to claims, liabilities and litigations in connection with this termination, and our business, prospects, financial condition and operating results and the value of our securities could be materially and adversely affected as a result.

Even if the desired acquisitions or investments are completed successfully, the acquired assets or businesses may not generate the expected financial results. Acquisitions or investments could also result in the use of cash, potentially dilutive issuances of equity securities, the occurrence of goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired business or investment. In addition, our due diligence may fail to identify all of the problems, liabilities or other shortcomings or challenges of an acquired business, product, technology or investment, including issues related to intellectual property, product quality or product architecture, regulatory compliance practices, revenue recognition or other accounting practices or issues with employees or customers.

Our past and future acquisitions or investments may not ultimately strengthen our competitive position or achieve our goals and business strategy; we may be subject to claims or liabilities assumed from acquired companies, products, or technologies; acquisitions or investments we complete could be viewed negatively by our customers, investors, and securities analysts; and we may incur costs and expenses necessary to address, or be subject to claims and penalties arising from, an acquired company's failure to comply with laws and governmental rules and regulations, including data protection laws. Additionally, we may be subject to litigation or other claims or unforeseen and unexpected liabilities in connection with the acquired company, including claims from terminated employees, former shareholders or other third parties, which may differ from or be more significant than the risks its business faces. An acquired company may also need to implement or improve its controls, procedures and policies, and we may face associated risks if any of those controls, procedures or policies are insufficiently effective. We may face challenges in addressing possible differences in corporate cultures and management philosophies. We may also face retention or cultural challenges associated with integrating employees from the acquired company into our organization, or we may be unable to retain key business relationships. If we are unsuccessful at integrating acquisitions or investments, in a timely manner, our revenue and operating results could be adversely affected. Any integration process may require significant time and resources, which may disrupt our ongoing business and divert management's attention, and we may not be able to manage the integration process successfully or in a timely manner. We may not successfully evaluate or utilize the acquired technology or personnel, realize anticipated synergies from the acquisition or investment, or accurately forecast the financial impact of an acquisition or investment transaction or the related integration of such acquisition or investment, including accounting charges and any potential impairment of goodwill and intangible assets recognized in connection with such transaction. We may also face difficulties in managing tax costs or inefficiencies associated with integrating the operation costs of the combined group. NaaS have and may continue to pay cash, incur debt, or issue equity or equity-linked securities to pay for any acquisitions or investments, each of which could adversely affect our financial condition. Furthermore, the sale of equity or issuance of equity-linked debt to finance any such transaction could result in dilution to our shareholders. The occurrence of any of these risks could harm our business, operating results, and financial condition.

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**Our business is subject to risks associated with construction, cost overruns and delays, and other contingencies that may arise in the course of completing installations, and such risks may increase in the future as we expand the scope of such services with other parties.**

We do not typically install charging stations at customer sites. These installations are typically performed by our partners or electrical contractors with an existing relationship with the customer and/or knowledge of the site. The installation of charging stations at a particular site is generally subject to oversight and regulation in accordance with PRC laws and regulations related to building codes, safety, environmental protection and related matters, and typically requires various local and other governmental approvals and permits. In addition, building codes, accessibility requirements or regulations may hinder EV charger installation because they end up costing the developer or installer more in order to meet the code requirements. Meaningful delays or cost overruns may impact our recognition of revenue in certain cases and/or impact customer relationships, either of which could impact our business and profitability.

Furthermore, we may in the future undertake to construct charging stations or install chargers at customer sites or manage contractors. Working with contractors may require us to obtain licenses or require us or our charging station customers to comply with additional rules, working conditions and other union requirements, which can add costs and complexity to a construction or installation project. In addition, if we or the contractors are unable to provide timely, thorough and quality construction or installation-related services, station customers could fall behind their construction schedules leading to liability to us or cause station customers to become dissatisfied with the solutions our offers and our overall reputation would be harmed.

**Natural disasters, terrorist activities, political unrest, and other outbreaks could disrupt our production, delivery, and operations, which could materially and adversely affect our business, financial condition, and results of operations.**

Global pandemics, epidemics in China or elsewhere in the world, or fear of spread of contagious diseases, such as COVID-19, Ebola virus disease, Middle East respiratory syndrome, severe acute respiratory syndrome, H1N1 flu, H7N9 flu, and avian flu, as well as hurricanes, earthquakes, tsunamis, or other natural disasters could disrupt our business operations, reduce or restrict our supply of materials and services, incur significant costs to protect our employees and facilities, or result in regional or global economic distress, which may materially and adversely affect our business, financial condition, and results of operations. Actual or threatened war, terrorist activities, political unrest, civil strife, and other geopolitical uncertainty could have a similar adverse effect on our business, financial condition, and results of operations. Any one or more of these events may impede our production and delivery efforts and adversely affect our sales results, or even for a prolonged period of time, which could materially and adversely affect our business, financial condition, and results of operations.

We are also vulnerable to natural disasters and other calamities. Although we have servers that are hosted in an offsite location, our backup system does not capture data on a real-time basis and we may be unable to recover certain data in the event of a server failure. We cannot assure you that any backup systems will be adequate to protect us from the effects of fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks, or similar events. Any of the foregoing events may give rise to interruptions, damage to our property, delays in production, breakdowns, system failures, technology platform failures, or internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our business, financial condition, and results of operations.

**Risks Related to Doing Business in China**

**The PRC government has significant oversight over business operations conducted in China, and may intervene or influence our operations at any time, which could result in a material adverse change in our operations and the value of our ADSs.**

The PRC government has significant oversight over business operations conducted in mainland China, Hong Kong and Macau, and the PRC government may intervene and influence our operations at any time, which could result in a material adverse change in our operation and the value of the ADSs. Specifically, the operational risks associated with being based in and having operations in mainland China also apply to operations in Hong Kong and Macau. While entities and businesses in Hong Kong and Macau operate under different sets of laws from mainland China, the legal risks associated with being based in and having operations in mainland China could apply to operations in Hong Kong and Macau, if the laws applicable to mainland China become applicable to entities and businesses in Hong Kong and Macau in the future.

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Also, the PRC government has recently indicated that it may exert more oversight and control over offerings that are conducted overseas by or foreign investment in China-based issuers which may significantly limit or completely hinder our ability to offer or continue to offer securities and cause the value of such securities to significantly decline or be worthless. For example, on July 6, 2021, PRC government authorities published the Opinions on Strictly Scrutinizing Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the establishment of regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. On September 24, 2024, CAC released the Administrative Regulation on Network Data Security, which come into effect on January 1, 2025. On December 28, 2021, the Chinese government promulgated the 2022 Cybersecurity Review Measures, which came into effect on February 15, 2022. According to the 2022 Cybersecurity Review Measures, (i) critical information infrastructure operators that purchase network products and services and internet platform operators that conduct data processing activities shall be subject to cybersecurity review in accordance with the 2022 Cybersecurity Review Measures if such activities affect or may affect national security; and (ii) internet platform operators holding personal information of more than one million users and seeking to have their securities listed on a stock exchange in a foreign country are required to file for cybersecurity review with the Cybersecurity Review Office.

There is a general lack of official guidance with respect to the implementation and interpretation of the 2022 Cybersecurity Review Measures and the Opinions given the recency of their issuance. It is also uncertain when and in what form will the Draft Regulations be enacted and how they will be interpreted and implemented by PRC governmental authorities once in effect. As a result, we may be retrospectively required to obtain regulatory approvals from and complete additional procedures with CSRC, CAC or other PRC governmental authorities for the Mergers and the Transactions. In addition, if CSRC, CAC or other regulatory agencies subsequently promulgate new rules or regulations that require us to obtain additional approvals or complete additional procedures for the Mergers or the Transactions, or for our listing or offering overseas, such approvals may not be obtained and such procedures may not be completed in a timely manner or at all. Any such circumstance could significantly limit or completely hinder our ability to offer or continue to offer securities and cause the value of such securities to significantly decline or be worthless. In addition, implementation of industry-wide regulations directly targeting our operations could cause the value of the ADSs to significantly decline. Therefore, investors of the ADSs face potential uncertainty from actions taken by the PRC government affecting our business.

**Changes in China's economic, political or social conditions, or government policies could materially and adversely affect our business and operations.**

Substantially all of our assets and operations are located in China. Accordingly, our business, financial condition, results of operations, and prospects may be influenced to a significant degree by political, economic, and social conditions in China generally and by continued yet slowing economic growth in China as a whole.

The Chinese economy differs from the economies of most developed countries in many respects, including the level of government involvement, level of development, growth rate, control of foreign exchange, and allocation of resources. Although the PRC government has implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition, the PRC government continues to play a significant role in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over China's economic growth through resource allocation, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or companies.

While the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy, and the rate of growth has been slowing down in recent years. Any adverse changes in economic conditions in China, in the policies of the PRC government or in the laws and regulations in China could have a material adverse effect on the overall economic growth of China. Such developments could lead to reduction in demand for our services and products and adversely affect our competitive position, and could adversely affect our business and operating results. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial condition and results of operations may be adversely affected by government control over capital investments or changes in tax regulations. In addition, in the past the PRC government has implemented certain measures, including interest rate adjustment, to control the pace of economic growth. These measures may cause decreased economic activity in China, which may adversely affect our business and operating results.

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**Uncertainties with respect to the PRC legal system could adversely affect us.**

We conduct our business primarily through subsidiaries in China. Operations in China are governed by PRC laws and regulations. The PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil law system may be cited for reference but have limited precedential value. The PRC legal system is evolving rapidly, and the interpretation and enforcement of many laws, regulations and rules may involve uncertainties.

From time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. Any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy. These uncertainties may impede our ability to enforce the contracts we have entered into and could materially and adversely affect our business and results of operations. Furthermore, the PRC legal system is based, in part, on government policies and internal rules, some of which may have retroactive effect. As a result, we may not always be aware of any potential violation of these policies and rules. Such unpredictability towards our contractual, property and procedural rights could adversely affect our business and impede our ability to continue our operations.

The PRC government has significant oversight over the conduct of our business and it has recently indicated an intent to exert more oversight over offerings that are conducted overseas and/or foreign investment in China-based issuers. Any such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

***The PCAOB had historically been unable to inspect our auditors that issued the audit report included elsewhere in this prospectus in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our auditors in the past has deprived our investors with the benefits of such inspections.***

Our auditors, including our current and previous independent registered public accounting firms that issue the audit report included elsewhere in this prospectus, as auditors of companies that are traded publicly in the United States and firms registered with the PCAOB, are subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Both our current auditor and our previous auditor that issued the audit report included elsewhere in this prospectus are located in mainland China, a jurisdiction where the PCAOB was historically unable to conduct inspections and investigations completely before 2022. As a result, we and investors in our ADSs were deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections of auditors in mainland China in the past has made it more difficult to evaluate the effectiveness of our independent registered public accounting firm's audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. However, if the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong, and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the Securities and Exchange Commission, we and investors in our ADSs would be deprived of the benefits of such PCAOB inspections again, which could cause investors and potential investors in our ADSs to lose confidence in our audit procedures and reported financial information and the quality of our financial statements.

***Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in mainland China and Hong Kong. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.***

Pursuant to the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our shares or our ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong and our current auditor, as well as our previous auditor that issued the audit report included elsewhere in this prospectus were subject to that determination. In May 2022, the SEC conclusively listed RISE as a Commission-Identified Issuer under the HFCAA following the filing of RISE's annual report on Form 20-F for the fiscal year ended December 31, 2021. On December 15, 2022, the PCAOB removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. As of the date of this prospectus, the PCAOB has not issued any new determination that it is unable to inspect or investigate completely registered public accounting firms headquartered in any jurisdiction. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCAA after we file our annual report on Form 20-F for the fiscal year ended December 31, 2025.

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Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the Securities and Exchange Commission, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. In accordance with the HFCAA, our securities would be prohibited from being traded on a national securities exchange or in the over-the-counter trading market in the United States if we are identified as a Commission-Identified Issuer for two consecutive years in the future. If our shares and ADSs are prohibited from trading in the United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for our ADSs will develop outside of the United States. A prohibition of being able to trade in the United States would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the risk and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such a prohibition would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition and prospects.

**We may be required to obtain additional licenses in relation to our ongoing business operations and may be subject to penalties for failing to obtain certain licenses with respect to our past operations.**

We conduct our business in China through our PRC subsidiaries, each of which is required to obtain, and has obtained, a business license and, where applicable, certain additional operating licenses and permits in connection with their operations.

Considering (i) the uncertainties around the interpretation and implementation of PRC laws and regulations and the enforcement practice by government authorities, (ii) the PRC government's ability to intervene in or influence our operations at any time, and (iii) the rapid evolvement of PRC laws, regulations, and rules which may be preceded with little or no advance notice, we may be subject to additional licensing requirements, and our conclusion on the status of our licensing compliance may prove to be mistaken. If (i) we do not receive or maintain any permission or approval required of us, (ii) we inadvertently concluded that certain permissions or approvals have been acquired or are not required, or (iii) applicable laws, regulations, or interpretations thereof change and we become subject to the requirement of additional permissions or approvals in the future, we may have to expend significant time and costs to procure them. If we are unable to do so, on commercially reasonable terms, in a timely manner or otherwise, we may become subject to sanctions imposed by the PRC regulatory authorities, which could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into Mainland China as foreign investments or accept foreign investments, or list on a U.S. or other overseas exchange may be restricted, and our business, reputation, financial condition, and results of operations may be materially and adversely affected.

As an example, The People's Bank of China issued a notification in November 2017, or the People's Bank of China Notice, relating to the investigation and administration of illegal offering of settlement services by financial institutions and third-party payment service providers to unlicensed entities. On December 9, 2023, the People's Bank of China issued the Regulations on the Supervision and Administration of Non-Bank Payment Institutions which came into effect on May 1, 2024 and sets forth the basic regulatory requirements for the provision of payment services by non-bank institutions. Pursuant to the Administrative Measures on Non-Financial Institution Payment Service, a non-financial institution that provides payment services shall obtain a payment business license to become a payment institution. No non-financial institution or individual shall engage in payment services, either directly or indirectly, without the approval of the People's Bank of China. In line of market practice, NaaS had previously engaged licensed entities such as third-party payment institutions and commercial bank to provide payment settlement services. However, because there were and remain to be uncertainties with respect to the implementation and interpretation of the applicable laws and as these laws continue to evolve, the People's Bank of China and other governmental authorities may find NaaS's settlement mechanisms to be in violation of the Administrative Measures on Non-Financial Institution Payment Service, the People's Bank of China Notice or other related regulations. If such determination is made, we may be subject to penalties and our businesses and results of operations could be materially and adversely affected.

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**The approval of and filing with CSRC or other PRC government authorities may be required retrospectively in connection with the Mergers and the Transactions under PRC law, and, if required, it is uncertain whether such approval can be obtained or filing completed or how long it will take to obtain such approval or complete such filing.**

Most of our operations are based in China. We are and will be subject to PRC laws relating to, among others, restrictions over foreign investments and data security. The Chinese government has recently sought to exert more control and impose more restrictions on China-based companies raising capital offshore and such efforts may continue or intensify in the future. The Chinese government's exertion of more control over overseas listing of, offerings conducted overseas by and/or foreign investment in China-based companies could retrospectively affect the Mergers and result in a material change in our operations, significantly limit or completely hinder our abilities to offer or continue to offer securities to foreign investors, and cause the value of ADSs to significantly decline or be worthless.

The Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled by PRC persons or entities to obtain the approval of CSRC prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. The interpretation and application of the regulations remain unclear, and the Mergers and the Transactions may ultimately require approval of CSRC. If it is determined that CSRC approval is required retrospectively for the Mergers or the Transactions, it is uncertain whether we can or how long we will take to obtain the approval and, even if such CSRC approval is obtained, the approval could be rescinded. Any failure to obtain or delay in obtaining the CSRC approval for the Mergers and the Transactions, or a rescission of such approval if obtained, could subject us to sanctions imposed by CSRC or other PRC regulatory authorities, which could include fines and penalties on our operations, restrictions or limitations on our abilities to pay dividends outside of China, and other forms of sanctions that may materially and adversely affect their business, financial condition, and results of operations.

On July 6, 2021, PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the establishment of regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies.

On February 17, 2023, CSRC published the Overseas Listing Measures which took effect on March 31, 2023. Under the Overseas Listing Measures, a filing-based regulatory system applies to "indirect overseas offerings and listings" of companies in mainland China, which refers to securities offerings and listings in an overseas market made under the name of an offshore entity but based on the underlying equity, assets, earnings or other similar rights of a company in mainland China that operates its main business in mainland China. The Overseas Listing Measures states that, any post-listing follow-on offering by an issuer in an overseas market, including issuance of shares, convertible notes and other similar securities, shall be subject to filing requirement within three business days after the completion of the offering. Therefore, any of our future offering and listing of our securities in an overseas market may be subject to the filing requirements under the Overseas Listing Measures. In connection with the Overseas Listing Measures, on February 17, 2023, CSRC also published the Notice on Overseas Listing Measures. According to the Notice on Overseas Listing Measures, issuers that have already been listed in an overseas market by March 31, 2023, the date the Overseas Listing Measures became effective, are not required to make any immediate filing and are only required to comply with the filing requirements under the Overseas Listing Measures when it subsequently seeks to conduct a follow-on offering.

On September 6, 2024, the National Development and Reform Commission, or the NDRC, and the Ministry of Commerce, jointly issued the Special Administrative Measures (Negative List) for Foreign Investment Access (2024 Version), or the 2024 Negative List, which became effective on November 1, 2024. Pursuant to the 2021 Negative List, if a PRC domestic company, which engages in any prohibited business set out in the list, seeks an overseas offering or listing, it must first obtain the approval from the competent governmental authorities. In addition, the foreign investors in such company must not be involved in its operation or management, and their ownership interest should be subject to limitations imposed under regulations on investments in domestic securities by foreign investors. Because the 2024 Negative List is recently issued, there remain substantial uncertainties as to the interpretation and implementation of these new requirements, and it is unclear as to whether and to what extent we will be subject to these new requirements. If we are required to comply with these requirements but fail to do so on a timely basis if at all, our business operation, financial conditions and business prospect may be adversely and materially affected.

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In addition, there is no assurance that new rules or regulations promulgated in the future will not impose additional requirements on us, including retrospectively with respect to the Mergers and the Transactions. If it is determined in the future that approval and filing from CSRC or other regulatory authorities or other procedures, including the cybersecurity review under the 2022 Cybersecurity Review Measures and the Draft Administrative Regulations on Network Data Security (which is a key implementing regulation under the PRC Cybersecurity Law, as amended effective January 1, 2026), are required for the Mergers or Transactions, on a retrospective basis, it is uncertain whether such approval can be obtained or filing procedures completed, or how long it will take to obtain such approval or complete such filing procedures. Any failure to obtain such approval or complete such filing procedures or any delay in obtaining such approval or completing such filing procedures for the Mergers or Transactions, or a rescission of any such approval if obtained, would subject us to sanctions by CSRC or other PRC regulatory authorities. These regulatory authorities may impose fines and penalties on our operations in China, limit our abilities to carry out business operations in China or pay dividends outside China, delay or restrict the repatriation of our offshore funds into China or take other actions that could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of the ADSs. CSRC and other PRC regulatory authorities may also order us, or make it advisable for us, to unwind or reverse the Mergers and the Transactions. In addition, if CSRC or other regulatory authorities in China subsequently promulgate new rules or issue directives requiring that we obtain additional approvals or complete additional filing or other regulatory procedures for our prior offerings overseas, there is no assurance that we will be able to comply with these requirements and may not be able to obtain any waiver of such requirements, if and when procedures are established to obtain such a waiver. Any of the foregoing could materially and adversely affect our business, prospects, financial condition, reputation, and the trading price of our listed securities.

**We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.**

We are a holding company and we may rely on dividends and other distributions on equity paid by our PRC subsidiaries for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. If these subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us.

Under PRC laws and regulations, our wholly foreign-owned subsidiaries in China may pay dividends only out of their respective accumulated profits as determined in accordance with PRC accounting standards and regulations. In addition, a PRC enterprise is required to set aside at least 10% of its accumulated after-tax profits each year, if any, to fund certain statutory reserve fund, until the aggregate amount of such fund reaches 50% of its registered capital.

Any limitation on the ability of our PRC subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business. The funds in mainland China or in our PRC subsidiaries may not be available to fund operations or for other use outside of mainland China due to interventions in or the imposition of restrictions and limitations by the PRC government on our or our subsidiaries' ability to transfer cash. Although currently there are no equivalent or similar restrictions or limitations in Hong Kong on cash transfers in, or out of, Hong Kong or our Hong Kong subsidiaries, if certain restrictions or limitations in mainland China were to become applicable to cash transfers in and out of Hong Kong or our Hong Kong subsidiaries in the future, the funds in Hong Kong or our Hong Kong subsidiaries, likewise, may not be available to fund operations or for other use outside of Hong Kong. Therefore, to the extent cash in our business is in mainland China or Hong Kong or our mainland China subsidiaries or Hong Kong subsidiaries, the funds may not be available to fund operations or for other use outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability to transfer cash. Cash transfers from our Hong Kong subsidiaries to NaaS Technology Inc. or our offshore subsidiaries are subject to tax obligations imposed by Hong Kong laws to the extent applicable.

**Our holding company structure involves unique risks to investors. If in the future we were to amend our operating structure to use any VIE again for our operations in China or if PRC regulatory authorities were to disallow our holding company structure, additional risks and uncertainties will be involved.**

NaaS Technology Inc. is not an operating company but a Cayman Islands holding company and our operations are primarily conducted through our PRC subsidiaries. PRC regulatory authorities could disallow this holding company structure.

We do not have any VIE and we conduct our operations in China through our subsidiaries. If in the future we were to amend our operating structure to use any VIE again for our operations in China, the PRC government could disallow this structure or find the contractual arrangement that we may adopt to establish a VIE structure to be non-compliant with PRC regulations relating to the relevant industries and as a result we could be subject to severe penalties.

There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules relating to a VIE structure and it is uncertain whether any new PRC laws or regulations in this respect will be adopted or if adopted, what they would provide. Meanwhile, there are very few precedents and little formal guidance as to how contractual arrangements in the context of a consolidated variable interest entity should be interpreted or enforced under PRC law.

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If our current holding company structure is disallowed by PRC regulatory authorities or if we were to adopt a VIE structure in the future and if we or any VIE that we may establish were to be found in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, PRC governmental authorities would have broad discretion to take action in dealing with such violations or failures, including:

● revoking lacing restrictions or onerous conditions on the operations of the relevant entities;

● placing restrictions on the right to collect revenues of the relevant entities;

● shutting down the servers or blocking the app/websites of the relevant entities; or

● requiring the relevant entity to restructure its ownership structure or operations.

Any of these actions could cause significant disruption to our business operations, severely damage our reputation, and have a material adverse effect on our financial condition and results of operations, which, in turn, would likely result in a material change in our operations and in the value of our securities and could cause the value of our securities to significantly decline or become worthless.

In addition, if we were to adopt a VIE structure for our operations in China in the future, we will have to rely on contractual arrangements with the VIE and its shareholders for the conduct of such operations. These contractual arrangements, however, may not be as effective as direct ownership in the VIE. If we were to have direct ownership of the VIE, we would be able to exercise our rights as a shareholder to effect changes in the board of directors of the VIE, which in turn could implement changes, subject to any applicable fiduciary obligations, at the management and operational level. On the other hand, under contractual arrangements, we will have to rely on the performance by the VIE and its shareholders of their contractual obligations in order to exercise control over the VIE. The VIE and its shareholders could breach their contractual arrangements with us by, among other things, failing to conduct the operations of the VIE in an acceptable manner or taking other actions that are detrimental to our interests. To the extent there will be any dispute relating to these contracts, we may have to incur substantial costs and expend additional resources to enforce such arrangements through the operations of PRC law and arbitration, litigation and other legal proceedings and therefore will be subject to uncertainties in the PRC legal system. We may also have to rely on legal remedies under PRC law, including seeking specific performance or injunctive relief, and contractual remedies, which we cannot assure you will be sufficient or effective under PRC law.

**PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from making loans to our PRC subsidiaries or making additional capital contributions to our wholly foreign-owned subsidiaries in China, which could materially and adversely affect our liquidity and our ability to fund and expand our business.**

We are an offshore holding company conducting our operations in China through our PRC subsidiaries. We may make loans to our PRC subsidiaries subject to the approval from governmental authorities and limitation of amount, or we may make additional capital contributions to our wholly foreign-owned subsidiaries in China.

Any loans to our wholly foreign-owned subsidiaries in China, which are treated as foreign-invested enterprises under PRC law, are subject to PRC regulations and foreign exchange loan registrations. For example, loans by us to any of our wholly foreign-owned subsidiaries in China to finance its activities cannot exceed statutory limits, i.e., the difference between its total amount of investment and its registered capital, or certain amount calculated based on elements including capital or net assets, the cross-border financing leverage ratio and the macro prudential coefficient, or Macro-prudential Management Mode, under applicable PRC laws and the loans must be registered with the local counterpart of the State Administration of Foreign Exchange, or SAFE, or filed with SAFE in its information system. According to the Circular of the People's Bank of China and the State Administration of Foreign Exchange on Adjusting the Macro-prudent Adjustment Parameter for Cross-border Financing issued on January 7, 2021, the limit for the total amount of foreign debt under the Macro-prudential Management Mode is adjusted to two times of our subsidiary's net assets.

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Moreover, any medium or long-term loan to be provided by us to our PRC subsidiaries must also be registered with the NDRC.

We may also decide to finance our wholly foreign-owned subsidiaries in China by means of capital contributions. These capital contributions shall go through record-filing procedures from competent administration for market regulation. SAFE issued the Circular on the Management Concerning the Reform of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect on June 1, 2015. SAFE Circular 19 allows for the use of RMB converted from the foreign currency-denominated capital for equity investments in the PRC provided that such usage shall fall into the scope of business of the foreign-invested enterprise, which will be regarded as the reinvestment of foreign-invested enterprise. In addition, SAFE promulgated the Circular Regarding Further Promotion of the Facilitation of Cross-Border Trade and Investment on December 4, 2023, or SAFE Circular 28, pursuant to which all foreign-invested enterprises can make equity investments in China with their capital funds in accordance with the law. The Circular Regarding Further Optimizing the Cross-border RMB Policy to Support the Stabilization of Foreign Trade and Foreign Investment jointly promulgated by the People's Bank of China, NDRC, the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission of the State Council, the China Banking and Insurance Regulatory Commission and SAFE on December 31, 2020 and effective on February 4, 2021 allows the non-investment foreign-invested enterprises to make domestic reinvestment with RMB capital in accordance with the law on the premise that they comply with prevailing regulations and the invested projects in China are authentic and compliant. In addition, if a foreign-invested enterprise uses RMB income under capital accounts to conduct domestic reinvestment, the invested enterprise is not required to open a special deposit account for RMB capital.

In light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary government registrations or record-filings on a timely basis, or at all, with respect to future loans or future capital contributions to our PRC subsidiaries. As a result, uncertainties exist as to our ability to provide prompt financial support to our PRC subsidiaries when needed. If we fail to complete such registrations or record-filings, our ability to use foreign currency, and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund and expand our business.

**There are uncertainties with respect to indirect transfers of equity interests in PRC resident enterprises by our non-PRC holding companies.**

Pursuant to the Circular on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises, or SAT Circular 698, issued by the SAT in 2009 with retroactive effect from January 1, 2008, where a non-resident enterprise transfers the equity interests of a PRC resident enterprise indirectly by disposition of the equity interests of an overseas holding company, or an Indirect Transfer, and such overseas holding company is located in a tax jurisdiction that: (a) has an effective tax rate less than 12.5% or (b) does not tax foreign income of its residents, the non-resident enterprise, being the transferor, must report the Indirect Transfer to the competent tax authority of the PRC resident enterprise.

On February 3, 2015, the SAT issued a Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-Resident Enterprises, or SAT Public Notice 7. SAT Public Notice 7 supersedes certain rules with respect to the Indirect Transfer under SAT Circular 698 but does not touch upon the other provisions of SAT Circular 698, which remain in force. SAT Public Notice 7 has introduced a new tax regime that is significantly different from the previous one contemplated under SAT Circular 698. SAT Public Notice 7 extends its tax jurisdiction to not only Indirect Transfers set forth under SAT Circular 698 but also transactions involving transfer of other taxable assets through the offshore transfer of a foreign intermediate holding company. In addition, SAT Public Notice 7 provides clearer criteria than SAT Circular 698 for assessment of reasonable commercial purposes and has introduced safe harbors for internal restructurings of group companies and the purchase and sale of equity through a public securities market. SAT Public Notice 7 also brings challenges to both foreign transferors and transferees (or other person who is obligated to pay for the transfer) of taxable assets. Where a non-resident enterprise transfers taxable assets indirectly by disposing of the equity interests of an overseas holding company, which will be deemed as an Indirect Transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such Indirect Transfer to the tax authority. Using a "substance over form" principle, the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived from a Indirect Transfer may be subject to PRC enterprise income tax, and the transferor will be subject to the obligation to withhold applicable taxes, currently at a rate of 10%.

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On October 17, 2017, SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Nonresident Enterprise Income Tax at Source, or SAT Bulletin 37, which became effective on December 1, 2017 and abolished SAT Circular 698 as well as certain provisions in SAT Circular 7. The SAT Bulletin 37 further clarifies the practice and procedure for the withholding of non-resident enterprise income tax. Pursuant to SAT Bulletin 37, where the party responsible to withhold such income tax did not or was unable to withhold, and the nonresident enterprise receiving such income failed to declare and pay the taxes that should have been withheld to the tax authority, both parties may be subject to penalties.

We face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved, including the Mergers and the Transactions. We may be subject to filing obligations or taxed or subject to withholding obligations with respect to such transactions, under SAT Public Notice 7 and SAT Bulletin 37. For transfers of shares in us by investors that are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing under SAT Public Notice 7 and SAT Bulletin 37. As a result, we may be required to expend valuable resources to comply with SAT Public Notice 7 and SAT Bulletin 37 or to request the transferors from whom we purchase taxable assets to comply with these circulars, or to establish that we should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.

**It is unclear whether we will be considered a PRC "resident enterprise" under the PRC Enterprise Income Tax Law and, depending on the determination of our PRC "resident enterprise" status, our global income may be subject to the 25% PRC enterprise income tax, which could materially and adversely affect our results of operations.**

Under the PRC Enterprise Income Tax Law, which became effective in January 2008 and was amended on February 24, 2017 and December 29, 2018, and its implementation rules, an enterprise established outside of the PRC with a "de facto management body" within China is considered a PRC resident enterprise and will be subject to enterprise income tax at the rate of 25% on its global income. The implementation rules of the PRC Enterprise Income Tax Law define the term "de facto management bodies" as "establishments that carry out substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., of an enterprise." On April 22, 2009, the State Taxation Administration issued the Notice Regarding the Determination of Chinese-Controlled Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, or STA Circular 82, which was partially amended by Announcement on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual Management Institutions issued by the State Taxation Administration on January 29, 2014, and further partially amended by Decision on Issuing the Lists of Invalid and Abolished Tax Departmental Rules and Taxation Normative Documents issued by the State Taxation Administration on December 29, 2017. STA Circular 82, as amended, provides certain specific criteria for determining whether the "de facto management body" of a Chinese-controlled offshore-incorporated enterprise is located in China. Further, STA Circular 82 states that certain Chinese-controlled enterprises will be classified as "resident enterprises" if the following are located or resident in China: senior management personnel and departments that are responsible for daily production, operation and management; financial and personnel decision making bodies; key properties, accounting books, company seal, and minutes of board meetings and shareholders' meetings; and half or more of the senior management or directors having voting rights. In addition, the State Taxation Administration issued the Bulletin on Promulgation of the Administrative Measures for Income Tax of Chinese-Controlled Offshore-Incorporated Resident Enterprises (Trial Implementation) on July 27, 2011, effective from September 1, 2011 and partially amended on April 17, 2015, June 28, 2016, and June 15, 2018, or STA Bulletin 45, providing more guidance on the implementation of STA Circular 82. STA Bulletin 45 clarifies matters including resident status determination, post-determination administration and competent tax authorities. See "Regulation—Regulations Related to Tax—Enterprise Income Tax." Although both STA Circular 82 and STA Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the determining criteria set forth in STA Circular 82 and STA Bulletin 45 may reflect STA's general position on how the "de facto management body" test should be applied in determining the tax resident status of all offshore enterprises, regardless of whether they are controlled by PRC enterprises or individuals. In addition to the uncertainty regarding how the new resident enterprise classification may apply, it is also possible that the rules may change in the future, possibly with retroactive effect. Although we do not believe that our legal entities organized outside of the PRC constitute PRC resident enterprises, it is possible that the PRC tax authorities could reach a different conclusion. In such case, we may be considered a PRC resident enterprise and may therefore be subject to enterprise income tax at 25% on our global income as well as PRC enterprise income tax reporting obligations. If we are considered a PRC resident enterprise and earn income other than dividends from our PRC subsidiaries, a 25% enterprise income tax on our global income could significantly increase our tax burden and materially and adversely affect our cash flow and profitability.

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***Certain transactions completed may not have received the necessary approval.***

According to the M&A Rules, where a domestic company, enterprise or natural person intends to acquire its or his/her related domestic company in the name of an offshore company which it or he/she lawfully established or controls, the acquisition should be subject to the examination and approval of the Ministry of Commerce. Historically, NaaS's acquisition of several PRC entities could have fallen within the ambit of the M&A Rules and required the prior approval of the Ministry of Commerce. No such approval had been applied for or obtained and the acquisition could be deemed invalid.

**Failure to make adequate contributions to various employee benefit plans as required by PRC regulations may subject us to penalties.**

Companies operating in China are required to participate in various government sponsored employee benefit plans, including certain social insurance, housing funds and other welfare-oriented payment obligations, and contribute to these plans based on the salaries, including bonuses and allowances, of the employees subject to any maximum amount of contribution specified by local authorities from time to time. This has however not been implemented consistently by local authorities. Certain of our subsidiaries in China have not made adequate employee benefit payments, and as a result, we may be required to make up for the contributions due and to pay late fees and fines.

**It may be difficult for overseas regulators to conduct investigation or collect evidence within China.**

Shareholder claims or regulatory investigation that are common in the United States generally are difficult to pursue as a matter of law or practicality in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations or litigation initiated outside China. Although PRC government authorities may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the securities regulatory authorities in the Unities States may not be efficient in the absence of mutual and practical cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. While detailed interpretation of or implementation rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting your interests.

**Any failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC plan participants or us to fines and other legal and administrative sanctions.**

Pursuant to the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly Listed Company, issued by SAFE in February 2012, employees, directors, supervisors and other senior management participating in any stock incentive plan of an overseas publicly listed company who are PRC citizens or who are non-PRC citizens residing in China for a continuous period of not less than one year, subject to exceptions, are required to register with SAFE through a domestic qualified agent, which could be a PRC subsidiary of such overseas listed company, and complete certain other procedures. We and our directors, executive officers and other employees who are PRC citizens or who reside in the PRC for a continuous period of not less than one year and who have been granted restricted shares, restricted share units or options are subject to these regulations. Failure to complete the SAFE registrations may result in fines and legal sanctions and may also limit our ability to contribute additional capital into our subsidiaries in China and limit these subsidiaries' ability to distribute dividends to us. We also face regulatory uncertainties that could restrict our ability to adopt additional incentive plans for our directors and employees under PRC law.

**Risks Related to Our ADSs and Trading Market**

**Our multi-class share structure with different voting rights will significantly limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of the Class A ordinary shares and the ADSs may view as beneficial.**

Our authorized and issued ordinary shares are divided into Class A ordinary shares, Class B ordinary shares, Class C ordinary shares and Class D ordinary shares. In respect of matters requiring the votes of our shareholders, holders of Class A ordinary shares, Class B ordinary shares and Class C ordinary shares vote together as one class, and holders of Class A ordinary shares are entitled to one vote per share while holders of Class B ordinary shares and Class C ordinary shares are entitled to ten votes per share and two votes per share, respectively. Each Class B ordinary share and each Class C ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares or Class C ordinary shares under any circumstances. Holders of Class D ordinary shares are entitled to five hundred votes per share. Class D ordinary shares are not convertible into any other class of share issued by the Company, nor into any ADSs representing the Company's Class A ordinary shares. Our currently effective memorandum and articles of association prohibits any Class B ordinary shares held by NewLink from being disposed of or otherwise transferred to any person other than to Mr. Zhen Dai and persons affiliated with him. Our currently effective memorandum and articles of association also requires any Class B ordinary shares or Class C ordinary shares to be automatically converted into Class A ordinary shares upon a transfer of such Class B ordinary shares or Class C ordinary shares to any person other than to Mr. Zhen Dai and persons affiliated with him.

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As of the date of this prospectus, NewLink beneficially owns 11,915,840,000 Class A ordinary shares, 195,969,844 Class B ordinary shares, 1,111,577,928 Class C ordinary shares and 16,000,000 Class D ordinary shares, held directly by NewLink or indirectly through Newlinks Envision Limited and Newlink Linkage Limited, which collectively account for an aggregate of 48.8% of the voting power represented by all our issued and outstanding shares.

**The trading price of our ADSs is likely to be volatile, which could result in substantial losses to investors.**

The trading price of our ADSs has fluctuated significantly and will continue to be volatile and could fluctuate widely. Many factors that are beyond our control may materially adversely affect the market price and marketability of our ADSs and our ability to raise capital through equity financings. These factors include the following:

● regulatory developments affecting us or our industries;

● variations in our revenues, earnings, cash flow and data related to our operations;

● changes in market condition, market potential and competitive landscape;

● announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;

● fluctuations in global and Chinese economies;

● changes in financial estimates by securities analysts;

● adverse publicity about us or our industries;

● additions or departures of key personnel and senior management;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, it may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

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**Future issuance of ADSs or ordinary shares will result in additional dilution of the percentage ownership of our shareholders and could cause the price of the ADSs to fall.**

As of the date of this prospectus, 4,800,000,000 Class A ordinary shares of the Company are issuable upon exercise of the 2026 Warrants and 468,750 ADSs are issuable upon exercise of the 2025 Warrants.In accordance with a deed of settlement dated June 4, 2025 ("Settlement Deed") and entered into by and among the Company, LMR and certain other parties, the Company agreed to issue LMR a warrant exercisable at any time up to the 10th anniversary of the effective date of the Settlement Deed, entitling LMR to acquire up to 10% of the Company's issued share capital if its market capitalization reaches US$90 million, as calculated in accordance with the terms of the Deed ("LMR Warrant"). The warrants provide for a fluctuating conversion price, which is subject to anti-dilution adjustments (including for certain offerings of our ADSs and ordinary shares) and certain floor price. The exercise of the 2025 Warrants, the 2026 Warrants and the LMR Warrant will dilute the ownership interests of our shareholders and holders of our ADSs, and the lower the prevailing price of our ADSs is at the time of the relevant exercise or conversion, the larger dilution would result from such conversion. Furthermore, any sales in the public market of such additional ADSs issuable upon exercise of the 2025 Warrants, the 2026 Warrants and the LMR Warrant may create a downward pressure on the market price of our ADSs and/or may increase the opportunities to create short positions with respect to the ADSs, which could in turn further adversely affect the prevailing market price of our ADSs. In addition, the existence of the 2025 Warrants, the 2026 Warrants and the LMR Warrant, in itself, may encourage short selling by market participants because their exercise or conversion could trigger the market dynamic that would depress the price of our ADSs.

We may also need additional capital in the future to finance our operations. We may sell ordinary shares, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. Furthermore, we may issue additional ADSs and ordinary shares in connection with the grant of equity awards to employees under our equity incentive plans. Any such issuance of additional share capital may cause shareholders to experience significant dilution of their ownership interests and the value of our securities to decline.

**Substantial future sales or perceived sales of our ordinary shares or ADSs in the public market could cause the price of our ADSs to decline.**

Sales of our ordinary shares or ADSs, either in the public market or through private placement, or the perception that these sales could occur, could cause the market price of our ADSs to decline. It cannot be predicted what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of our ADSs.

**There can be no assurance that the warrants will be in the money at the time they become exercisable, and they may expire worthless.**

The initial exercise price for the 2025 Warrants is US$2.2 per ADS, and the initial exercise price for the 2026 Warrants is US$0.0006875 per Class A ordinary share. There can be no assurance that such warrants will be in the money following the time they become exercisable and prior to their expiration, and as such, these warrants may expire worthless.

 ****

***There is no public market for the 2025 Warrants and the 2026 Warrants.***

There is no established trading market for the 2025 Warrants and the 2026 Warrants, and we do not plan on applying to list these warrants on Nasdaq, any other national securities exchange or any other nationally recognized trading system. Accordingly, we do not expect an active market for these warrants to develop or be sustained and it may be difficult for you to sell your warrants at the time you wish to sell them, at a price that is attractive to you, or at all.

 ****

***Holders of the 2025 Warrants and 2026 Warrants will have no rights as holders of ADSs or our ordinary shares until they acquire such ADSs and underlying ordinary shares.***

Until investors acquire our ADSs and underlying ordinary shares upon exercise of the 2025 Warrants and the ordinary shares upon exercise of our 2026 Warrants, they will have no rights with respect to our ADSs or ordinary shares. Upon exercise of the 2025 Warrants, holders will be entitled to exercise the rights of a holder of our ADSs only as to matters for which the record date occurs after the exercise date. Upon exercise of the 2026 Warrants, holders will be entitled to exercise the rights of a holder of our ordinary shares only as to matters for which the record date occurs after the exercise date.

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**We will not pay dividends for the foreseeable future, you must rely on price appreciation of the ADSs for return on your investment.**

We intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our ADSs if the market price of our ADSs increases.

**Your right to participate in any future rights offerings may be limited, which may cause dilution to your holdings, and you may not receive cash dividends if it is impractical to make them available to you.**

We may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights available to you in the United States unless we register both the rights and the securities to which the rights relate under the Securities Act or an exemption from the registration requirements is available. Under the deposit agreement, the depositary will not make rights available to you unless both the rights and the underlying securities to be distributed to ADS holders are either registered under the Securities Act or exempt from registration under the Securities Act. We are under no obligation to file a registration statement with respect to any such rights or securities or to endeavor to cause a registration statement, if filed, to be declared effective. There might not be an exemption from registration under the Securities Act available to us for our rights offering. Accordingly, you may be unable to participate in our rights offerings and may experience dilution in your holdings.

The depositary of our ADSs has agreed to pay to you the cash dividends or other distributions it or the custodian receives on our ordinary shares or other deposited securities after deducting its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs represent. However, the depositary may, at its discretion, decide that it is inequitable or impractical to make a distribution available to any holders of ADSs. For example, the depositary may determine that it is not practicable to distribute certain property through the mail, or that the value of certain distributions may be less than the cost of mailing them. In these cases, the depositary may decide not to distribute such property to you.

**You may be subject to limitations on transfer of your ADSs.**

Your ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because of any requirement of law or of any government or government body, or under any provision of the deposit agreement, or for any other reason.

**You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.**

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our memorandum and articles of association as may be amended from time to time, the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman Islands. The rights of shareholders to take action against us and our directors, actions by minority shareholders and the fiduciary duties of our directors under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the English common law, which are generally of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws than the United States, and provide significantly less protection to investors. In addition, with respect to Cayman Islands companies, plaintiffs may face special obstacles, including but not limited to those relating to jurisdiction and standing, in attempting to assert derivative claims in state or federal courts of the United States. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances, recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than our memorandum and articles of association, the register of mortgages and charges, and copies of any special resolutions passed by our shareholders) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our currently effective memorandum and articles of association, to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

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Certain corporate governance practices in the Cayman Islands differ significantly from requirements for companies incorporated in other jurisdictions such as the U.S. If we choose to follow our home country practice in the future, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, public shareholders may have greater difficulty in protecting their interests in the face of actions taken by our management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

**Our corporate structure, together with applicable law, may impede our shareholders from asserting claims against us and our principals.**

Most of our operations and records, and most of our senior management are located in China. Shareholders of companies such as us have limited ability to assert and collect on claims in litigation against our PRC subsidiaries and their principals. In addition, China has very restrictive secrecy laws that prohibit the delivery of many of the financial records maintained by a business located in China to third parties absent PRC government's approval. Since discovery is an important part of proving a claim in litigation, and since most if not all of our records will be in China, PRC secrecy laws could frustrate efforts to prove a claim against us or our management. In addition, in order to commence litigation in the United States against an individual such as an officer or director, that individual must be served. Generally, service requires the cooperation of the country in which a defendant resides. China has a history of failing to cooperate in efforts to affect such service upon PRC citizens in China.

**If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for our ADS and trading volume could decline.**

The trading market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover us downgrade our ADSs or publish inaccurate or unfavorable research about our business, the market price for our ADSs would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for our ordinary shares to decline.

**As a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq Stock Market listing standards.**

As a Cayman Islands company listed on the Nasdaq Stock Market, we are subject to the Nasdaq Stock Market listing standards, which requires listed companies to have, among other things, a majority of their board members to be independent and independent director oversight of executive compensation and nomination of directors. However, Nasdaq Stock Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Stock Market listing standards.

We are permitted to elect to rely on home country practice to be exempted from the corporate governance requirements. If we choose to follow home country practice in the future, our shareholders may be afforded less protection than they would otherwise enjoy if we complied fully with the Nasdaq Stock Market listing standards.

**We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.**

We qualify as a foreign private issuer under the Exchange Act, and exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

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

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD promulgated by SEC.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. However, the information we are required to file with or furnish to the SEC are less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

**There can be no assurance that we will not be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. Holders of our ADSs or Class A ordinary shares.**

A non-U.S. corporation, such as our company, will be classified as a passive foreign investment company, or PFIC, for any taxable year if either (i) at least 75% of its gross income for such year consists of certain types of "passive" income; or (ii) at least 50% of the value of its assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce passive income or are held for the production of passive income, or the asset test. Based on the current and anticipated value of our assets and composition of our income and assets, we do not expect to be a PFIC for the current taxable year.

While we do not expect to be or become a PFIC for the taxable year ended December 31, 2025, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition and classification of our income and assets. In particular, increased volatility in the market price of our ADSs may significantly increase our risk of becoming a PFIC. The market price of our ADSs may continue to fluctuate widely and, consequently, we cannot assure you of our PFIC status for any taxable year. Fluctuations in the market prices of our ADSs and Class A ordinary shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unhooked intangibles, may be determined by reference to the market price of our ADSs from time to time (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets. Accordingly, there can be no assurance that we will not be a PFIC for our current or any future taxable year.

If we were to be or become a PFIC for any taxable year during which a U.S. Holder (as defined in "Taxation—United States Federal Income Tax Considerations") holds our ADSs or Class A ordinary shares, certain adverse U.S. federal income tax consequences could apply to such U.S. Holder. See "Taxation—United States Federal Income Tax Considerations—Passive Foreign Investment Company Rules."

**Our multi-class voting structure may render the ADSs representing our Class A ordinary shares ineligible for inclusion in certain stock market indices, and thus adversely affect the trading price and liquidity of our ADSs.**

We cannot predict whether our multi-class share structure with different voting rights will result in a lower or more volatile market price of our ADSs, adverse publicity, or other adverse consequences. Certain index providers have announced restrictions on including companies with multi-class share structures in certain of their indices. For example, S&P Dow Jones and FTSE Russell have changed their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. As a result, our multi-class voting structure may prevent the inclusion of the ADSs representing our Class A ordinary shares in such indices, which could adversely affect the trading price and liquidity of the ADSs representing our Class A ordinary shares. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structure and our multi-class structure may cause shareholder advisory firms to publish negative commentary about our corporate governance, in which case the market price and liquidity of our ADSs could be adversely affected.

**Our memorandum and articles of association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our Class A ordinary shares and ADSs.**

Our currently effective memorandum and articles of association contain provisions to limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control of our company in a tender offer or similar transaction. Our board of directors has the authority, without further action by our shareholders, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights associated with our ordinary shares, including ordinary shares represented by ADSs. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control of our company or make removal of management more difficult. If our board of directors decides to issue preferred shares, the price of our ADSs may fall and the voting and other rights of the holders of our ordinary shares and our ADSs may be materially and adversely affected.

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**ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in any such action.**

The deposit agreement governing the ADSs representing our ordinary shares provides that, subject to the depositary's right to require a claim to be submitted to arbitration, the federal or state courts in the City of New York have exclusive jurisdiction to hear and determine claims arising under the deposit agreement and in that regard, to the fullest extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our shares, our ADSs or the deposit agreement, including any claim under the U.S. federal securities laws.

If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by the U.S. Supreme Court. However, we believe that a pre-dispute contractual waiver of jury trial is generally enforceable, including under the laws of the State of New York, which govern the deposit agreement, by the United States District Court for the Southern District of New York or a state court in New York County, New York. In determining whether to enforce a pre-dispute contractual waiver of jury trial, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and our ADSs. It is advisable that you consult legal counsel regarding the jury waiver provision before entering into the deposit agreement.

If you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the deposit agreement or our ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and the depositary. If a lawsuit is brought against either or both of us and the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have, including results that could be less favorable to the plaintiffs in any such action.

Nevertheless, if this jury trial waiver provision is not enforced, to the extent a court action proceeds, it would proceed under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or ADSs shall relieve us or the depositary from our respective obligations to comply with the Securities Act and the Exchange Act.

**The voting rights of holders of ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right to direct the voting of the underlying ordinary shares represented by your ADSs.**

Our ADS holders do not have the same rights as our registered shareholders. As a holder of our ADSs, you will only be able to exercise the voting rights with respect to the underlying ordinary shares in accordance with the provisions of the deposit agreement. Under the deposit agreement, you must vote by giving voting instructions to the depositary. Upon receipt of your voting instructions, the depositary will try, as far as is practicable, to vote the underlying ordinary shares represented by your ADSs in accordance with your instructions. You will not be able to directly exercise your right to vote with respect to the underlying shares unless you withdraw the shares and become the registered holder of such shares prior to the record date for the general meeting. When a general meeting is convened, you may not receive sufficient advance notice to withdraw the shares underlying your ADSs and become the registered holder of such shares to allow you to attend the general meeting and vote with respect to any specific matter or resolution to be considered and voted upon at the general meeting. In addition, under our currently effective memorandum and articles of association, for the purposes of determining those shareholders who are entitled to attend and vote at any general meeting, our directors may close our register of members and/or fix in advance a record date for such meeting, and such closure of our register of members or the setting of such a record date may prevent you from withdrawing the ordinary shares underlying your ADSs and becoming the registered holder of such shares prior to the record date, so that you would not be able to attend the general meeting or to vote directly. If we ask for your instructions, the depositary will notify you of the upcoming vote and will arrange to deliver our voting materials to you. We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote your shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for their manner of carrying out your voting instructions. This means that you may not be able to exercise your right to vote and you may have no legal remedy if the shares underlying your ADSs are not voted as you requested.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that reflect our current expectations and views of future events. The forward-looking statements are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business." Known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors," may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify these forward-looking statements by terminology such as "may," "might," "will," "would," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue," or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements may include statements relating to, among other things:

● our goals and strategies;

● our future business development, financial conditions and results of operations;

● our ability to continuously develop new technology, services and products and keep up with changes in the industries in which we operate;

● the expected growth of China's EV charging industry and EV charging service industry and our future business development;

● our expectations regarding demand for and market acceptance of our products and services;

● our ability to protect and enforce our intellectual property rights;

● our ability to attract and retain qualified executives and personnel;

● U.S.-China trade war and its effect on our operation, fluctuations of the RMB exchange rate, and our ability to obtain adequate financing for our planned capital expenditure requirements;

● our expectations regarding our relationships with end-users, customers, suppliers and other business partners;

● our ability to achieve anticipated benefits of the Mergers;

● competition in our industry;

● relevant government policies and regulations related to our industry; and

● fluctuations in general economic and business conditions in China and globally.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. Our actual results could be materially different from our expectations. Important risks and factors that could cause our actual results to be materially different from our expectations are generally set forth in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business," "Regulation" and other sections in this prospectus. You should read thoroughly this prospectus and the documents that we refer to with the understanding that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements.

This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. Our industry may not grow at the rate projected by market data, or at all. Failure of this market to grow at the projected rate may have a material and adverse effect on our business and the market price of the ADSs. In addition, the rapidly evolving nature of this industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our market. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

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**USE OF PROCEEDS**

All of the Class A ordinary shares and the ADSs offered by the Selling Shareholders pursuant to this prospectus will be sold by the Selling Shareholders for their respective accounts. We will not receive any of the proceeds from such sales. We will pay certain expenses associated with the registration of the securities covered by this prospectus, as described in the section titled "Plan of Distribution".

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**DIVIDEND POLICY**

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

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

We are a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiary in China for our cash requirements, including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our PRC subsidiary to pay dividends to us. See "Regulation—Regulations Related to Dividend Distributions."

If we pay any dividends on our ordinary shares, we will pay those dividends which are payable in respect of the ordinary shares underlying the ADSs to the depositary, as the registered holder of such ordinary shares, and the depositary then will pay such amounts to the ADS holders in proportion to the ordinary shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. See "Description of American Depositary Shares." Cash dividends on our ordinary shares, if any, will be paid in U.S. dollars.

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**CAPITALIZATION** 

The following table sets forth our capitalization as of December 31, 2025:

● on an actual basis;

● on an as adjusted basis to reflect securities being registered for resale by the Selling Shareholders of (i) 468,750 ADSs issuable upon exercise of the 2025 Warrants at an exercise price of US$2.2 per ADS, and (ii) 4,800,000,000 Class A ordinary shares at an offering price of US$0.0006875 per share together with the 2026 Warrants to purchase up to 4,800,000,000 Class A ordinary shares at an exercise price of US$0.0006875 per share, assuming full exercise of the 2025 Warrants and the 2026 Warrants, resulting in estimated net proceeds of US$7.2 million, after deducting estimated offering expenses payable by us.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Actual** | **Actual** | **As Adjusted** | **As Adjusted** |
|  | **RMB** | **US$** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Warrant to purchase Class A Ordinary Shares | 22044 | 3152 | 22044 | 3152 |
| **Shareholders' Equity:** |  |  |  |  |
| Class A Ordinary Shares (US$0.000001 par value; 48,100,000,000 shares authorized, 32,453,046,115 and 43,553,046,115 shares issued and outstanding on actual and as adjusted basis, respectively) | 230 | 33 | 308 | 44 |
| Class B Ordinary Shares (US$0.000001 par value; 300,000,000 shares authorized, 195,969,844 shares issued and outstanding) | 1 | — \* | 1 | — \* |
| Class C Ordinary Shares (US$0.000001 par value; 1,400,000,000 shares authorized, 1,111,577,928 shares issued and outstanding) | 8 | 1 | 8 | 1 |
| Class D Ordinary Shares (US$0.000001 par value; 16,000,000 shares authorized, 16,000,000 shares issued and outstanding) | — \* | — \* | — \* | — \* |
| Subscription receivable | (138363) | (19787) | (138363) | (19787) |
| Treasury shares | (1) | — \* | (1) | — \* |
| Warrant outstanding | 29587 | 4231 | 29587 | 4231 |
| Additional paid-in capital | 7818000 | 1117960 | 7868029 | 1125114 |
| Other reserves | 47162 | 6744 | 47162 | 6744 |
| Accumulated losses | (8690607) | (1242740) | (8690607) | (1242740) |
| Non-controlling interests | 41309 | 5907 | 41309 | 5907 |
| **Total equity** | **(892674)** | **(127651)** | **(842567)** | **(120486)** |
| **Total capitalization<sup>(2)</sup>** | **(870630)** | **(124499)** | **(820523)** | **(117334)** |

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\* Representing an amount with an absolute value of less than RMB1,000 or US$1,000 (including negative amounts).

Notes:

(1) The as adjusted information
 discussed above is illustrative only. Our additional paid-in capital, accumulative losses,
 other reserves, total shareholder's equity and total capitalization following the completion
 of this offering are subject to adjustment based on the actual offering price and other terms
 of this offering determined at pricing.

(2) Total capitalization
 is the sum of warrant to purchase Class A Ordinary Share and total equity.

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**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands to take advantage of certain benefits associated with being a Cayman Islands exempted company, such as:

● political and economic stability;

● an effective judicial system;

● a favorable tax system;

● the absence of exchange control or currency restrictions; and

● the availability of professional and support services.

However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include but are not limited to:

● the Cayman Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors as compared to the United States; and

● Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Our constitutional documents do not contain provisions requiring that disputes, including those arising under the securities laws of the United States, between us, our officers, directors and shareholders, be arbitrated.

Substantially all of our operations are conducted in China, and substantially all of our assets are located in China. A majority of our directors and executive officers are nationals or residents of jurisdictions other than the United States and most of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these individuals, or to bring an action against us or these individuals in the United States, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

We have been informed by Travers Thorp Alberga, our counsel as to Cayman Islands law, that the United States and the Cayman Islands do not have a treaty providing for reciprocal recognition and enforcement of judgments of U.S. courts in civil and commercial matters and that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers, predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers, predicated upon the securities laws of the United States or any state in the United States. We have also been advised by Travers Thorp Alberga that a judgment obtained in any federal or state court in the United States will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (i) is given by a foreign court of competent jurisdiction, (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (iii) is final, (iv) is not in respect of taxes, a fine or a penalty, and (v) was not obtained by fraud, and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

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However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the United States courts under the civil liability provisions of the securities laws if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature.

Because the courts of the Cayman Islands have yet to rule on whether such judgments are penal or punitive in nature, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands.

Jingtian & Gongcheng, our counsel as to PRC law, has advised us that there is uncertainty as to whether the courts of China would:

● recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or

● entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Jingtian & Gongcheng has further advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. Courts in China may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law and other applicable laws and regulations based either on treaties or similar arrangements between China and the jurisdiction where the judgment is made or on principles of reciprocity between jurisdictions. There are no treaties and only limited reciprocity arrangements between China and the United States or the Cayman Islands that govern the recognition and enforcement of foreign judgments as of the date of this prospectus. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States or in the Cayman Islands. Under the PRC Civil Procedures Law, foreign shareholders may originate actions based on PRC law against a company in China for disputes if they can establish sufficient nexus to the PRC for a PRC court to have jurisdiction, and meet other procedural requirements. It will be, however, difficult for U.S. shareholders to originate actions against us in the PRC in accordance with PRC laws because we are incorporated under the laws of the Cayman Islands and it will be difficult for U.S. shareholders, by virtue only of holding the ADSs or ordinary shares, to establish a connection to the PRC for a PRC court to have jurisdiction as required under the PRC Civil Procedures Law.

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**CORPORATE HISTORY AND STRUCTURE**

**Corporate History of RISE**

In July 2013, Bain Capital Rise Education II Cayman Limited was incorporated as an exempted company under the laws of the Cayman Islands, and it was renamed as RISE Education Cayman Ltd in June 2017.

In July 2013, Rise IP (Cayman) Limited ("Rise IP"), was incorporated as an exempted company under the laws of the Cayman Islands. Subsequently, a number of RISE's wholly owned subsidiaries were established to acquire Rise IP and certain operating assets and entered into a series of contractual arrangements with Beijing Step Ahead Education Technology Development Co., Ltd. (the "Rise VIE"), its schools and its shareholders. As a result, the RISE VIE and its subsidiaries and schools became RISE's consolidated entities.

RISE listed the ADSs on the Nasdaq under the symbol "REDU" on October 20, 2017.

 ****

***The Assets Sale***

Prior to becoming a shell company, RISE Education Cayman Ltd was a holding company without substantive operations. RISE Education Cayman Ltd, primarily through its PRC subsidiary, Rise (Tianjin) Education Information Consulting Co., Ltd. (the "Rise WFOE"), and the Rise VIE, provided after-school English teaching and tutoring services to students aged three to 18 in China and was a leading service provider in the China market.

On December 1, 2021, Wuhan Xinsili Culture Development Co., Ltd. (the "Buyer SPV"), Rise WFOE, Rise VIE, RISE Education International Limited ("Rise HK"), Rise IP and RISE entered into a purchase agreement (the "WFOE Purchase Agreement"). Pursuant to the WFOE Purchase Agreement, RISE agreed to, through Rise HK, sell all of the equity interests in Rise WFOE to the Buyer SPV (the "WFOE Sale"), in consideration of the Buyer SPV (i) paying to Rise HK a consideration of RMB1, and (ii) assuming all liabilities of Rise WFOE and its subsidiaries. The Buyer SPV is a limited liability company controlled by a buyer consortium consisting of certain of RISE's franchisees and an affiliate of RISE's senior management, who are PRC nationals.

Also on December 1, 2021, Rise Education Cayman I Ltd, RISE's wholly-owned indirect subsidiary (the "IP Seller"), Bain Capital Rise Education IV Cayman Limited, a major shareholder of RISE (the "Major Shareholder"), and RISE entered into a share purchase agreement (the "IP Holdco Purchase Agreement", collectively with the WFOE Purchase Agreement, the "Purchase Agreements"). The IP Seller is also the borrower under the Facilities Agreement (defined below). Pursuant to the IP Holdco Purchase Agreement, the IP Seller and RISE agreed to sell all of the equity interests in Rise HK and Rise IP to the Major Shareholder in consideration of the Major Shareholder (i) paying US$2,500,000 to RISE, for the purposes of paying the Lenders in settlement of the Facilities Agreement, and (ii) causing Rise HK and Rise IP to grant Rise WFOE or entities designated by the Buyer SPV a royalty-free, perpetual, irrevocable and exclusive license over all intellectual property rights owned by or licensed to Rise HK and/or Rise IP (the "IP Sale", and together with the WFOE Sale, the "Sale").

In connection with the Sale, the IP Seller (being the borrower under the Facilities Agreement), WFOE, VIE and the Major Shareholder and certain other parties entered into a settlement agreement (the "Settlement Agreement") with the Lenders on December 1, 2021. Under the Settlement Agreement, the Lenders agreed to (i) acknowledge and consent to the Sale, (ii) discharge and release all our liabilities and obligations and our subsidiaries under the Facilities Agreement in the amount of US$55,746,367.04; (iii) terminate, release and discharge all security interest, guarantee and indemnity created in connection with the Facilities Agreement; and (iv) waive, release and discharge all claims arising from or in connection with the Facilities Agreement, in exchange for (a) an aggregate amount of US$10,377,972.06, and (b) the transfer of all interest in certain business to a person nominated by the Lenders, amongst others (collectively, the " "Settlement").

In order for us to make the settlement payment under the Settlement Agreement, make an additional capital contribution to WFOE pursuant to the WFOE Purchase Agreement and pay for certain operating expenses, we entered into a convertible loan deed with the Major Shareholder on December 1, 2021 (the "Convertible Loan Deed"), pursuant to which the Major Shareholder agreed to provide an interest-free convertible loan of US$17 million to us. The loan was converted into 48,571,428 ordinary shares prior to the consummation of the Mergers.

The Sale was approved by a special resolution of shareholders of RISE at an extraordinary general meeting of shareholders held in Beijing on December 23, 2021. The Sale was consummated and the Settlement was entered into on December 30, 2021.

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**Corporate History of NaaS**

NaaS launched its EV charging services in 2019 through Chezhubang (Beijing) Technology Co., Ltd. ("Chezhubang Technology"), and its subsidiaries Beijing Chezhubang New Energy Technology Co., Ltd. ("Beijing Chezhubang") and Kuaidian Power (Beijing) New Energy Technology Co., Ltd. ("Kuaidian Power Beijing"), which were established by Chezhubang Technology in July 2018 and August 2019, respectively.

In July 2019, Dada Auto was incorporated in the Cayman Islands. Dada Auto later became the holding company of NaaS to facilitate NaaS' offshore financing.

In September 2021, Beijing Chezhubang acquired 100% of the equity interests in Shaanxi Kuaidian Mobility Technology Co., Ltd. ("Shaanxi Kuaidian"). In September 2020, Kuaidian Power Beijing incorporated a wholly-owned subsidiary, Zhidian Youtong Technology Co., Ltd. ("Zhidian Youtong").

In February 2021, Cosmo Light (Beijing) New Energy Technology Co., Ltd. ("Cosmo Light") was incorporated. In April 2021, Qingdao Hill Matrix New Energy Technology Co., Ltd. ("QHM New Energy") was incorporated. Ownership interests in each of Cosmo Light and QHM New Energy were held by NaaS through certain nominee arrangements. In September 2021, Beijing Chezhubang acquired 100% of the ownership interest in Shaanxi Kuaidian. In December 2021, Dada Auto incorporated Cosmo Light HK Limited and Hill Matrix HK Limited.

In early 2022, NaaS completed a restructuring, as part of which:

● Dada Auto, through Zhejiang Anji Intelligent Electronics Holding Co., Ltd. ("Anji Zhidian"), a subsidiary in China, entered into a series of contractual arrangements ("VIE Agreements") with Kuaidian Power Beijing and shareholders of Kuaidian Power Beijing, as a result of which Kuaidian Power Beijing was treated as a VIE of NaaS;

● Anji Zhidian acquired 100% of the ownership interest in Beijing Chezhubang from Chezhubang Technology, and Beijing Chezhubang in turn acquired 100% of the ownership interest in Zhidian Youtong, in conjunction with which (a) Anji Zhidian further acquired 100% of the equity interests in Cosmo Light in March 2022, and (b) Anji Zhidian acquired 100% of the equity interests in QHM New Energy in March 2022; and

● In April 2022, all the VIE Agreements were terminated and Anji Zhidian acquired 100% of the equity interests in Kuaidian Power Beijing.

As a result of the restructuring, NaaS ceased to have any VIE and has since conducted its operations in China through its subsidiaries through the date of this prospectus.

In April 2022, Cosmo Light HK Limited and Hill Matrix HK Limited incorporated Shandong Cosmo Light Co., Ltd and Zhejiang Huzhou Hill Matrix Limited in China, respectively. In May 2022, Shandong Cosmo Light Co., Ltd and Zhejiang Huzhou Hill Matrix Limited acquired 100% of the equity interests in Cosmo Light and in QHM New Energy from Anji Zhidian, respectively.

**The Mergers**

On February 8, 2022, RISE entered into an Agreement and Plan of Merger, or the Merger Agreement, with Dada Merger Sub Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of RISE, or Merger Sub, Dada Merger Sub II Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of RISE, or Merger Sub II, and Dada Auto, pursuant to the terms of which (i) Merger Sub merged with and into Dada Auto, or the "Merger," with Dada Auto being the surviving entity, or the Surviving Entity, following the Merger, the separate corporate existence of Merger Sub ceasing, and Dada Auto continuing as a direct, wholly-owned subsidiary of RISE, and (ii) immediately after the Effective Time (as defined in the Merger Agreement), the Surviving Entity merged with and into Merger Sub II, or the Second Merger and together with the Merger, the Mergers, with Merger Sub II being the surviving entity, or the Surviving Company following the Second Merger, the separate corporate existence of the Surviving Entity ceasing, and the Surviving Company continuing as a direct, wholly-owned subsidiary of RISE.

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The Mergers were consummated on June 10, 2022 upon which RISE changed its name from "RISE Education Cayman Ltd" to "NaaS Technology Inc." and its ticker from "REDU" to "NAAS" and assumed and began conducting the principal businesses of NaaS. The number of shares represented by each ADS was also changed from two Class A ordinary shares per ADS to ten Class A ordinary shares per ADS.

Upon the consummation of the Mergers:

● ordinary shares of NaaS that were issued and outstanding immediately prior to the Effective Time (as defined in the Merger Agreement) (other than any Excluded Shares (as defined below) or ordinary shares of NaaS held by NewLink) were cancelled in exchange for fully paid and non-assessable Class A ordinary shares;

● ordinary shares of NaaS that were issued and outstanding immediately prior to the Effective Time (other than any Excluded Shares) and held by NewLink were cancelled in exchange for a total of 248,888,073 Class B ordinary shares and 1,398,659,699 Class C ordinary shares;

● Series A preferred shares of NaaS that were issued and outstanding immediately prior to the Effective Time were cancelled in exchange for fully paid and non-assessable Class A ordinary shares;

● shares of NaaS that were held in treasury or owned by RISE, Merger Sub or Merger Sub II or any other wholly-owned subsidiary of RISE, Merger Sub or Merger Sub H immediately prior to the Effective Time, each of such shares being referred to as the "Excluded Share", were cancelled and extinguished without any conversion thereof or payment therefor;

● each of RISE ordinary share that was issued and outstanding immediately prior to the Effective Time was converted into and became one fully paid and non-assessable Class A ordinary share;

● each ordinary share, par value $0.01 per share, of Merger Sub that was issued and outstanding immediately prior to the Effective Time was converted into and became one fully paid and non-assessable ordinary share, par value $0.01 per share, of the Surviving Entity; and

● each ordinary share, par value $0.01 per share, of the Surviving Entity that was issued and outstanding immediately prior to the Second Effective Time (as defined in the Merger Agreement) was converted into and became one fully paid and non-assessable ordinary share, par value $0.01 per share, of the Surviving Company.

**Post-Mergers Development**

We issued and sold a total of 57,570,524 newly issued Class A ordinary shares of the Company to a certain institutional investor on December 12, 2022, at a price of US$0.5211 per ordinary share, based on the volume-weighted average traded price of our ADSs on Nasdaq for the 30 consecutive trading days immediately preceding the date of the relevant subscription agreement (adjusted to account for the 1:10 ADS-to-share ratio), for a total purchase price of US$30 million.

In May 2023, we completed a registered direct offering of US$21 million to certain investors whereby the investors subscribed for and purchased from us a total of 3,500,000 ADSs.

In June 2023, we completed the acquisition of 89.999% of the issued and outstanding shares of Sinopower Holdings International Co. Limited, one of the largest rooftop solar energy developers in Hong Kong, from an existing shareholder of Sinopower, for an aggregate purchase price of approximately US$6.1 million in cash.

In August 2023, we entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Charge Amps AB, or Charge Amps, for a total consideration of US$66.4 million. The agreement was terminated on November 22, 2023 and the acquisition was not closed. See "Risk Factors—Risks Related to Our Business and Industry—Acquisitions or strategic investments could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value and adversely affect our results of operations and financial condition."

In August 2023, we signed strategic collaboration agreements with Hyundai Motor Group (China), PICC Real Estate Investment and CR Capital MGMT, expanding our partnership roster. With Hyundai, we aim to enhance charging infrastructure and mobility connectivity tailored for Hyundai's PEV models. With PICC, we will work towards building a top-notch new energy charging service system, incorporating integrated infrastructure, co-branded stations, online connectivity, and comprehensive insurance services. With CR Capital MGMT, we will construct integrated energy ports, orchestrate new energy infrastructure projects, and innovatively securitize new energy assets, aiming to incubate, invest in and operationalize digital and intelligent applications within the realm of new energy.

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In September 2023, we won a RMB67.18 million contract for the initial phase of the Anji Green and Low-carbon Supply Chain Construction Project located at Anshan Station. We are expected to provide one-stop PV-storage-charging swapping solutions, including supply, procurement, installation, and grid connection of charging systems, battery swapping systems, PV systems, and energy storage systems. The project entails the installation of 458 DCFC chargers, a 4,205.4 kW distributed photovoltaic system, 36 energy storage and charging cabinets, and two leading domestic heavy-duty truck battery swapping stations. We will leverage our "Comprehensive Energy Management Platform" and "battery detection technology" to achieve seamless energy operations. Upon completion, the project is expected to provide charging services for 1,800 heavy-duty trucks and small EVs in the Anji County. The project is 90% complete and is expected to undergo final acceptance in the second quarter of 2024.

In September 2023, we entered into several diverse strategic collaborations. In partnership with ZSY Financial Services and China Construction Bank, we will help advance the integration of financial services with the domestic and global new energy sectors. With Hubei Provincial Communications Investment Industrial Development, we will contribute to the construction of expressway service areas and energy supply infrastructure, accelerating the establishment of a comprehensive energy supply network for expressways. With the People's Government of Tengzhou City in Shangdong Province, we will drive innovation and promote digitalized energy management to support the transportation energy transformation in Tengzhou City.

In October 2023, we formed a partnership with the Hong Kong S.A.R. Office for Attracting Strategic Enterprises, known as OASES, becoming one of its inaugural strategic enterprises. OASES will assist us in setting up, developing and operating in Hong Kong, where we will focus on energy data analytics R&D. We expect to establish a research center in the Hong Kong Science Park by the end of 2023 and to provide algorithm support for our global energy assets' operations, leveraging local R&D and academic resources in Hong Kong.

In November 2023, we issued a total of 6,600,000 ADSs in a registered direct offering to certain investors at a total consideration of approximately US$16 million.

In March 2024, we completed a registered direct offering to certain institutional investors of 4,761,905 ADSs together with the Investor Warrants to purchase up to 4,761,905 ADSs at a combined purchase price of US$1.26 per ADS and accompanying Investor Warrant for total gross proceeds of approximately US$6 million, before deducting commissions and other estimated offering expenses. We also issued the FA Warrants to initially purchase up to 238,095 ADSs to a financial advisor in connection with this registered direct offering. The Investor Warrants and FA Warrants are all outstanding as of the date of this prospectus.

In July 2023, we issued a US$30 million convertible note to LMR Multi-Strategy Master Fund Limited ("LMR"), an affiliate of LMR Partners Limited, or the July 2023 LMR Convertible Note, and then another US$40 million convertible note to the same entity in September 2023, or the September 2023 LMR Convertible Note and together with the July 2023 LMR Convertible Note and any additional note described below, the LMR Convertible Notes, under the Convertible Note Purchase Agreement dated June 29, 2023, as amended and restated on November 10, 2023, and the Convertible Note Purchase Agreement dated August 31, 2023, as amended and restated on November 10, 2023 (collectively, the "Previous Convertible Note Agreements"). During the term of the LMR Convertible Notes, a total of US$39,500,000 million under the LMR Convertible Notes had been converted into our ADSs with the remaining principal amount of the outstanding notes totals US$35,537,481 million, all of which was subsequently been delivered to us for cancellation and termination, pursuant to a convertible note exchange agreement entered into with LMR in October 2024 (the "2024 LMR Convertible Note Exchange Agreement"). In exchange, we issued to LMR a convertible note (the "2024 New Note") in the principal amount of US$35,000,000 and agreed to pay US$537,481 to LMR in cash on or before December 31, 2024. As of the date of this prospectus, we have repurchased a total of 316,790 ADSs from LMR under the Previous Convertible Note Agreements, and none of the 2024 New Note has been converted into ADSs. On June 4, 2025, a deed of settlement (the "Settlement Deed") was entered into by and among the Company, LMR and certain other parties, pursuant to which the parties have agreed to resolve disputes arising from the Company's failure to pay obligations under the 2024 LMR Convertible Note Exchange Agreement. Pursuant to the Settlement Deed, among other things, the Company has paid an initial repayment of US$1.5 million and will pay an aggregate amount of US$15 million in 24 monthly installments commencing from June 25, 2025. The Company also agreed to issue LMR a warrant exercisable at any time up to the 10th anniversary of the effective date of the Settlement Deed, entitling LMR to acquire up to 10% of the Company's issued share capital if its market capitalization reaches US$90 million, as calculated in accordance with the terms of the Settlement Deed. In consideration of the parties entering into the Settlement Deed, LMR withdrew the winding-up petition filed in the Cayman Court against the Company and the Company discontinued related arbitration proceedings against LMR in Hong Kong International Arbitration Center ("HKIAC") on the same day. See "Risk Factors—Future issuance of ADSs or ordinary shares will result in additional dilution of the percentage ownership of our shareholders and could cause the price of the ADSs to fall."

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In September 2024, we entered into a sales agreement with A.G.P./Alliance Global Partners, as sales agent, relating an "at-the-market" offering (the "At-the-Market Offering") of up to an aggregate of US$20,000,000 of ADSs from time to time through the sales agent. The sales agent will act on a commercially reasonable efforts basis to cause the sale of our ADSs, and is entitled to compensation at a commission rate of 3.0% of the gross sales price per ADS sold. As of the date of this prospectus, a total of 700,000 ADSs have been issued and sold through the At-the-Market Offering with a net proceeds of approximately US$1.53 million.

In December 2024, we entered into a share subscription facility agreement with TopLiquidity Management Limited (the "First SSFA"), a limited liability company incorporated in the British Virgin Islands ("TopLiquidity"), pursuant to which we may initially issue up to 2,400,000 ADSs, and at the election of TopLiquidity, we may issue such greater amount of up to 4,800,000 ADSs, directly to TopLiquidity pursuant to the adjustment mechanism set forth in the First SSFA. As of the date of this prospectus, we issued and sold 200,000 ADSs for an aggregate amount of drawdown of US$0.3 million under the First SSFA with net proceeds of approximately US$0.28 million.

In December 2024, we entered into another share subscription facility agreement with certain investors (the "Second SSFA") for the sale of up to US$15,000,000 ADSs. In accordance with the terms of the Second SSFA, we may request initially issue up to US$5,000,000 of ADSs to investors, which can be increased to up to US$15,000,000 in our election pursuant to the adjustment mechanism set forth in the Second SSFA. As of the date of this prospectus, we issued and sold 9,792,998 ADSs with net proceeds of approximately US$2.68 million.

In February 2025, the board of directors approved a share repurchase program (the "2025 Share Repurchase Program"), effective from February 21, 2025, pursuant to which we may repurchase up to US$10 million of ADSs in the next 12 months through the end of February 2026. As of the date of this prospectus, the Company has not repurchased any ADSs.

In March 2025, we completed a registered direct offering of 3,000,000 ADSs and warrants to purchase up to 7,500,000 ADSs to certain investors. The ADSs and warrants were sold for a combined purchase price of US$0.66 per ADS. The warrants have an initial exercise price of US$0.79 per ADS. On March 6, 2026, we and the 2025 Warrant Holders entered into the 2025 Warrant Amendments, to amend the exercise price to US$2.2 per ADS to reflect the latest par value and ADS ratio of the Company's Class A ordinary shares, subject to terms and conditions of the 2025 Warrant Amendments. As of the date of this prospectus, the warrants are all outstanding.

In May 2025, the board of directors of the Company, in accordance with the Second Amended and Restated Memorandum and Articles of Association of the Company, approved the re-designation and reclassification of 2,100,000,000 authorized but unissued shares, par value US$0.01 each, as 2,100,000,000 authorized but unissued Class A ordinary shares, par value US$0.01 each (the "Re-Designation and Reclassification"). The Re-Designation and Reclassification became effective on the same date, and has been filed with the Registrar of the Companies in the Cayman Islands.

In June 2025, we issued an aggregate of 68,181,600 Class A ordinary shares to BTC Inc. in connection with the procurement of services, representing partial non-cash consideration with a total equity value of US$112,500.

In August 2025, we issued to LMR Multi-Strategy Master Fund Limited ("LMR"), an affiliate of LMR Partners Limited, a global multi-strategy investment fund a warrant to purchase our Class A ordinary shares (the "LMR Warrant") pursuant to a Deed of Settlement dated June 4, 2025. The LMR Warrant entitles LMR, at any time from the date on which our market capitalization, calculated based on the volume-weighted average price over 20 consecutive trading days, reaches at least US$90 million, until June 4, 2035, to subscribe for a number of our Class A ordinary shares representing 10% of our total issued share capital on such initial exercise date. The LMR Warrant is exercisable in whole but not in part, with the aggregate exercise price to be satisfied by the waiver and cancellation of certain indebtedness owed by us to LMR under the rescheduling documents referred to in the Deed of Settlement dated June 4, 2025, excluding the rescheduled payments thereunder.

In September 2025, in accordance with the Second Amended and Restated Memorandum and Articles of Association of the Company, the board of directors of the Company unanimously approved (i) the designation of 16,000,000 authorized but unissued shares into Class D ordinary shares, a new class of shares of the Company, par value US$0.01 each (the "Class D Ordinary Shares") and (ii) the issuance of 16,000,000 Class D Ordinary Shares to Newlink Envision Limited as fully paid (the "Authorization and Issuance of New Class of Shares"). Each Class D Ordinary Share shall entitle the holder thereof to five hundred (500) votes on all matters subject to vote at general meeting of the Company. The holders of Class D Ordinary Shares shall have no right to convert their shares into any other class of share issued by the Company, nor into any ADS representing Class A ordinary shares of the Company. The Authorization and Issuance of New Class of Shares became effective on the same date and has been filed with the Registrar of the Companies in the Cayman Islands.

In October 2025, the shareholders of the Company approved a special resolution to amend the Company's Second Amended and Restated Memorandum and Articles of Association to the Third Amended and Restated Memorandum and Articles of Association.

In November 2025, we entered into the 2025 PIPE Agreements with the 2025 PIPE Investors for the purchase and sale of a total of 27,776,000,000 newly issued Class A ordinary shares of the Company, at a price of US$0.001 per Class A ordinary share (equivalent to US$3.6 per ADS, representing the average of the 30 daily VWAPs of our ADSs immediately prior to November 1, 2025), for a total purchase price of US$31.2 million. On February 27, 2026, we entered into supplementary agreements (the "2025 PIPE Supplementary Agreements") with the 2025 PIPE Investors to repurchase and reissue the shares issued under the 2025 PIPE Agreements, subject to terms and conditions of the 2025 PIPE Supplementary Agreements.

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In January 2026, the shareholders of the Company approved a special resolution to amend and restate the Company's Third Amended and Restated Memorandum and Articles of Association to the Fourth Amended and Restated Memorandum and Articles of Association, which has become effective on January 29, 2026. Under the Company's Fourth Amended and Restated Memorandum and Articles of Association, the par value of each authorized and issued share in the capital of the Company has been amended from US$0.01 to US$0.000001, such that following the amendment, the authorized and issued share capital of the Company shall be US$52,000.

In March 2026, we and certain investors (the "2025 Warrant Holders") entered into Amendments to the 2025 Warrants (the "2025 Warrant Amendments"), to amend the exercise price to US$2.2 per ADS to reflect the latest par value and ADS ratio of the Company's Class A ordinary shares, subject to terms and conditions of the 2025 Warrant Amendments.

In March 2026, we entered into the 2026 Securities Purchase Agreement with certain accredited investors for the purchase and sale of (i) a total of 4,800,000,000 Class A ordinary shares of the Company, at a price of US$0.0006875 per Class A ordinary share and (ii) warrants (the "2026 Warrants") to purchase up to US$3,300,000 of the Company's Class A ordinary shares at an exercise price of US$0.0006875 per share, each subject to terms and conditions set forth in the 2026 Securities Purchase Agreement.

The following diagram illustrates our corporate structure as of the date of this prospectus:

![](image_003.jpg)

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. Our actual results may differ materially from those we currently anticipate as a result of many factors, including those we describe under "Risk Factors" and elsewhere in this prospectus. See "Special Note Regarding Forward-Looking Statements."* 

**Overview**

We are a new energy asset operation service provider, leveraging artificial intelligence (AI) technology to achieve intelligent matching of electric vehicle charging supply and demand. We provide convenient, efficient and smart charging services for electric vehicle owners, while helping charging station operators to improve operational efficiency and profitability. Our solutions benefit related stakeholders along the industry value chain such as charging station operators, auto OEMs, and end-users through our charging services, energy solutions and new initials. Our charging services consist of integrated online and operational solutions for charging stations. We provide mobility connectivity services through *Kuaidian*, a partnered platform operated by a third-party service provider, which increases the visibility of charging stations and chargers and connects end-users with suitable charging infrastructure. We also offer SaaS products that digitalize and enhance charging station operations and management, as well as customer support services and selected integrations with EV OEM software. In addition, we provide full station operation services, under which we obtain operational rights to charging stations and are responsible for daily operations and the delivery of charging services. Our energy solutions cover the planning, deployment and optimization of EV charging infrastructure for energy asset owners. These solutions include site selection, EPC services, hardware procurement, station upgrades and ongoing maintenance and operational support. Leveraging our industry experience and charging network, we deliver tailored construction and upgrade solutions and resell chargers procured from partner manufacturers. Our new initiatives include electricity procurement services, through which we aggregate demand across our network to secure favorable pricing, as well as a cloud-based virtual power plant platform that supports electricity trading and grid load management. We also enable charging stations to offer non-charging and ancillary services to enhance efficiency and diversify revenue streams.

**Key Factors Affecting Our Results of Operations**

Our business and operating results are affected by the general factors that impact our total addressable market, including, among others, the overall economic growth in China and globally, regulatory, tax and geopolitical environments, and the competitive landscape for EV charging services and energy solutions. Unfavorable changes in any of these general factors could materially and adversely affect the demand for our products and services and our results of operations.

While our business is influenced by these general factors, we believe our results of operations are more directly affected by specific factors that include the following.

 

*Growth in EV Adoption* 

Our revenue growth is directly tied to the charging volume completed through its network and heavily dependent on the number of passenger and commercial EVs sold, which we believe drives the demand for charging infrastructure. The market for EVs is rapidly evolving in China. Although China is currently one of the world's major automotive markets, there is no guarantee of such future demand and there have been fluctuations in terms of year-over-year growth in sales volume for passenger vehicles in general as well as for EVs. Factors impacting the adoption of EVs include but are not limited to: perceptions about EV features, quality, safety, performance and cost; perceptions about the limited range over which EVs may be driven on a single battery charge; competition, including from other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy internal combustion engine vehicles such as in terms of their features and prices; volatility in the cost of oil and gasoline; concerns regarding the stability of the electrical grid; the decline of EV battery's ability to hold a charge over time; availability of services for EVs and particularly of EV charging infrastructure; consumers' perception about the convenience and cost of charging EVs; increases in fuel efficiency; and willingness and ability of end-users to spend on new EVs. In addition, macroeconomic factors, including broader economic condition and governmental mandates and incentives, could impact demand for EVs, particularly since they can be more expensive than traditional gasoline-powered vehicles, when the automotive industry globally has been experiencing a recent decline in sales. Further, geopolitical factors such as the conflict between Ukraine and Russia have impacted and may continue to impact the global automotive supply chain and reduce the manufacturing of automobiles, including EVs. If the market for EVs does not develop as expected or if there is any slow-down or delay in overall EV adoption or manufacturing rates, our financial condition and results of operations would be negatively impacted and such impact may be material.

 

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

 

*Competition* 

The EV charging service industry is highly competitive, and is expected to become increasingly competitive. We compete on the comprehensiveness of the range of services and solutions offered to charging stations, energy asset owners and end-users as well as on the quality, performance, features, and prices of the products and services. New demands and preferences continue to emerge from industry participants, and in particular from charging stations, energy asset owners and end-users. Existing competitors may expand their product offerings and sales strategies, and new competitors may enter the market. We will be tested on our ability to forecast and meet shifts in the market and our ability to adapt product and service offerings in a timely manner. If our market share decreases due to increased competition, our financial condition and results of operations in the future may be negatively impacted.

 

*End Users' Usage Pattern* 

Our revenues are driven by end-users' driving and charging behaviors. The EV market is still developing and current behavioral patterns may not be representative of future behaviors. Key behavioral shifts may include but are not limited to: annual vehicle miles traveled, preferences for urban, suburban or exurban locations, preferences for public or private fast charging, preference for home or workplace charging, demand from rideshare or urban delivery services, and the emergence of autonomous vehicles, micro-mobility and mobility as-a-service platforms requiring EV charging services. All these shifts could change end-users' driving and charging behaviors, which in turn could affect the demand for our services and our results of operations.

 

*Investments in Growth*

We may accelerate our expenditures where we see growth opportunities, which may impact our cash flow and margin until initial cash support and upfront costs and inefficiencies are absorbed and normalized operations are achieved. We also continually evaluate and may adjust our expenditures and cash requirements based on our launch plans for new services and solutions, as well as other factors including the pace and prioritization of current projects under development and the addition of new projects.

 

*Technology* 

We rely on numerous internally developed and externally sourced hardware and software technologies to operate our network and generate earnings. We engage third-party vendors for non-proprietary hardware and software components. Our ability to continue to integrate our technology stack with technological advances in the wider EV ecosystem including EV model characteristics, charging standards, charging hardware, software and battery chemistries will affect our sustained competitiveness in offering charging services. With our continued investment in research and development as well as collaboration with third-party vendors, we believe that we are well-positioned to keep abreast of technological advances and allow our business to remain competitive regardless of long-term technological shifts in EVs, batteries or modes of charging.

**Key Components of Results of Operations**

 

*Revenues* 

Our revenues are generated across various revenue streams. The following table sets forth the components of our revenues, both in absolute amount and as a percentage of total revenues, for the periods presented:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB'000** | **%** | **RMB'000** | **%** | **RMB'000** | **USS'000** | **%** |
| &nbsp;&nbsp;&nbsp;Charging services revenues | 129434 | 55.5 | 169093 | 84.1 | 118816 | 16990 | 95.0 |
| &nbsp;&nbsp;&nbsp;Energy solutions revenues | 100545 | 43.1 | 25516 | 12.7 | 765 | 109 | 0.6 |
| &nbsp;&nbsp;&nbsp;New initiatives revenues | 3384 | 1.4 | 6367 | 3.2 | 5558 | 795 | 4.4 |
| **Revenues** | **233363** | **100.0** | **200976** | **100.0** | **125139** | **17894** | **100.0** |

---

*Charging Services Revenues.* We primarily generate revenues from the provision of mobility connectivity solutions to EV charging stations and the provision of charging services at charging stations that we operate under our full station operation model. Our mobility connectivity solutions include mobility services delivered in conjunction with Kuaidian, our partnered platform that is operated by a third-party service provider, and SaaS products that optimize the marketing, operations and energy efficiency of charging stations connected to NaaS's network.

 

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

 

*Energy Solutions Revenues.* We generate revenues from the provision of integrated solutions that cover the planning, deployment, and operational optimization of EV charging for energy asset owners.

 

*New Initiatives Revenues.* We generate revenues from non-charging and other services that aim to enhance the efficiency and profitability of energy assets including charging stations.

**Cost of Revenues**

The following table sets forth the principal components of cost of revenues by absolute amount and as a percentage of total revenues for the periods presented.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB'000** | **%** | **RMB'000** | **%** | **RMB'000** | **US$'000** | **%** |
| **Cost of revenues:** | **Cost of revenues:** | **Cost of revenues:** | **Cost of revenues:** | **Cost of revenues:** | **Cost of revenues:** | **Cost of revenues:** | **Cost of revenues:** |
| &nbsp;&nbsp;&nbsp;Cost of charging services | 82951 | 35.5 | 84559 | 42.1 | 16832 | 2406 | 13.5 |
| &nbsp;&nbsp;&nbsp;Cost of energy solutions | 86528 | 37.1 | 27605 | 13.7 | 258 | 37 | 0.2 |
| &nbsp;&nbsp;&nbsp;Cost of new initiatives | 695 | 0.3 | 270 | 0.1 | 529 | 76 | 0.4 |
| **Total cost of revenues** | **170174** | **72.9** | **112434** | **55.9** | **17619** | **2519** | **14.1** |

---

*Cost of Charging Services.* Cost of charging services primarily consists of technical service fees, direct labor costs, operating costs of charging stations and electricity costs.

 

*Cost of Energy Solutions.* Cost of energy solutions primarily consists of hardware procurement costs and daily operation costs.

 

*Cost of New Initiatives.* Cost of new initiatives mainly represents costs of materials and services incurred for the delivery of services to enhance the efficiency and profitability of energy assets including charging stations.

**Operating Expenses**

The following table sets forth the components of operating expenses, both in absolute amount and as a percentage of total revenues, for the periods presented.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB'000** | **%** | **RMB'000** | **%** | **RMB'000** | **US$'000** | **%** |
| **Operating expenses:** | **Operating expenses:** | **Operating expenses:** | **Operating expenses:** | **Operating expenses:** | **Operating expenses:** | **Operating expenses:** | **Operating expenses:** |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | 438609 | 188.0 | 198863 | 99.0 | 150506 | 21522 | 120.4 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 568446 | 243.6 | 374644 | 186.4 | 133135 | 19038 | 106.4 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 61608 | 26.4 | 42070 | 20.9 | 14599 | 2088 | 11.6 |
| &nbsp;&nbsp;&nbsp;Impairment losses, net | 73816 | 31.6 | 300921 | 149.7 | 81558 | 11663 | 65.1 |
| **Total operating expenses** | **1142479** | **489.6** | **916498** | **456.0** | **379798** | **54311** | **303.5** |

---

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

*Selling and marketing expenses.* Selling and marketing expenses primarily consist of market incentives for charging service, costs of related personnel and advertising expenses. Market incentives for charging service represent incentives through platform (in the form of discounts and promotions) granted to end-users. The incentives granted to end-users include base incentives and excess incentives, with base incentives being the amount of incentives paid to end-users up to the amount of commission fees we earned from charging stations on a transaction basis, and excess incentives being the amount of payments made to end-users that exceed the amount of commission fees we earned from charging stations on a transaction basis. The excess incentives are included in selling and marketing expenses.

 

*Administrative expenses.* Administrative expenses mainly comprise staff costs for employees involved in general corporate functions, professional service fees, as well as other general and administrative expenses.

 

*Research and development expenses.* Research and development expenses primarily consist of salaries and benefits for technology and product development personnel.

**Taxation**

**Cayman Islands**

We are incorporated in the Cayman Islands. The Cayman Islands currently levies no taxes on corporations based upon profits, income, gains or appreciation. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties, which may be applicable on instruments executed in, or brought within the jurisdiction of, the Cayman Islands.

***Hong Kong***

Our subsidiary in Hong Kong is subject to an income tax rate of 16.5% on any part of assessable profits over HKD2,000,000 and 8.25% for assessable profits below HKD2,000,000. Foreign-derived income is exempted from income tax. Additionally, payments of dividends by our subsidiary in Hong Kong to our company are not subject to any Hong Kong withholding tax.

**Mainland China**

Under the PRC Enterprise Income Tax Law effective from January 1, 2008, which was most recently amended on December 29, 2018, a statutory enterprise income tax rate of 25% is applicable to foreign investment enterprises and domestic companies, subject to preferential tax treatments available to qualified enterprises in certain encouraged sectors of the economy. Our principal operating subsidiaries in mainland China were subject to enterprise income tax at a rate of 25% in 2025.

We are subject to VAT, at rates from 3% to 13% on the services we provide, less any deductible VAT we have already paid or borne. We are also subject to surcharges on VAT payments in accordance with PRC law.

Pursuant to the PRC Enterprise Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from mainland China effective from January 1, 2008, unless any such foreign investor's jurisdiction of incorporation has a tax treaty or similar agreement with mainland China that provides for a different withholding arrangement. Dividends paid by our wholly foreign-owned subsidiary in mainland China to our intermediary holding company in Hong Kong will be subject to a withholding tax rate of 10%.

Notwithstanding the foregoing, if our holding company in the Cayman Islands or any of our subsidiaries outside of mainland China were deemed to be a "resident enterprise" under the PRC Enterprise Income Tax Law and its implementation rules, it would be subject to enterprise income tax on its worldwide income at a rate of 25%. See "Risk Factors—Risks Related to Doing Business in China—It is unclear whether we will be considered a PRC 'resident enterprise' under the PRC Enterprise Income Tax Law and, depending on the determination of our PRC 'resident enterprise' status, our global income may be subject to the 25% PRC enterprise income tax, which could materially and adversely affect our results of operations."

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

**Results of Operations**

The following table sets forth the results of operations with line items in absolute amount and as a percentage of revenues for the periods indicated. The results of operations in any period are not necessarily indicative of our future trends.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB'000** | **%** | **RMB'000** | **%** | **RMB'000** | **US$'000** | **%** |
| Charging services revenues | 129434 | 55.5 | 169093 | 84.1 | 118816 | 16990 | 95.0 |
| Energy solutions revenues | 100545 | 43.1 | 25516 | 12.7 | 765 | 109 | 0.6 |
| New initiatives revenues | 3384 | 1.4 | 6367 | 3.2 | 5558 | 795 | 4.4 |
| **Total revenues** | **233363** | **100.0** | **200976** | **100.0** | **125139** | **17894** | **100.0** |
| **Cost of revenues** | **(170174)** | **(72.9)** | **(112434)** | **(55.9)** | **(17619)** | **(2519)** | **(14.1)** |
| **Gross profit** | **63189** | **27.1** | **88542** | **44.1** | **107520** | **15375** | **85.9** |
| Operating expenses |  |  |  |  |  |  |  |
| Selling and marketing expenses | (438609) | (188.0) | (198863) | (99.0) | (150506) | (21522) | (120.4) |
| Administrative expenses | (568446) | (243.6) | (374644) | (186.4) | (133135) | (19038) | (106.4) |
| Research and development expenses | (61608) | (26.4) | (42070) | (20.9) | (14599) | (2088) | (11.7) |
| Impairment losses, net | (73816) | (31.6) | (300921) | (149.7) | (81558) | (11663) | (65.2) |
| **Total operating expenses** | **(1142479)** | **(489.6)** | **(916498)** | **(456.0)** | **(379798)** | **(54311)** | **(303.7)** |
| **Other gains, net** | **24083** | **10.3** | **20928** | **10.4** | **6484** | **927** | **5.2** |
| **Operating loss** | **(1055207)** | **(452.2)** | **(807028)** | **(401.5)** | **(265794)** | **(38009)** | **(212.6)** |
| Fair value changes of convertible instruments | (116520) | (49.9) | 426 | 0.2 |  |  |  |
| Fair value changes of financial instruments at fair value through profit or loss | (87143) | (37.3) | (80748) | (40.2) | (126749) | (18125) | (101.3) |
| Finance costs | (31852) | (13.7) | (39838) | (19.8) | (32567) | (4656) | (26.0) |
| **Loss before income tax** | **(1290722)** | **(553.1)** | **(927188)** | **(461.3)** | **(425110)** | **(60790)** | **(339.9)** |
| Income tax | (3308) | (1.4) | 19150 | 9.5 |  |  |  |
| **Loss from continuing operations** | **(1294030)** | **(554.5)** | **(908038)** | **(451.8)** | **(425110)** | **(60790)** | **(339.9)** |
| **Loss from discontinued operations** | **(13120)** | **(5.6)** | **(6404)** | **(3.2)** | **(24857)** | **(3555)** | **(19.9)** |
| **Net loss for the year** | **(1307150)** | **(560.1)** | **(914442)** | **(455.0)** | **(449967)** | **(64345)** | **(359.8)** |

---

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

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024***

 

*Revenues*

Total revenues decreased from RMB201.0 million in 2024 to RMB125.1 million (US$17.9 million) in 2025.

*Charging Services.* Charging services revenues were primarily generated from the provision of mobility connectivity solutions and the provision of charging services under our full station operation model. Charging services revenues decreased from RMB169.1 million in 2024 to RMB118.8 million (US$17.0 million) in 2025. The decrease in charging services revenues was primarily attributable to RMB44.2 million decrease in revenue from full operation model. The decrease in revenue from full operation model was primarily due to our proactive strategic shift away from capital-intensive, cash-consuming and low-margin full station operation business.

*Energy Solutions.* Energy solutions revenues decreased from RMB25.5 million in 2024 to RMB0.8 million (US$0.1 million) in 2025, as we continued to reduce the scale of working capital-intensive offline business such as charging pile sales and EPC engineering projects.

*New Initiatives.* Revenue derived from new initiatives was RMB5.6 million (US$0.8 million) in 2025, compared with RMB6.4 million in 2024.

*Cost of revenues*

 

*Cost of Charging Services.* Cost of charging services included costs of providing mobility connectivity solutions and full station operation. Cost of charging services decreased from RMB84.6 million in 2024 to RMB16.8 million (US$2.4 million) in 2025, which was primarily attributable to RMB17.8 million decrease in cost to provide mobility connectivity solutions and RMB50.0 million decrease in cost of full station operation. Cost to provide mobility connectivity solutions primarily consisted of technical service fees and direct labor costs. The decrease in cost to provide mobility connectivity solutions was primarily attributable to the optimization in operations. Cost of full station operation primarily consisted of operating costs of charging stations and electricity costs. The decrease in cost of full station operation was driven by the phase-out of full station operation model.

*Cost of Energy Solutions.* Cost of energy solutions decreased from RMB27.6 million in 2024 to RMB0.3 million (US$0.04 million) in 2025 due to our proactive shift away from asset-heavy energy solution businesses.

*Cost of New initiatives.* Cost of new initiatives increased from RMB0.3 million in 2024 to RMB0.5 million (US$0.1 million) in 2025, primarily due to a modest increase in operating cost of our non-charging services.

*Operating expenses*

Operating expenses decreased from RMB916.5 million in 2024 to RMB379.8 million (US$54.3 million) in 2025, mainly due to our strong initiatives to improve operational efficiencies, which simultaneously drove down selling and marketing expenses, administrative expenses, research and development expenses and net impairment losses.

*Selling and marketing expenses*. Selling and marketing expenses decreased from RMB198.9 million in 2024 to RMB150.5 million (US$21.5 million) in 2025, primarily due to RMB37.3 million decrease in salaries and bonuses of employees and share-based compensation.

*Administrative expenses*. Administrative expenses decreased from RMB374.6 million in 2024 to RMB133.1 million (US$19.0 million) in 2025, primarily attributable to RMB191.7 million decrease in salaries and bonuses of employees and share-based compensation.

*Research and development expenses*. Research and development expenses decreased from RMB42.1 million in 2024 to RMB14.6 million (US$2.1 million) in 2025, primarily attributable to a more focused allocation of technical resources.

*Impairment losses, net*. Net impairment losses decreased from RMB300.9 million in 2024 to RMB81.6 million (US$11.7 million) in 2025 primarily due to a decrease in impairment losses on prepayments and other financial assets in 2025.

*Finance costs*

Finance costs were RMB32.6 million (US$4.7 million) in 2025 as compared with RMB39.8 million in 2024. The decrease was primarily attributable to a decrease in interest expense as a result of decreasing borrowings.

 

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

 

*Income tax*

Income tax benefit was nil in 2025 as compared with income tax expense of RMB19.2 million in 2024.

 

*Net loss for the year*

As a result of the foregoing, loss for the year of RMB450.0 million (US$64.3 million) was recorded in 2025, compared with loss for the year of RMB914.4 million in 2024.

***Year Ended December 31, 2024 Compared to Year Ended December 31, 2023***

 

*Revenues*

Total revenues decreased from RMB233.4 million in 2023 to RMB201.0 million in 2024.

 

*Charging Services.* Charging services revenues were primarily generated from the provision of mobility connectivity solutions and the provision of charging services under our full station operation model. Charging services revenues increased from RMB129.4 million in 2023 to RMB169.1 million in 2024. The increase in charging services revenues was primarily attributable to RMB25.9 million increase in revenue from mobility connectivity solutions and RMB13.8 million increase in revenue from full operation model. The increase in revenue from mobility connectivity solutions was driven by the increase in service charge rate, while orders transacted through our mobile connectivity solutions remained stable in 2024 relative to 2023. We offered incentives through platform (in the form of discounts and promotions) to end-users to boost the use of our network. The base incentives, being the amount of incentives paid to end-users up to the amount of commission fees we earned from charging stations on a transaction basis, were recorded as reduction to revenue and amounted to RMB400.7 million in 2024. The increase in revenue from full operation model was driven by the increase in the number of charging stations that we operate under full station operation model.

 

*Energy Solutions.* Energy solutions revenues decreased from RMB100.5 million in 2023 to RMB25.5 million in 2024. The decrease was primarily attributable to our strategy to shift away from low margin and infrequent energy solution projects.

 

*New Initiatives.* Revenues derived from new initiatives increased from RMB3.4 million in 2023 to RMB6.4 million in 2024, as we continued to expand new initiatives business offerings and strengthen market recognition.

 

*Cost of revenues*

 

*Cost of Charging Services.* Cost of charging services included costs of providing mobility connectivity solutions and full station operation. Cost of charging services increased from RMB83.0 million in 2023 to RMB84.6 million in 2024, which was primarily attributable to RMB10.6 million decrease in cost to provide mobility connectivity solutions offset by a RMB12.2 million increase in cost of full station operation. Cost to provide mobility connectivity solutions primarily consisted of technical service fees and direct labor costs. The decrease in cost to provide mobility connectivity solutions was primarily attributable to the optimization in operations. Cost of full station operation primarily consisted of operating costs of charging stations and electricity costs. The increase in cost of full station operation was driven by the increase in the number of charging stations that we operate under full station operation model.

*Cost of Energy Solutions.* Cost of energy solutions decreased from RMB86.5 million in 2023 to RMB27.6 million in 2024 as less resources were deployed for energy solution projects with lower margins.

 

*Cost of New initiatives.* Cost of new initiatives decreased from RMB0.7 million in 2023 to RMB0.3 million in 2024, primarily due to a decrease in operating cost of our non-charging services.

 

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

 

*Operating expenses*

Operating expenses decreased from RMB1,142.5 million in 2023 to RMB916.5 million in 2024, mainly due to our strong initiatives to improve operational efficiencies, which simultaneously drove down selling and marketing expenses, administrative expenses, and research and development expenses.

 

*Selling and marketing expenses*. Selling and marketing expenses decreased from RMB438.6 million in 2023 to RMB198.9 million in 2024, primarily due to (i) a decrease of RMB160.9 million in the amount of incentives granted to users, and (ii) a decrease of RMB92.9 million in salaries and bonuses of employees and share-based compensation. The excess incentives, being the amount of payments made to end-users that exceed the amount of commission fees we earned from charging stations on a transaction basis, were included in selling and marketing expenses and amounted to RMB63.6 million in 2024. The significant reduction in the excess incentives was attributable to the realization of network benefits and continuous enhancement in our service which enabled us to manage platform-based incentives as a percentage of the commission fees generated from charging services more effectively.

 

*Administrative expenses*. Administrative expenses decreased from RMB568.4 million in 2023 to RMB374.6 million in 2024, primarily attributable to (i) a decrease of RMB223.3 million in salaries and bonuses of employees and share-based compensation, and (ii) an increase in professional service fees in the amount of RMB36.3 million.

 

*Research and development expenses*. Research and development expenses decreased from RMB61.6 million in 2023 to RMB42.1 million in 2024 as we refined the balance of resources dedicated to technical developments.

 

*Impairment losses, net*. Impairment losses, net increased from RMB73.8 million in 2023 to RMB300.9 million in 2024 primarily due to an increase in impairment losses on receivables, prepayments and other financial assets in 2024.

 

*Finance costs*

Finance costs were RMB39.8 million in 2024 as compared with RMB31.9 million in 2023. The increase was primarily attributable to an increase in interest expense as a result of increasing borrowings.

 

*Income tax*

Income tax benefit was RMB19.2 million in 2024 as compared with income tax expense of RMB3.3 million in 2023.

 

*Net loss for the year*

As a result of the foregoing, loss for the year of RMB914.4 million was recorded in 2024, compared with loss for the year of RMB1,307.2 million in 2023.

 

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

 

**Off Balance Sheet Arrangements**

We have not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an uncombined entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any uncombined entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.

**Liquidity and Capital Resources**

**Cash Flows and Working Capital**

The following table presents our summary consolidated cash flow data for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **US$'000** |
| **Summary Consolidated Cash Flow Data:** |  |  |  |  |
| Net cash (used in)/generated from operating activities | (567604) | (179138) | 532 | 74 |
| Net cash (used in)/generated from investing activities | (339610) | (201671) | 12182 | 1742 |
| Net cash generated from/(used in) financing activities | 830105 | 71270 | (57194) | (8179) |
| Net decrease in cash and cash equivalents | (77109) | (309539) | (44480) | (6363) |
| Cash and cash equivalents at the beginning of the year | 513351 | 436242 | 126703 | 18118 |
| Cash and cash equivalents at the end of the year | 436242 | 126703 | 82223 | 11755 |

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To date, we have financed our operating and investing activities mainly through cash generated from operating activities, and debt and equity financing activities. As of December 31, 2025, we had cash and cash equivalents amounting to RMB82.2 million (US$11.8 million), of which 96.5% were held in RMB.

We issued and sold a total of 57,570,524 newly issued Class A ordinary shares of the Company to a certain institutional investor on December 12, 2022, at a price of US$0.5211 per ordinary share, based on the volume-weighted average traded price of our ADSs on Nasdaq for the 30 consecutive trading days immediately preceding the date of the subscription agreement (adjusted to account for the 1:10 ADS-to-share ratio), for a total purchase price of US$30 million. In May 2023, we completed a registered direct offering of US$21 million to certain investors whereby the investors subscribed for and purchased from us a total of 3,500,000 ADSs. In November 2023, we issued a total of 6,600,000 ADSs in a registered direct offering to certain investors at a total consideration of approximately US$16 million. We issued a US$30 million convertible bond to LMR Multi-Strategy Master Fund Limited, an affiliate of LMR Partners Limited, in July 2023, and then another US$40 million convertible bond to the same entity in September 2023. In the event that the entire principal amount of the July 2023 LMR Convertible Note is fully converted prior to its maturity date, we agree to further issue and sell, and LMR Multi-Strategy Master Fund Limited agrees to purchase, an additional note in the principal amount of US$25,000,000 at the issue price of US$25,000,000 with substantially similar terms as the July 2023 LMR Convertible Note. During the year ended December 31, 2023, we utilized bank borrowings in the amount of 380.3 million, and we had unutilized borrowing facilities totalling RMB12.5 million as of December 31, 2023. In March 2024, we completed the registered direct offering to certain institutional investors of 4,761,905 ADSs together with the Investor Warrants to purchase up to 4,761,905 ADSs at a combined purchase price of US$1.26 per ADS and accompanying Investor Warrant for total gross proceeds of approximately US$6 million, before deducting commissions and other estimated offering expenses. We also issued the FA Warrants to initially purchase up to 238,095 ADSs to a financial advisor in connection with this registered direct offering. The Investor Warrants and FA Warrants are all outstanding as of the date of this annual report. In September 2024 we entered into a sales agreement with A.G.P./Alliance Global Partners, as sales agent, relating to the At-the-Market Offering of up to an aggregate of US$20,000,000 of our ADSs from time to time through the sales agent. The sales agent will act on a commercially reasonable efforts basis to cause the sale of our ADSs and is entitled to a compensation at a commission rate of 3.0% of the gross sales price per ADS sold. As of the date of this annual report, a total of 700,000 ADSs are sold in the At-the-Market Offering. In October 2024, we entered into a convertible note exchange agreement with LMR pursuant to which LMR delivered to us for cancellation and termination the US$35,537,481 aggregate outstanding amount of the convertible notes previously issued by the Company to LMR, and we issued the 2024 New Note to LMR as consideration. On June 4, 2025, a deed of settlement (the "Settlement Deed") was entered into by and among the Company, LMR and certain other parties, pursuant to which the parties have agreed to resolve disputes arising from the Company's failure to pay obligations under the 2024 LMR Convertible Note Exchange Agreement. Pursuant to the Settlement Deed, among other things, the Company has paid an initial repayment of US$1.5 million and will pay an aggregate amount of US$15 million in 24 monthly installments commencing from June 25, 2025. The Company also agreed to issue LMR a warrant exercisable at any time up to the 10th anniversary of the effective date of the Settlement Deed, entitling LMR to acquire no less than 10% of the Company's issued share capital if its market capitalization reaches US$90 million, as calculated in accordance with the terms of the Settlement Deed. In consideration of the parties entering into the Settlement Deed, LMR withdrew the winding-up petition filed in the Cayman Court against the Company and the Company discontinued related arbitration proceedings against LMR in HKIAC on the same day. In December 2024, we entered into the First SSFA with Topliquidity, pursuant to which we may initially issue up to 2,400,000 ADSs, and at the election of TopLiquidity, we may issue such greater amount of up to 4,800,000 ADSs, directly to TopLiquidity pursuant to the adjustment mechanism set forth in the First SSFA. As of the date of this annual report, a total of 200,000 ADSs were issued and sold for net proceeds of US$0.28 million. In December 2024, we entered into the Second SSFA with certain investors for the sale of up to US$15,000,000 ADSs. In accordance with the terms of the investors, which can be increased to up to US$15,000,000 at the election of the Company, pursuant to the adjustments set forth in the Second SSFA. As of the date of this annual report, a total of 9,792,998 ADSs were issued and sold for net proceeds of US$2.68 million. In March 2025, we completed a registered direct offering of 3,000,000 ADSs and warrants to purchase up to 7,500,000 ADSs to certain investors for net proceeds of US$1.98 million. The warrants have an initial exercise price of US$0.79 per ADS. On March 6, 2026, the Company and the 2025 Warrant Holders entered into Amendments to the 2025 Warrants (the "2025 Warrant Amendments"), to amend the exercise price to US$2.2 per ADS, subject to terms and conditions of the 2025 Warrant Amendments. As of the date of this annual report, the warrants are all outstanding. On November 4, 2025, we entered into share subscription agreements with Newlink Envision Limited, a wholly-owned subsidiary of our controlling shareholder, Newlink, and Newlink Linkage Limited, an entity 84.31% owned by Newlink, and certain accredited investors for the purchase and sale of a total of 27,776,000,000 newly issued Class A ordinary shares of the Company, at a price of US$0.001 per Class A ordinary share (equivalent to US$3.6 per ADS, representing the average of the 30 daily volume weighted average prices ("VWAPs") of our ADSs immediately prior to November 1, 2025), for a total purchase price of US$31.2 million. On February 27, 2026, we entered into supplementary agreements (the "2025 PIPE Supplementary Agreements") with the 2025 PIPE Investors to repurchase and reissue the shares issued under the 2025 PIPE Agreements, subject to terms and conditions of the 2025 PIPE Supplementary Agreements.

We believe our cash on hand will be sufficient to meet our current and anticipated needs for general corporate purposes for at least the next 12 months.

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**Operating activities**

Net cash generated from operating activities was RMB0.5 million (US$0.1 million) in 2025, which was primarily attributable to a loss before income tax of RMB450.0 million (US$64.3 million), adjusted for certain non-cash items consisting primarily of (i) reversal of share-based compensation expense of RMB17.5 million (US$2.5 million), (ii) fair value change through profit or loss of RMB126.7 million (US$18.1 million), (iii) impairment losses on trade receivables, prepayments, other receivables and other assets of RMB106.8 million (US$15.3 million), (iv) reversal of losses on inventories of RMB1.2 million (US$0.2 million) and (v) interest expense of RMB32.7 million (US$4.7 million). The adjustments for changes in operating assets and liabilities primarily reflected (i) a decrease in trade receivables and contract assets of RMB43.1 million (US$6.2 million), (ii) a decrease in prepayments, other receivables and other assets of RMB19.8 million (US$2.8 million), (iii) a decrease in inventories of RMB2.3 million (US$0.3 million) and (iv) an increase in trade and other payables of RMB141.5 million (US$20.2 million), (v) partially offset by a decrease in contract liabilities of RMB3.1 million (US$0.4 million).

Net cash used in operating activities was RMB179.1 million in 2024, which was primarily attributable to a loss before income tax of RMB932.4 million, adjusted for certain non-cash items consisting primarily of (i) share based payments for employee benefit of RMB160.4 million, (ii) fair value change through profit or loss of RMB80.3 million and (iii) impairment losses on receivables, prepayments and other financial assets of RMB307.5 million. The adjustments for changes in operating assets and liabilities primarily reflected (i) a decrease in prepayments, other receivables and other assets of RMB232.3 million, (ii) a decrease in trade receivables and contract assets of RMB15.2 million and (iii) a decrease in inventories of RMB22.8 million, (iv) partially offset by a decrease in trade and other payables of RMB33.6 million and a decrease in contract liabilities of RMB42.1 million.

Net cash used in operating activities was RMB567.6 million in 2023, which was primarily attributable to a loss before income tax of RMB1,303.4 million, adjusted for certain non-cash items consisting primarily of (i) share based payments for employee benefits of RMB399.1 million, (ii) fair value changes through profit or loss of RMB204.0 million, (iii) impairment loss on receivables, prepayments and other financial assets of RMB74.7 million, (iv) provision for impairment on inventories of RMB14.4 million and (v) interest expense of RMB33.0 million. The adjustment for changes in operating assets and liabilities primarily reflected (i) an increase in prepayments, other receivables and other assets of RMB170.8 million, (ii) an increase in trade receivables and contract assets of RMB66.5 million and (iii) an increase in inventories of RMB36.8 million, (iv) partially offset by an increase in trade and other payables of RMB220.9 million and an increase in contract liabilities of RMB56.1 million.

To supplement the above discussion of operating cashflows which is based on an indirect method, net cash generated from operating activities was RMB0.5 million (US$0.1 million) for the year ended December 31, 2025, representing a favorable change of RMB179.6 million (US$25.7 million) from a cash outflow of RMB179.1 million for the year ended December 31, 2024.The change was mainly attributable to (i) improvements in actual collections of receivables, (ii) a decrease in cash used in the procurement of energy storage equipment and chargers and (iii) effective control of operating costs and expenses. Net cash used in operating activities was RMB179.1 million for the year ended December 31, 2024, representing a decrease of RMB388.5 million from RMB567.6 million for the year ended December 31, 2023. The decrease was mainly attributable to (i) a decrease in cash used in the procurement of energy storage equipment and chargers and (ii) a strategic decrease of cash prepayment for charging services business and energy solutions business.

**Investing activities**

Net cash generated from investing activities was RMB12.2 million (US$1.7 million) in 2025, primarily consisting of RMB9.1 million (US$1.3 million) of net cash inflow from disposal of financial assets and RMB3.0 million (US$0.4 million) of net cash received from disposal of subsidiaries.

Net cash used in investing activities was RMB201.7 million in 2024, primarily consisting of RMB208.6 million of net cash outflow from the purchase and sale of financial instruments and RMB2.6 million of net cash received from disposal of subsidiaries.

Net cash used in investing activities was RMB339.6 million in 2023, primarily consisting of RMB298.8 million of net cash outflow from the purchase and sale of financial instruments, RMB34.0 million of net cash paid for the acquisition of subsidiaries, and RMB6.3 million for the purchase of property, plant and equipment and other non-current assets.

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**Financing activities**

Net cash used in financing activities in 2025 was RMB57.2 million (US$8.2 million), primarily consisting of RMB222.6 million (US$31.8 million) of net proceeds received from debt and equity financing, RMB52.0 million (US$7.4 million) of capital injection from non-controlling interests and RMB237.3 million (US$33.9 million) of a loan from a related party, partially offset by repayment of borrowings in the amount of RMB529.6 million (US$75.7 million), payment of interest in the amount of RMB32.9 million (US$4.7 million) and payment of lease liabilities in the amount of RMB1.6 million (US$0.2 million).

Net cash generated from financing activities in 2024 was RMB71.3 million, primarily consisting of RMB292.8 million of net proceeds received from debt and equity financing, partially offset by repayment of borrowings in the amount of RMB156.0 million, payment of interest in the amount of RMB42.3 million and payment of lease liabilities in the amount of RMB5.5 million.

Net cash generated from financing activities in 2023 was RMB830.1 million, primarily consisting of RMB607.2 million of net proceeds received from the issuance of ordinary shares and convertible notes, RMB380.3 million of borrowings received from banks and RMB4.3 million of capital injection from non-controlling shareholders, partially offset by repayment of borrowings in the amount of RMB143.9 million, payment of interest in the amount of RMB32.2 million and payment of lease liabilities in the amount of RMB7.2 million.

**Capital expenditures**

Our capital expenditures are primarily incurred for decoration of new workplace and software for research and development purpose. Our total capital expenditures were RMB26.3 million, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively. We will continue to make capital expenditures in the foreseeable future as we expand our business and continue to invest in technological development.

**Material Cash Requirements**

Other than the ordinary cash requirements for our operations, our material cash requirements as of December 31, 2025 and any subsequent interim period primarily include our operating lease obligations and commitments relating to office buildings and charging stations. We intend to fund our existing and future material cash requirements with our existing cash balance and other financing alternatives. We will continue to make cash commitments to support the growth of its business.

The following table sets forth our contractual obligations and commitments as of December 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
|  | **Total** | **Less Than 1 year** | **1-2 Years** | **2-3 Years** | **3-5 Years** | **Over 5 Years** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Lease obligations and commitments | 2688 | 1555 | 1133 |  |  |  |

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Other than as shown above, we did not have any significant capital or other commitments, long-term obligations, or guarantees as of December 31, 2025.

**Holding Company Structure**

NaaS Technology Inc. is a holding company with no operations of its own. We conduct our operations in China primarily through our PRC subsidiaries. As a result, although other means are available for us to obtain financing at the holding company level, NaaS Technology Inc.'s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to NaaS Technology Inc. Under PRC laws and regulations, our PRC subsidiaries are subject to certain restrictions with respect to payment of dividends or other transfers of any of their net assets to us. Our PRC subsidiaries are permitted to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. PRC laws also require foreign-invested enterprises to set aside at least 10% of its after-tax profits as the statutory common reserve fund until the cumulative amount of the statutory common reserve fund reaches 50% or more of such enterprises' registered capital, if any, to fund its statutory common reserves, which are not available for distribution as cash dividends. Remittance of dividends by a wholly foreign-owned enterprise out of mainland China is also subject to examination by the banks designated by SAFE. These restrictions are benchmarked against the paid-up capital and the statutory reserve funds of our PRC subsidiaries. To the extent cash in our business is in China or in an entity in mainland China, the funds may not be available to fund operations or for other use outside of mainland China due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability to transfer cash. As a result, our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business may be materially and adversely affected.

For risks relating to the fund flows of our operations in China, see "Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business."

**Critical Accounting Estimates**

The preparation of financial statements requires the use of accounting estimates. We need to exercise judgement in applying our accounting policies. We continue to evaluate these estimates and assumptions based on historical experience and other factors, including expectations of future events that may have a financial impact on us and that are believed to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates.

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**Estimation of standalone selling prices for revenue recognition**

Determining the transaction price allocated to each performance obligation requires management to estimate the standalone selling price for each membership benefit provided over the membership period. This evaluation involves considering applicable market conditions and relevant Group-specific factors, including factors that were contemplated in the membership agreements with end-users and the estimated costs for a specified number of cash coupons and incremental discounts. Furthermore, the assumptions used in determining how incentives offered to end-users (including discounts embedded in membership rights and coupon packages) are allocated between reductions of revenue for the related charging service and selling and marketing expenses require significant judgment. Actual market conditions and customer redemption outcomes in future periods could differ from current assumptions, judgments, and estimates. Changes in these estimates may result in a material increase or decrease in the allocated transaction price, which could significantly impact the amount and timing of revenue recognized and the overall results of operations.

**Measurement of expected credit losses ("ECL")**

A number of significant judgements are required in applying the accounting requirements for measuring ECL, such as:

● Determining the segmentation of debtor groups,

● Selecting appropriate models and assumptions for the measurement of ECL, and

● Establishing the relative probability weightings of forward-looking factors.

**Impairment assessment under ECL for trade receivables**

We use a provision matrix to calculate ECLs for trade receivables. The provision rates are based on aging for groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the financial position date about past events, current conditions and forecasts of future economic conditions.

At each financial position date, the observed historical default rates are reassessed and changes in the forward-looking information are considered. In addition, credit impaired trade receivable with significant balances are assessed for ECLs individually.

ECLs for other receivables are estimated by applying a loss rate approach with reference to the days past due for groupings of debtors with similar loss patterns. The loss rate is adjusted to reflect current conditions and forecasts of future economic conditions as appropriate.

The provision of ECLs is sensitive to changes in estimates. The information about the ECLs is disclosed in Note 7 of our audited consolidated financial statements included elsewhere herein.

 

*Forward-looking information*

In measuring ECLs in accordance with IFRS 9, we consider forward-looking information. The calculation of ECLs incorporates forward-looking information through the use of publicly available economic data and forecasts based on assumptions and management's judgements and the use of probability weighted outcomes.

**Provisions for contingencies**

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We are subject to claims or proceedings that arise in the ordinary course of business, including disputes related to the corporate transactions. Pursuant to IAS 37, we record a provision for a liability when it is both probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be reliably estimated.

The assessment of whether a loss is probable and the estimation of the appropriate amount of provision require significant judgment by us. In making these determinations, we, in consultation with internal and external legal counsel, evaluates the merits of the claims, the current status of the proceedings, the applicable contractual terms, and the potential outcomes of legal executions.

As of December 31, 2025, we have recognized a provision for certain litigations in the consolidated statement of profit or loss and other comprehensive income. However, due to the inherent uncertainties of the judicial process, the final resolution of these matters may differ significantly from the amounts currently estimated. Such differences could have a material impact on our consolidated financial position, results of operations, or cash flows in future periods.

**Measurement and Accounting of Fair Value of Warrant Liabilities**

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The measurement of warrant liabilities classified as derivative financial instruments requires management to assess their fair value at each reporting date, with changes recognized in profit or loss. This estimation process involves determining the most suitable valuation framework, which depends on the specific contractual terms of the warrant agreements. We identify and assume appropriate inputs for the valuation model, including the Company's stock price, expected volatility, risk-free interest rates, and the expected term. We employ the Binomial Tree model to determine the fair value at both the issuance date and each financial position date. The selection of these assumptions requires extensive judgment due to the unpredictability of market interest rates and equity price volatility. Future changes in economic conditions or the Company's share price performance may lead to adjustments in these estimates, potentially resulting in material fluctuations in the carrying amount of warrant liabilities and significantly affecting the consolidated financial statements.

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**Measurement of Fair Value of Convertible Bonds**

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The measurement of the fair value of convertible bonds requires the Company to determine the most appropriate valuation model and key underlying assumptions based on the specific terms and conditions of the arrangements. For the valuation at the issuance date and each subsequent reporting date, the Company utilizes the Expected Credit Loss model ("ECL"), incorporating Probability of Default (PD) and Loss Given Default (LGD) derived from Moody's Annual Default Study (1920-2024). This assessment involves selecting critical inputs, including the conversion price reset mechanism and the Company's call options, while incorporating market volatility and forward-looking financial projections. The assumptions used in forecasting these inputs require significant judgment, given the inherent volatility of capital markets and the complexity of the instrument's embedded features. Consequently, changes in these valuation assumptions may result in a significant increase or decrease in the fair value of convertible bonds, which could materially impact the consolidated financial statements.

**Quantitative and Qualitative Disclosures about Market Risk**

**Foreign Exchange Risk**

Foreign currency risk arises from future commercial transactions and recognized assets and liabilities. We operate mainly in China with most of our transactions settled in RMB. We consider our business not exposed to significant foreign exchange risk as we have no significant assets or liabilities denominated in currencies other than the respective functional currencies of our relevant entities.

RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into mainland China or remittances of RMB out of mainland China as well as exchange between Renminbi and foreign currencies require approval by foreign exchange administrative authorities with certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into other currencies. The conversion of RMB into foreign currencies, including U.S. dollars, is based on rates set by the People's Bank of China. RMB has fluctuated against the U.S. dollar, at times significantly and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between RMB and the U.S. dollar in the future.

To the extent that we need to convert U.S. Dollars into RMB for our operations, appreciation of RMB against the U.S. Dollar would reduce the RMB amount we receive from the conversion. Conversely, if we decide to convert RMB into U.S. Dollars for the purpose of making payments for dividends on our ordinary shares or ADSs, servicing our outstanding debt, or for other business purposes, appreciation of the U.S. Dollar against the RMB would reduce the U.S. Dollar amounts available to us.

**Credit Risk**

We are exposed to credit risk arising from cash and cash equivalents, trade receivables, other receivables, contract assets and other financial assets. Our objective is to seek continual revenue growth while minimizing losses incurred due to increased credit risk exposure. Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, trade receivables and other receivables.

Our cash and cash equivalents are mainly placed with state-owned financial institutions in China, which we believe are of high credit quality and continually monitoring the credit worthiness of these financial institutions.

**Interest Rate Risk**

Our exposure to the risk of changes in market interest rates relates primarily to our long -term debt obligations with floating interest rate. As at December 31, 2025, our bank borrowings amounting to RMB396.0 million (US$56.6 million) were at variable interest rates. As at December 31, 2025, if the interest rates on our borrowings had been 100 basis points higher or lower with all other variables held constant, loss before income tax would have been RMB5.4 million (US$0.8 million) higher or lower, as a result of higher/lower interest expense.

We have not used any derivative financial instruments to manage our interest risk exposure. We closely monitor the effects of changes in the interest rates on our interest rate risk exposures, but we currently do not take any measures to hedge interest rate risks.

**Internal Controls Over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements in accordance with IFRS and includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of a company's assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with IFRS, and that a company's receipts and expenditures are being made only in accordance with authorizations of a company's management and directors, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have a material effect on the consolidated financial statements.

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Pursuant to requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and related rules promulgated by the SEC, our management, with the participation of our chief executive officer and chief financial officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. This assessment was made using the criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 2013 Framework). Based on this assessment management has concluded that our internal control over financial reporting as of December 31, 2025, was effective.

**Change in Certifying Accountant**

 

*Engagement of Centurion ZD CPA & Co.*

On April 5, 2024, we engaged Centurion ZD CPA & Co. ("Centurion") as our independent registered public accounting firm and dismissed Ernst & Young Hua Ming LLP ("EY"). This change in independent registered public accounting firm was approved by our audit committee of the board of directors and our board of directors.

EY's audit report on our consolidated financial statements as of and for the year ended December 31, 2022 did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles. During the audit for the fiscal year ended December 31, 2022 and the subsequent period through the dismissal date of April 2, 2024, there were no (i) disagreements, as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions, between us and EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of EY, would have caused EY to make reference to the subject matter of the disagreements in connection with its report on the consolidated financial statements, or (ii) reportable events as defined in Item 16F(a)(1)(v) of Form 20-F except that EY had discussed with our audit committee, in connection with the audit for the year ended and as of December 31, 2022, two material weaknesses in our internal control over financial reporting related to (a) lack of sufficient financial reporting and accounting personnel with appropriate knowledge of IFRS and the SEC reporting requirements to properly address complex IFRS accounting issues and related disclosures in accordance with IFRS and financial reporting requirements set forth by the SEC, and (b) ineffective information technology general controls in the areas of policies and procedures, program change and user access management over certain information technology systems that support financial reporting processes as reported in our annual report for the year ended December 31, 2022. EY is authorized to fully respond to the inquiries of Centurion on the reportable events mentioned above without limitation.

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We have provided EY with a copy of this disclosure and requested from EY a letter addressed to the SEC indicating whether it agrees with the above statements, and if not, stating the respects in which it does not agree.

During the fiscal years ended December 31, 2022 and 2023, and the subsequent interim period prior to our engagement of Centurion on April 5, 2024, neither we nor anyone on behalf of us consulted with Centurion regarding either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on our consolidated financial statements, and neither a written report nor oral advice was provided to us by Centurion that Centurion concluded was an important factor considered by us in reaching a decision as to any accounting, auditing, or financial reporting issue, or (b) any matter that was the subject of a disagreement (as defined in Item 16F(a)(1)(iv) of the instructions to Form 20-F and the related instructions therein) or a reportable event (as defined in Item 16F(a)(1)(v) of the instructions to Form 20-F).

 

*Engagement of Enrome LLP*

On June 26, 2024, we engaged Enrome LLP ("Enrome") as our independent registered public accounting firm and dismissed Centurion. This change in independent registered public accounting firm was approved by our audit committee of the board of directors and our board of directors.

Centurion's audit report on our consolidated financial statements as of and for the year ended December 31, 2023 did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles. During the audit for the fiscal year ended December 31, 2023 and the subsequent period through the dismissal date of June 26, 2024, there were no (i) disagreements, as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions, between us and Centurion on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Centurion, would have caused Centurion to make reference to the subject matter of the disagreements in connection with its report on the consolidated financial statements, or (ii) reportable events as defined in Item 16F(a)(1)(v) of Form 20-F.

During the fiscal years ended December 31, 2022 and 2023, and the subsequent interim period prior to our engagement of Enrome LLP on June 26, 2024, neither we nor anyone on behalf of us consulted with Enrome LLP regarding either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on our consolidated financial statements, and neither a written report nor oral advice was provided to us by Enrome LLP that Enrome LLP concluded was an important factor considered by us in reaching a decision as to any accounting, auditing, or financial reporting issue, or (b) any matter that was the subject of a disagreement (as defined in Item 16F(a)(1)(iv) of the instructions to Form 20-F and the related instructions therein) or a reportable event (as defined in Item 16F(a)(1)(v) of the instructions to Form 20-F).

*Engagement of Guangdong Prouden CPAs GP*

On February 3, 2026, Enrome resigned as our independent registered public accounting firm. We engaged Guangdong Prouden CPAs GP ("Prouden") as our independent registered public accounting firm in February 2026. This change in independent registered public accounting firm was approved by our audit committee of the board of directors and our board of directors.

Enrome's audit report on the Company's consolidated financial statements as of and for the year ended December 31, 2022, 2023 and 2024 did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles. During the audit for the fiscal year ended December 31, 2022, 2023 and 2024 and the subsequent period through the resignation date of February 3, 2026, there were no (i) disagreements, as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions, between the Company and Enrome on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Enrome, would have caused Enrome to make reference to the subject matter of the disagreements in connection with its report on the consolidated financial statements, or (ii) reportable events as defined in Item 16F(a)(1)(v) of Form 20-F.

During the two most recent fiscal years and through the date of our engagement of Prouden in February 2026, neither we nor anyone on behalf of us consulted with Prouden regarding either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on our consolidated financial statements, and neither a written report nor oral advice was provided to us by Prouden that Prouden concluded was an important factor considered by us in reaching a decision as to any accounting, auditing, or financial reporting issue, or (b) any matter that was the subject of a disagreement (as defined in Item 16F(a)(1)(iv) of the instructions to Form 20-F and the related instructions therein) or a reportable event (as defined in Item 16F(a)(1)(v) of the instructions to Form 20-F).

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**BUSINESS**

**Overview**

We are a new energy asset operation service provider, leveraging artificial intelligence (AI) technology to achieve intelligent matching of electric vehicle charging supply and demand. We provide convenient, efficient and smart charging services for electric vehicle owners, while helping charging station operators to improve operational efficiency and profitability. Our solutions benefit related stakeholders along the industry value chain such as charging station operators, auto OEMs, and end-users in the following ways:

●  ***Charging Services.*** We provide an integrated set of charging services to charging stations that mainly includes mobility connectivity services. We offer effective mobility connectivity services through Kuaidian, our partnered platform operated by a third-party service provider. On March 26, 2026, this third-party service provider entered into an agreement to transfer 100% of equity interest in Kuaidian to a wholly owned subsidiary of Newlink. This transfer is expected to be completed by mid-May 2026, following which Kuaidian will become a wholly owned subsidiary of Newlink. Kuaidian boosts the visibility of charging stations and charging piles and connects end-users with suitable charging infrastructure. We offer full station operation services and deliver charging services at charging stations that are operated under this model. We also provide other online solutions, including software as a service or SaaS products that digitalize and upgrade key aspects of the operations and the management of charging stations.

●  ***Energy Solutions.*** We offer integrated solutions covering the planning, deployment, and operational optimization of EV charging for energy asset owners. Our solutions mainly include site selection, hardware procurement and EPC (engineering, procurement, and construction).

●  ***New Initiatives.*** We deliver electricity procurement, non-charging and other services that aim to enhance the efficiency and profitability of energy assets.

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***Charging Services***

We offer a comprehensive set of charging services. Our mobility connectivity services provide integrated online EV charging solutions for charging stations and enable a frictionless and hassle-free charging experience for end-users through *Kuaidian.* We are also pioneering digitalized operation and we provide SaaS products to support the management of key aspects of charging stations' daily task.

 

*Mobility Connectivity Services*

Our mobility connectivity services increase the visibility of charging stations and chargers and provide channels for them to gain access to end-users through *Kuaidian*. We provide a centralized and single reliable source of charging station information, where numerous charging stations and chargers are networked and presented at the fingertip of end-users through *Kuaidian.*

 

*Full Station Operation*

In addition to providing mobility connectivity services, we also independently and fully operate stations for station owners. Under this model, we obtain the operational rights to a charging station and take full responsibility for running the entire operation of that station, including the delivery of charging services. We retain all of the revenue after paying a fee fixed to the total transaction volume to the station owner.

 

*Other Online Solutions*

We also provide other online solutions, including SaaS products, that extend to traffic support and management, marketing, payment, chargers management, order management, load management, and membership management. We also provide phone support to both energy asset owners and end-users. We also work with certain EV OEMs to provide functions and applications within the pre-installed software of their EVs.

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***Energy Solutions***

Our energy solutions cover the planning, deployment, and operational optimization of EV charging for energy asset owners. We provide site selection and EPC services of charging stations and support hardware procurement.

 

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*EPC Services*

Our established EV charging network and extensive industrial experience equip us with valuable insights into market demands and business conditions, which allow us to provide tailored one-stop construction services covering the identification of station location, station design and EPC services. We engage third-party contractors to complete the construction work.

 

*Procurement*

We procure suitable chargers at bulk purchase prices from our partner charger manufacturers and re-sell these chargers to charging stations.

In relation to our hardware procurement, NaaS had historically limited its participation to the facilitation of sales transactions, generating revenues by charging a take rate on the procurement value. We have been directly undertaking procurement and sales activities since 2022.

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***New Initiatives***

 

*Electricity Procurement*

We provide electricity procurement services to charging stations. Leveraging the vast number of charging stations on our network, we are able to aggregate procurement requirements for electricity and negotiate for and secure electricity at favorable prices.

We additionally provide a cloud-based virtual power plant platform to facilitate the establishment of a modern energy system for charging stations. This is a platform to maintain the stability of a power supply that integrates distributed power sources including conventional energy and renewable energy, including solar power, wind power and hydro power, and connects them with EVs and charging stations. It allows scattered energy sources to function as if they were one power plant. Our virtual power plant platform offers two types of services to charging stations: it effects trading transactions in the electricity market with the electricity it collects and stores to earn price differences; it also responds to government peak shaving and load-filling demands.

 

*Non-charging Services*

We are able to boost charging station revenues by enabling the provision additional retail services as well as other amenities and ancillary services.

We are a pioneer in packaging non-charging retail and ancillary services into charging stations and have retail resources that are ready for deployment. We help charging stations adopt scenario-specific furniture and fixture or infrastructure designs with a variety of amenities and non-charging services, such as vending machines, massage chairs and car wash tunnels. We are also assisting in station design and decoration, furniture and fixture procurement with discounted prices for non-charging businesses. We charge commission fees to suppliers based on the value of the facility and the merchandise supplied to charging stations. By enabling charging stations to provide non-charging services, we are able to label charging stations on our network based on the amenities and ancillary services they offer. We work with our business partners to realize the full potential of this information by efficiently matching end-users through *Kuaidian* with the right charging stations that offer the right non-charging services. We are committed to decarbonization and the building of a green and sustainable future. We believe in clean energy and we are facilitating the adoption of EVs through the deployment and operation of EV charging infrastructure, allowing for the reduction of greenhouse gas emissions caused by traditional vehicles. In 2024, we helped reduce carbon emissions by approximately 3,224,900 tons. Although this is a slight decrease from the 3,293,100 tons in 2023, it represents a 74.5% increase in reduction efforts compared to 2022.

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**Sales and Marketing**

We grow our customer base through marketing activities, branding campaigns, as well as the efforts of our in-house business development teams. We also capitalize on the operating experience, resources and insights of NewLink to acquire new customers.

We adopt different expansion strategies for different energy asset owners. Leveraging the market leadership, industry experience and resources of NewLink and of ourselves, our business development team has often been able to identify new charging stations and chargers at the earliest possible times, which then gives us an advantage in initiating the first contact with the energy asset owners for a potential partnership. Our business development team also constantly monitors and scouts for new charging infrastructure that can potentially partner with our business model, using methods including online searches and offline site visits. After the initial engagement with energy asset owners, the team then continues to maintain regular contact and will continually explore potential short-term and long-term opportunities with energy asset owners through constant relationship building activities, lead generation and market conditioning work and regular marketing. In addition, we also enter into strategic cooperation with non-private entities in China, who are often large-scale energy asset owners. Once a charging station joins our network, our business development team will assign designated personnel to maintain liaison with the station and provide it with comprehensive support.

We also seek to expand our mobility connectivity services through a variety of online and offline activities, including marketing and branding activities and promotions targeting end-users and other users of our EV charging network. As an example, we offer a VIP membership program to registered users on *Kuaidian.* Memberships are offered on a one-month, three-month or twelve-month basis for a fixed non-refundable upfront membership fee payable. During the validity of the membership, members are able to enjoy benefits including exclusive discount on charging service fees and exclusive membership coupon which are issued on a monthly basis and expire after a 30-day period. As our mobility connectivity services gain greater traction among end-users, these initiatives would also result in more charging stations joining our network.

**Competition**

Competition in this industry is based primarily on the extensiveness of the charging network as determined by the number of charging stations and chargers, the variety and quality of EV charging services and products offered, the effectiveness of the offline service network, industry supply and value chain integration capabilities, and technology capabilities.

It is expected that the EV charging market in China will see an increasing penetration of DCFCs. This is because of the strong need to reduce charging time at public charging facilities, which will become the dominant form of charging in China. DCFC is able to boost charging efficiency and optimize user experiences in significant measure, which corresponds closely with the needs of end-users in China.

The success of our mobility connectivity services is largely dependent on the extensiveness of our charging network but also demands effective end-user acquisition and retention. Ongoing engagement with charging stations and the effectiveness of our marketing efforts are critically important to our efforts to gain market share in the China market. We also compete on the comprehensiveness of the range of products and services offered to charging stations, the quality, performance, features, and prices of the products and services, as well as the effectiveness of our offline service network. Our industry is generally in an early stage of development and is constantly evolving. New demands and preferences continue to emerge from various industry participants, and in particular from end-users and energy asset owners. We will be tested on our ability to forecast and meet shifts in the market and our ability to adapt our product and service offerings in a timely manner.

We believe that we can compete effectively with its competitors on the basis of the following factors:

● the comprehensiveness of our products and services and strategic focus on DCFC infrastructure, and our ability to continually upgrade and develop products and services to meet the changing needs, preferences and demands of our customers and end-users;

● the first-mover advantage we have gained and the market leadership that we have fostered in terms of market share and coverage of charging stations and facilities;

● our innovations, technologies and industry insights

● the adoption of an asset-light business model that allows for accelerated expansion and growth;

● the vision and proven execution capability of our management team;

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● the synergy within the NewLink ecosystem; and

● the effectiveness of our sales and marketing strategies and of our offline service network.

**Research and Development**

We continue to invest in the research and development of our products and services. We have a research and development team consisting of specialized technicians and professionals primarily covering areas of charging software, mobile charging devices, intelligent order management, real-time information management, and related technologies.

In the years ended December 31, 2023, 2024 and 2025, our research and development expenses were RMB61.6 million, RMB42.1 million and RMB14.6 million (US$2.1 million). We intend to invest considerable time and expense in the future as part of our efforts to design, develop and market new products and services and enhance existing products and services with continued research and development activities.

**Intellectual Property**

We rely on a combination of intellectual property rights, such as patents, trademarks, copyrights and trade secrets (including know-how), in addition to employee and third-party nondisclosure agreements, intellectual property licenses and other contractual rights, to establish, maintain, protect and enforce our rights in our technology, proprietary information and processes.

We regard our trademarks, copyrights, know-how, technologies, domain names, and other intellectual property as critical to our success. As of December 31, 2025, we had 73 issued patents and 179 pending patent applications globally. Our issued patents and patent applications primarily cover charging services, mobile charging devices, and integrated photovoltaics-storage charging station solutions. As of December 31, 2025, we owned 23 copyrights (including copyrights to software products), and 35 registered domain names that are material to our business.

Our ability to remain as the market leader depends largely on our ability to obtain, maintain, and protect our intellectual property and other proprietary rights relating to our technology and to successfully enforce these rights against third parties. To accomplish this, we rely on a combination of intellectual property rights, such as patents, trademarks, copyrights, and trade secrets (including know-how), in addition to internal policies, and employee and third-party nondisclosure agreements, intellectual property licenses and other contractual rights. Specifically, we enter into confidentiality and non-disclosure agreements with our employees, ecosystem partners (including suppliers) and other relevant parties to protect our proprietary rights. We also enact internal policies and procedures and employ encryptions and data security measures to provide additional safeguards. The foregoing notwithstanding, there can be no assurance that our efforts will be successful. Even if our efforts are successful, we may incur significant costs in defending our rights.

It is equally important for us to operate without infringing, misappropriating, or otherwise violating the intellectual property or proprietary rights of others. From time to time, third parties may initiate litigation against us alleging infringement of their proprietary rights.

A comprehensive discussion on risks relating to intellectual property is provided under the sections titled "Risk Factors—Risks Related to Our Business and Industry—We may not be able to adequately establish, maintain, protect and enforce our intellectual property and proprietary rights or prevent others from unauthorized use of our technology and intellectual property rights, which could harm our business and competitive position and also make us subject to litigations brought by third parties," "Risk Factors—Risks Related to Our Business and Industry—We may need to defend against intellectual property infringement or misappropriation claims, which may be time-consuming and expensive" and "Risk Factors—Risks Related to Our Business and Industry—Unpatented proprietary technology, trade secrets, processes and know-how are relied on."

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**Employees**

As of December 31, 2025, we had 181 full-time employees. We do not engage any outsourced personnel recruited through third-party agencies. Details of our full-time employees are set out in the table below:

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| | | |
|:---|:---|:---|
| **Function** | **Number of<br> Employees** | **Percentage** |
| Business Development | 28 | 15.5% |
| Administration | 58 | **32.0%** |
| Research and development | 44 | 24.3% |
| Operating & Marketing | 51 | 28.2% |
| **Total** | **181** | **100%** |

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Our success depends on our ability to attract, motivate, train and retain qualified employees. We believe we offer our employees competitive compensation packages and an environment that encourages self-development and creativity. As a result, we have generally been successful in attracting and retaining qualified employees. We believe that we maintain a good working relationship with our employees, and we have not experienced any material labor disputes in the past. None of our employees are represented by labor unions.

As required by regulations in China, we participate in various employee social security plans that are organized by municipal and provincial governments for our PRC-based employees, including pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance and housing provident fund. We are required under PRC law to make contributions to employee benefit plans occasionally for our PRC-based employees at specified percentages of their salaries, bonuses and certain allowances of such employees, up to a maximum amount specified by local governments in China.

We enter into standard employment agreements with our employees. We also enter into standard confidentiality and non-compete agreements with our employees in accordance with common market practice.

**Facilities**

We leased all of our properties as of December 31, 2025. The table below contains a summary of our properties as of December 31, 2025:

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| | | |
|:---|:---|:---|
| **Location** | **Use** | **Lease Term** |
| 2&3/F, Newlink Center, Area G,<br> Building 7, Huitong Times Square,<br> No.1 Yaojiayuan South Road,<br> Chaoyang District, Beijing 2,400m<sup>2</sup> | Office | 6 years from November 9, 2020 |
| Bamboo Expo Park Lingfeng Street Anji, Huzhou, Zhejiang Provin 2760.42m<sup>2</sup> | Office | From April 16, 2022 to April 15, 2028 |

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We believe that our existing facilities are generally adequate to meet our current needs, but expect to seek additional space as needed to accommodate future growth.

**Legal Proceedings**

On August 22, 2023, Fleetin AB ("Fleetin") entered into a share purchase agreement (the "Fleetin SPA") with the existing shareholders of Charge Amps AB ("Charge Amps") to acquire 100% of its issued and outstanding shares. In connection with the acquisition, we guaranteed to each of the shareholders of Charge Amps all of the obligations and liabilities of Fleetin under the Fleetin SPA. The Fleetin SPA was terminated on November 22, 2023, and the acquisition was not consummated.

On April 30, 2025, certain shareholders of Charge Amps filed an arbitration with the Arbitration Institute of the Stockholm Chamber of Commerce against Fleetin and the Company, alleging that the parties failed to close the transaction and that such failure resulted in damages of approximately SEK 142 million. The arbitral tribunal has been constituted, and the parties have submitted their statements of claim, statements of defense, and other related documents as directed by the tribunal. An oral hearing is scheduled for late April 2026, and the final arbitral award is expected to be issued in or around July 2026.

We intend to vigorously defend against the claims in this arbitration. While we cannot predict the outcome of these proceedings with certainty, we believe that the final resolution of this matter will have no material effect on our consolidated financial condition, results of operations, or cash flows.

From time to time, we may be subject to legal, regulatory and/or administrative proceedings relating to third-party and principal intellectual property infringement claims, contract disputes involving suppliers and customers, consumer protection claims, claims relating to data and privacy protection, employment related disputes, unfair competition and other matters in the ordinary course of our business. As of the date of this annual report, other than the arbitration matter described above, we are not a party to any legal or administrative proceedings that we believe would have a material adverse effect on our business, financial condition, or results of operations.

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**REGULATION** 

This section summarizes certain laws and regulations that materially affect our business and operations and the key provisions of such laws and regulations.

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***Regulations Related to Foreign Investment***

Investment activities in China by foreign investors are principally governed by the Catalog of Industries for Encouraging Foreign Investment, or the Encouraged Industries Catalog, and the Special Management Measures (Negative List) for the Access of Foreign Investment, which were promulgated and are amended from time to time by the Ministry of Commerce and NDRC, and together with the PRC Foreign Investment Law, and their respective implementation rules and ancillary regulations. The Encouraged Industries Catalog and the negative list lay out the basic framework for foreign investment in China, classifying businesses into three categories in terms of the level of participation permitted to foreign investment: "encouraged," "restricted" and "prohibited." Industries not listed in the Encouraged Industries Catalog are generally deemed as falling into a fourth category of "permitted" industries unless specifically restricted by other PRC laws.

On December 15, 2025, the Ministry of Commerce and the NDRC released the Encouraged Industries Catalogue (2025 Version), which became effective on February 1, 2026, to replace the then existing Encouraged Industries Catalog. On September 6, 2024, the Ministry of Commerce and the NDRC released the 2024 Negative List, which became effective on November 1, 2024, to replace the then existing negative list. The 2024 Negative List sets forth the industries in which foreign investments are restricted or prohibited. Industries that are not listed in the 2024 Negative List are generally permitted to foreign investment unless otherwise specifically restricted by other PRC rules and regulations.

On March 15, 2019, the National People's Congress promulgated the Foreign Investment Law, which became effective on January 1, 2020 and replaced the main body of laws and regulations then governing foreign investment in China. Pursuant to the FM, "foreign investments" refer to investment activities conducted by foreign investors directly or indirectly in China, which include any of the following circumstances: (1) foreign investors setting up foreign-invested enterprises in China solely or jointly with other investors, (2) foreign investors obtaining shares, equity interests, interests in property or other similar rights and interests of enterprises within China, (3) foreign investors investing in new projects in China solely or jointly with other investors, and (4) investment by other means as specified in laws, administrative regulations, or as stipulated by the State Council.

According to the Foreign Investment Law, foreign investment shall enjoy pre-entry national treatment, except for those foreign invested entities that operate in industries deemed to be either "restricted" or "prohibited" in the negative list. The Foreign Investment Law provides that foreign invested entities operating in "restricted" or "prohibited" industries will require entry clearance and other approvals.

On December 26, 2019, the State Council promulgated the Implementing Rules of Foreign Investment Law, which became effective on January 1, 2020. The implementation rules further clarified that the state encourages and promotes foreign investment, protects the lawful rights and interests of foreign investors, regulates foreign investment administration, continues to optimize foreign investment environment, and advances a higher-level of openness.

On December 30, 2019, the Ministry of Commerce and the State Administration for Market Regulation jointly promulgated the Measures for Information Reporting on Foreign Investment, which became effective on January 1, 2020. Pursuant to the Measures for Information Reporting on Foreign Investment, where a foreign investor carries out investment activities in China directly or indirectly, the foreign investor or the foreign-invested enterprise shall submit information relating to the investment to the competent commerce department.

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***Regulations Related to Value-Added Telecommunications Services***

The PRC Telecommunications Regulations, which was promulgated by the State Council on September 25, 2000 and most recently amended on February 6, 2016, provides the regulatory framework for telecommunications service providers in China. The Telecommunications Regulations classifies telecommunications services into basic telecommunications services and value-added telecommunications services. Providers of value-added telecommunications services are required to obtain a license for value-added telecommunications services. According to the Catalog of Telecommunications Services, attached to the Telecommunications Regulations and most recently amended by the Ministry of Industry and Information Technology on June 6, 2019, information services provided via public communication network or the internet are value-added telecommunications services.

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The value-added telecommunications services are regulated by the Administrative Measures on Internet Information Services, which were promulgated by the State Council on September 25, 2000 and most recently amended on December 6, 2024. "Internet information services" is defined as "services that provide information to online users through the internet." The Measures on Internet Information Services classify internet information services into non-commercial internet information services and commercial internet information services. Commercial internet information service providers shall obtain a value-added telecommunications business operating license for internet information service from appropriate telecommunications authorities. This license has a term of five years and can be renewed 90 days prior to its expiration, according to the Administrative Measures for Telecommunications Businesses Operating Licensing, which was promulgated by the Ministry of Industry and Information Technology on July 3, 2017 and became effective on September 1, 2017.

The Regulations for the Administration of Foreign-Invested Telecommunications Enterprises, promulgated by the State Council on December 11, 2001 and most recently amended on March 29, 2022, requires foreign-invested value-added telecommunications enterprises in China to be established as Sino-foreign joint ventures, and foreign investors shall not acquire more than 50% of the equity interest of such enterprises, unless the state stipulates otherwise.

According to the 2024 Negative List, the ratio of foreign investments in an entity that is engaged in value-added telecommunications business (except for e-commerce, domestic multi-party communications, storage-forwarding and call centers) shall not exceed 50%. NaaS historically conducted certain value-added telecommunications services through Kuaidian Power Beijing, which services had been transferred to a third-party service provider.

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***Regulations Related to Online Payment***

On December 9, 2023, the People's Bank of China issued the Regulations on the Supervision and Administration of Non-Bank Payment Institutions which came into effect on May 1, 2024 and sets forth the basic regulatory requirements for the provision of payment services by non-bank institutions. According to the Regulations on the Supervision and Administration of Non-Bank Payment Institutions , "non-financial institution payment service" means any of the following monetary asset transfer services provided by non-financial institutions as an intermediary between the payor and the payee: (i) online payment; (ii) pre-payment card issuance and receipt; (iii) bank card acceptance; and (iv) other payment services as specified by the People's Bank of China. No non-financial institution or individual shall engage in payment services, either directly or indirectly, without the approval of the People's Bank of China. The People's Bank of China has issued the Implementing Rules of the Regulations (PBOC Order No. 4 of 2024), effective from July 9, 2024. Pursuant to the Regulations on the Supervision and Administration of Non-Bank Payment Institutions and its implementing rules, a non-financial institution that provides payment services shall obtain a payment business license to become a payment institution.

In November 2017, the People's Bank of China published the People's Bank of China Notice, on the investigation and administration of illegal offering of settlement services by financial institutions and third-party payment service providers to unlicensed entities. The People's Bank of China Notice is intended to prevent unlicensed entities from using licensed payment service providers as a conduit for conducting unlicensed payment settlement services, so as to safeguard fund security and information security.

In line of market practice, NaaS had previously engaged licensed entities such as third-party payment institutions and commercial bank to provide payment settlement services. However, because there were and remain to be uncertainties with respect to the implementation and interpretation of the applicable laws and as the these laws continue to evolve, the People's Bank of China and other governmental authorities may find NaaS's settlement mechanisms to be in violation of the Regulations on the Supervision and Administration of Non-Bank Payment Institutions, the People's Bank of China Notice or other related regulations.

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***Regulations Related to Mobile Internet Applications Information Services***

In addition to the Telecommunications Regulations and other regulations discussed above, mobile internet applications, or Apps, are specially regulated by the Administrative Provisions on Mobile Internet Applications Information Services, or the App Provisions, which was promulgated by the CAC on June 28, 2016 and amended in 2022 (with such amendment coming into effect on August 1, 2022). The App Provisions sets forth the applicable requirements applicable to App information service providers and App Store service providers. CAC and its local branches shall be responsible for the supervision and administration of nationwide and local App information respectively.

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App providers shall strictly discharge their responsibilities relating to information security management, and perform the following duties: (1) in accordance with the principles of "real name at background, any name at foreground," verify identities of registered users through mobile numbers etc.; (2) establish and improve the mechanism for user information security protection, adhere to the principles of "legality, appropriateness and necessity" in the collection and use of personal information, expressly state the purposes and methods of information collection as well as the scope of information collected, and obtain users' consent; (3) establish and improve the mechanism for the verification and management of information, adopt appropriate sanctions and measures such as warning, restricting functionality, suspending updates, and closing accounts, following any release of illegal information, and maintain records and reports for the submission to or inspection by the competent department; (4) protect and safeguard users' "rights to know and rights to choose" during the installation or use of Apps in accordance with the law, refrain from collecting geographic locations, reading address books, or using cameras or recordings, without the express notifications to and consent of the users, refrain from turning on functions irrelevant to the services provided and refrain from bundling and installing irrelevant Apps; (5) respect and protect intellectual property rights and refrain from producing or releasing Apps that infringes upon intellectual property rights; and (6) maintain records of user log information for 60 days.

From 2023 to 2025, Kuaidian was owned and operated by a third-party service provider. On March 26, 2026, the sole shareholder of the operator of *Kuaidian* entered into an agreement to transfer 100% of equity interest in *Kuaidian* to a wholly owned subsidiary of Newlink. This transfer is expected to be completed by mid-May 2026, following which *Kuaidian* will be owned by a wholly owned subsidiary of Newlink.

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***Regulations Related to Consumer Protection***

According to Law of the PRC on the Protection of Consumer Rights and Interests, which was promulgated by the Standing Committee of the National People's Congress on October 31, 1993 and most recently amended on October 25, 2013, in providing goods or services to consumers, business operators shall fulfill their obligations in accordance with this law and other applicable laws and regulations. Business operators shall fulfill their obligations as agreed with consumers, provided that the agreements with consumers are not in violation of any laws or regulations. In providing goods or services to consumers, business operators shall adhere to social morality, operate business in good faith, and protect the lawful rights and interests of consumers, and shall neither set unfair or unreasonable trading conditions nor force consumers into any transactions. Business operators shall provide consumers with true and complete information regarding the quality, performance, use, and service life or expiration date, among others, of goods and services provided, and shall not conduct any false or misleading promotion. Business operators shall provide true and definitive answers to questions from consumers regarding the quality and use instructions of the goods and services they provide. Business operators shall clearly indicate the price of the goods and services they provide.

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***Regulations Related to Advertising***

On April 24, 2015, the Standing Committee of the National People's Congress enacted the Advertising Law of the People's Republic of China, which became effective on September 1, 2015 and most recently amended on April 29, 2021. The advertising law requires that advertisers, advertising operators and advertisement publishers shall abide by the laws and administrative regulations, and the principles of fairness and good faith while engaging in advertising activities.

The Measures for the Administration of Internet Advertising, regulating the internet-based advertising activities, were adopted by the State Administration for Market Regulation on February 25, 2023 and became effective on May 1, 2023. According to these measures, internet advertisers are responsible for the authenticity of the advertisements content and all online advertisements must be marked "Advertisement" so that viewers can easily identify them as such. Publishing and circulating advertisements through the internet shall not affect the normal use of the internet by users. It is not allowed to induce users to click on the content of advertisements by any fraudulent means, or to attach advertisements or advertising links in emails without permission. In addition, the following internet advertising activities are prohibited: (i) providing or using any applications or hardware to intercept, filter, cover, fast forward or otherwise restrict any authorized advertisement of other persons, (ii) using network pathways, network equipment or applications to disrupt the normal data transmission of advertisements, alter or block authorized advertisements of other persons or load advertisements without authorization, or (iii) using fraudulent statistical data, transmission effect or matrices relating to online marketing performance to induce incorrect quotations, seek undue interests or harm the interests of others. NaaS is subject to the foregoing regulations on advertising to the extent it helps charging stations attract traffic including as part of its mobility connectivity services.

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***Regulations Related to Internet Information Security and Privacy And Protection***

PRC government authorities have enacted laws and regulations with respect to internet information security and protection of personal information from any abuse or unauthorized disclosure. Internet information in China is regulated and restricted from a national security standpoint. The Standing Committee of the National People's Congress enacted the Decisions on Maintaining Internet Security on December 28, 2000 as amended on August 27, 2009, which imposes criminal liabilities for any act taken to: (i) gain improper entry into a computer or system of strategic importance; (ii) disseminate politically disruptive information; (iii) leak state secrets; (iv) disseminate false commercial information; or (v) infringe on intellectual property rights. The Ministry of Public Security has promulgated measures that prohibit the use of internet in ways which, among other things, result in a leakage of state secrets or a dissemination of socially destabilizing content. If an internet information service provider violates these measures, the Ministry of Public Security and its local branches may shut down its websites and suggest to the competent authority to revoke its operating license if necessary.

Under the Several Provisions on Regulating the Market Order of Internet Information Services, issued by the Ministry of Industry and Information Technology on December 29, 2011 and taking effect on March 15, 2012, an internet information service provider must not collect any personal information from any of its users or provide any such information to third parties without the consent of such user, unless otherwise provided by laws or regulations. Internet information service providers must expressly inform the users of the method for and purpose of the collection and processing of such user's personal information and the content of the personal information so collected and processed, and should only collect or use such information to the extent necessary for the provision of its services. An internet information service provider is also required to properly maintain users' personal information, and in case of any leak or possible leak of such personal information, the Internet information service provider must take immediate remedial measures and, in severe circumstances, make an immediate report to the telecommunications regulatory authority.

In addition, pursuant to the Decision on Strengthening the Protection of Online Information issued by the Standing Committee of the National People's Congress on December 28, 2012 and the Order for the Protection of Telecommunication and Internet User Personal Information issued by the Ministry of Industry and Information Technology on July 16, 2013, any collection and use of a user's personal information must be subject to the consent of the user, adhere to the principles of legality, rationality and necessity and be within the specified purposes, methods and scopes. An internet information service provider must also keep such information strictly confidential, and is further prohibited from divulging, tampering with or destroying any such information, or selling or providing such information to other parties. An internet information service provider is required to take technical and other measures to prevent the unauthorized disclosure, damage or loss of any personal information collected.

On November 7, 2016, the Standing Committee of the National People's Congress issued the PRC Cyber Security Law, which was most recently amended on October 28, 2025 and took effect on January 1, 2026. The Cybersecurity Law is formulated to maintain the network security, safeguard the cyberspace sovereignty, national security and public interests, and protect the lawful rights and interests of citizens, legal persons and other organizations. Pursuant to the Cybersecurity Law, a network operator, which includes, among others, internet information services providers, must take technical measures and other necessary measures in accordance with applicable laws and regulations as well as mandatory requirements of national and industrial standards to safeguard the safe and stable operation of networks, effectively respond to network security incidents, prevent illegal and criminal activities, and maintain the integrity, confidentiality and availability of network data. The Cybersecurity Law reaffirms the basic principles and requirements as specified in then existing laws and regulations related to personal information protections, such as the requirements on the collection, use, processing, storage and disclosure of personal information, and the requirements that internet service providers should take technical and other necessary measures to ensure the security the personal information they have collected and prevent such personal information from being divulged, damaged or lost. Any violation of the Cybersecurity Law could subject the internet service provider to warnings, fines, confiscation of illegal gains, revocation of licenses, shutdown of websites as well as criminal liabilities.

On January 23, 2019, the Office of the Central Cyberspace Affairs Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Administration for Market Regulation jointly issued the Notice on Special Governance of Illegal Collection and Use of Personal Information via Apps, which restates the requirement of legal collection and use of personal information, encourages App operators to conduct security certifications, and encourages search engines and App stores to clearly mark and recommend those certified apps.

On November 28, 2019, CAC, Ministry of Industry and Information Technology, the Ministry of Public Security and the State Administration for Market Regulation jointly issued the Measures to Identify Illegal Collection and Usage of Personal Information by Apps, which describes six types of illegal collection and usage of personal information, including "the failure to publish rules relating to the collection and usage of personal information", "the failure to provide privacy rules", and "the collection or use of personal information without consent".

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On May 28, 2020, the National People's Congress adopted the PRC Civil Code which became effective on January 1, 2021. According to the Civil Code, individuals have the right of privacy. No organization or individual shall process any individual's private information or infringe on an individual's right of privacy, unless otherwise prescribed by law or with the consent of such individual or such individual's guardian. The Civil Code also offers protection to personal information and provides that the processing of personal information shall be subject to the principles of legitimacy, legality and necessity. An information processor must not divulge or falsify the personal information collected and stored by it, or provide the personal information of an individual to others without the consent of such individual. On March 12, 2021, CAC, the Ministry of Industry and Information Technology, the Ministry of Public Security and the State Administration for Market Regulation jointly issued the Rules on the Scope of Necessary Personal Information for Common Types of Mobile Internet Applications, which came into effect on May 1, 2021. According to these rules, mobile App operators shall not deny a user's access to the basic functions and services of an App on the basis that such user refuses to provide his or her personal information which is not necessary for such use. These rules further stipulate the scopes of necessary personal information for different types of mobile Apps.

On June 10, 2021, the Standing Committee of the National People's Congress promulgated the Data Security Law, which took effect on September 1, 2021. The Data Security Law sets out a national data security review system, under which data processing activities that affect or may affect national security are subject to review. In addition, it clarifies the obligations to protect data security applicable to organizations and individuals who carry out data activities and discharges data security protection responsibilities. Data processors shall establish and improve a whole-process data security management system in accordance with the provisions of laws and regulations, organize and implement data security trainings as well as take appropriate technical measures and other necessary measures to protect data security. If the processing of any organization or personal data violate the Data Security Law, the responsible party shall bear the corresponding civil, administrative or criminal liabilities.

On July 30, 2021, the State Council promulgated the Regulation on Protecting the Security of Critical Information Infrastructure, effective on September 1, 2021. According to these regulations, "critical information infrastructure" has the meaning of an important network facility and information system in important industries such as, among others, public communications and information services, energy, transport, water conservation, finance, public services, e-government affairs and national defense science, as well as other important network facilities and information systems that may seriously endanger national security, the national economy, the people's livelihood, or the public interests in the event of damage, loss of function, or data leakage. The competent governmental authorities as well as the supervisory and administrative authorities of the aforementioned important industries and sectors will be responsible for (i) organizing for the identification of critical information infrastructures in their respective industries in accordance with certain identification rules, and (ii) promptly notifying the operators so identified and the public security department of the State Council of the results of identification. As of the date of this prospectus, NaaS has not received any notification from any PRC governmental authority that it is operating any "critical information infrastructure."

On August 20, 2021, the Standing Committee of the National People's Congress promulgated the Personal Information Protection Law, effective on November 1, 2021. The Personal Information Protection Law requires, among others, that (i) the processing of personal information should have a clear and reasonable purpose which should be directly related to the purpose of the processing activity, in a method that has the least impact on personal rights and interests, and (ii) the collection of personal information should be limited to the minimum scope necessary to achieve the purpose of the processing activity to avoid the excessive collection of personal information. Different types of personal information and personal information processing will be subject to different rules on consent requirement, transfer, and security. Entities that process personal information shall bear responsibilities for the activities they conduct relating to such personal information, and shall adopt necessary measures to safeguard the security of the personal information that they process. Otherwise, such entities could be ordered to correct, suspend or terminate the provision of their services, and face confiscation of illegal income, fines or other penalties.

On September 24, 2024, CAC released the Data Security Regulations, which provides that the undertaking of the following activities shall be subject to a cybersecurity review: (i) the merger, reorganization or separation of network platform operators that have gathered and mastered a large number of data resources related to national security, economic development or public interests affects, which may affect national security; (ii) overseas listing of data processors processing the personal information of over one million users; (iii) the listing in Hong Kong of data processors processing conducting data processing activities which affect or may affect national security; (iv) other data processing activities that affect or may affect national security. The Data Security Regulations also provides that operators of large internet platforms that set up headquarters, operation centers or research and development centers overseas shall report to the national cyberspace administration and other competent authorities. The Data Security Regulations also states that data processors processing important data or listing overseas shall conduct an annual data security assessment by themselves or by engaging a data security service institution, and shall submit the assessment report of a given year to the CAC municipal office before January 31, of the following year. In addition, the Data Security Regulations also requires network platform operators to enact platform rules, privacy policies and algorithm strategies related to data, and to solicit public comments on their official websites for no less than 30 working days when they formulate such platform rules or privacy policies or makes any amendments that may have a significant impact on users' rights and interests. Further, platform rules and privacy policies formulated by operators of large internet platforms with more than 100 million daily active users, or amendments thereto that may have significant impacts on users' rights and interests shall be evaluated by a third-party organization designated by CAC and submitted to the CAC provincial office for approval.

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On December 31, 2021, CAC together with other regulatory authorities published the Administrative Provisions on Algorithm Recommendation for Internet Information Services, which took effect on March 1, 2022. The Administrative Provisions on Algorithm Recommendation for Internet Information Services provides, among others, that algorithm recommendation service providers shall (i) establish and improve the management systems and technical measures for algorithm mechanism and principle review, scientific and technological ethics review, user registration, information release review, data security and personal information protection, anti-telecommunications and internet fraud, security assessment and monitoring, and security incident emergency response, formulate and disclose rules for algorithm recommendation services, and employ appropriate professional staff and technical support considering the scale of the algorithm recommendation service provided; (ii) regularly review, evaluate and verify the principle, models, data and application results of algorithm mechanisms, (iii) strengthen information security management, establish and improve a feature database for the identification of illegal inappropriate information, and improve entry standards, rules and procedures; (iv) strengthen the management of user models and user labels, and improve the rules on points of interest recorded into user models and user label management, and refrain from recording illegal or harmful keywords information into the points of interest of users or use them as user labels to push information.

On December 28, 2021, twelve regulatory authorities jointly released the Cybersecurity Review Measures. The Cybersecurity Review Measures provides that: (i) network platform operators that are engaged in data processing activities which have or may have an implication on national security shall undergo a cybersecurity review; (ii) CSRC is one of the regulatory authorities for purposes of jointly establishing the state cybersecurity review mechanism; (iii) network platform operators that possess personal information of more than one million users and seeking to be listed overseas shall file for a cybersecurity review with the Cybersecurity Review Office; and (iv) the risks of core data, material data or large amounts of personal information being stolen, leaked, destroyed, damaged, illegally used or transmitted to overseas parties, and the risks of critical information infrastructure, core data, material data or large amounts of personal information being influenced, controlled or used maliciously shall be collectively taken into consideration during the cybersecurity review process. The distinction made under the Data Security Regulations between "listing overseas" and "listing abroad" further clarifies that the obligations to proactively apply for cybersecurity review by an entity seeking listing in a foreign country.

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***Regulations Related to Dividend Distributions***

The principal laws and regulations regulating the dividend distribution of dividends by foreign-invested enterprises in China include the PRC Company Law most recently amended in 2023 and the Foreign Investment Law. Under the current regulatory regime in China, foreign-invested enterprises in China may pay dividends only out of their accumulated profit, if any, determined in accordance with PRC accounting standards and regulations. A PRC company, including foreign-invested enterprise, is required to set aside as general reserves at least 10% of its after-tax profit, until the cumulative amount of such reserves reaches 50% of its registered capital unless the provisions of laws regarding foreign investment otherwise provided, and shall not distribute any profits until any losses from prior fiscal years have been offset. Profits retained from prior fiscal years may be distributed together with distributable profits from the current fiscal year.

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***Regulations Related to Intellectual Property***

 

*Patent*

Patents in China are principally protected under the PRC Patent Law which was most recently amended on October 17, 2020 (which amendment came into effect on June 1, 2021). The duration of the invention patent right shall be 20 years, and the term shall be 10 years for utility models patent right and 15 years for designs patent right, all commencing from the application date thereof.

 

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*Copyright*

Copyright in China, including copyrighted software, is principally protected under the PRC Copyright Law, which was most recently amended on November 11, 2020 and with such amendment coming into effect on June 1, 2021, and related rules and regulations. Under the Copyright Law, the term of protection for copyrighted software is 50 years. The Regulation on the Protection of the Right to Communicate Works to the Public over Information Networks, which was most recently amended on January 30, 2013, provides specific rules on fair use, statutory license, and a safe harbor for use of copyrights and copyright management technology and specifies the liabilities of various entities for violations, including copyright holders, libraries and Internet service providers.

 

*Trademark*

Registered trademarks are protected under the PRC Trademark Law promulgated on August 23, 1982 and amended on April 23, 2019 and related rules and regulations. Trademarks are registered with the State Intellectual Property Office, formerly the Trademark Office of the State Administration for Industry and Commerce. Where registration is sought for a trademark that is identical or similar to another trademark which has already been registered or given preliminary examination and approval for use in the same or similar category of commodities or services, the application for registration of this trademark may be rejected. Trademark registrations are effective for 10 years, unless otherwise revoked.

 

*Domain Name*

Domain names are protected under the Measures for the Administration of Internet Domain Names which was promulgated by the Ministry of Industry and Information Technology on August 24, 2017 and took effect on November 1, 2017. Domain name registrations are handled through domain name service agencies established under applicable regulations, and applicants become domain name holders upon successful registration.

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***Regulations Related to Foreign Exchange***

 

*General Administration of Foreign Exchange*

Under the PRC Foreign Currency Administration Rules promulgated by the State Council on January 29, 1996 and most recently amended on August 5, 2008 and various regulations issued by the State Administration for Foreign Exchange of China, or SAFE, and other PRC government authorities, Renminbi is convertible into other currencies for the purpose of current account items, such as trade related receipts and payments, payment of interest and dividends. The conversion of Renminbi into other currencies and remittance of the converted foreign currency outside China for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, require the prior approval from SAFE or its local branches. Payments for transactions that take place within China must be made in Renminbi. Unless otherwise provided by laws and regulations, PRC companies may repatriate foreign currency payments received from overseas or retain the same overseas. Foreign exchange proceeds under the current accounts may be either retained or sold to a financial institution engaging in the settlement and sale of foreign exchange pursuant to applicable rules and regulations in China.

In 2012, SAFE promulgated the Circular of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment, or Circular 59, on May 4, 2015 which substantially amends and simplifies the previous foreign exchange procedure. Pursuant to Circular 59, the opening and deposit of various special purpose foreign exchange accounts, such as pre-establishment expenses accounts, foreign exchange capital accounts and guarantee accounts, the reinvestment of RMB proceeds derived by foreign investors in China, and remittance of foreign exchange profits and dividends by a foreign-invested enterprise to its foreign shareholders no longer require the approval or verification of SAFE, and multiple capital accounts for the same entity may be opened in different provinces, which was not permitted previously.

On May 10, 2013, SAFE promulgated the Notice of State Administration of Foreign Exchange on Promulgation of the Provisions on Foreign Exchange Control on Direct Investments in China by Foreign Investors and Supporting Documents, which specified that the administration by SAFE or its local branches over direct investment by foreign investors in China must be conducted by way of registration and banks must process foreign exchange business relating to the direct investment in China based on the registration information provided by SAFE and its branches.

In February 13, 2015, SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment, or SAFE Notice 13. Instead of applying for approvals regarding foreign exchange registrations of foreign direct investment and overseas direct investment from SAFE, entities and individuals may apply for such foreign exchange registrations from qualified banks. Qualified banks, under the supervision of SAFE, may directly review the applications, conduct the registration and perform statistical monitoring and reporting responsibilities.

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On March 30, 2015, SAFE promulgated the Circular of SAFE on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise, or Circular 19, which expands a pilot reform of the administration of the settlement of the foreign exchange capitals of foreign-invested enterprises nationwide. Circular 19 allows all foreign-invested enterprises established in China to settle their foreign exchange capital on a discretionary basis according to the actual needs of their business operation, provides the procedures for foreign invested companies to use RMB converted from foreign currency-denominated capital for equity investments and removes certain other restrictions under previous rules and regulations. However, Circular 19 continues to prohibit foreign invested enterprises from, among other things, using RMB funds converted from their foreign exchange capital for expenditure beyond their business scope and providing entrusted loans or repaying loans between non-financial enterprises.

SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or Circular 16, which took effect on June 9, 2016 and reiterates some of the rules set forth in Circular 19. Circular 16 provides that discretionary foreign exchange settlement applies to foreign exchange capital, foreign debt offering proceeds and remitted foreign listing proceeds, and the corresponding RMB capital converted from foreign exchange may be used to extend loans to related parties or repay inter-company loans (including advances by third parties). However, there are substantial uncertainties with respect to Circular 16's interpretation and implementation in practice.

In January 26, 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance Verification, or Circular 3, which stipulates several capital control measures with respect to the outbound remittance of profits from domestic entities to offshore entities, including (i) where a bank handles outward remittance of profits for a domestic institution equivalent to more than US$50,000, the bank shall check whether the transaction is genuine by reviewing board resolutions regarding profit distribution, original copies of tax filing records, audited financial statements and stamp with the outward remittance sum and date on the original copies of tax filing records and (ii) domestic entities must retain income to account for previous years' losses before remitting any profits. Moreover, pursuant to Circular 3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts and other proof as a part of the registration procedure for outbound investment. Circular 3 also relaxes the policy restriction on foreign exchange inflow to further enhance trade and investment facilitation, including (i) expanding the scope of foreign exchange settlement for domestic foreign exchange loans; (ii) allowing the capital repatriation for offshore financing against domestic guarantee; (iii) facilitating the centralized management of foreign exchange funds of multinational companies; and (iv) allowing offshore institutions within pilot free trade zones to settle foreign exchange in domestic foreign exchange accounts.

 

*Foreign Exchange Registration of Overseas Investment by PRC Residents*

Pursuant to SAFE's Notice on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents to Engage in Financing and Inbound Investment via Overseas Special Purpose Vehicles, or SAFE Circular 106, which became effective on May 29, 2007, domestic residents, including domestic individuals and domestic companies, must register with local branches of SAFE in connection with their direct or indirect offshore investment in an overseas special purpose vehicle, or Overseas SPV, for the purposes of overseas equity financing activities, and to update such registration in the event of any significant changes with respect to that offshore company.

On July 4, 2014, SAFE promulgated the Notice of the State Administration of Foreign Exchange on Issues Relating to Foreign Exchange Control for Overseas Investment and Financing and Round-tripping by Chinese Residents through Special Purpose Vehicles, or SAFE Circular 37, which replaced SAFE Circular 75, for the purpose of simplifying the approval process and promoting cross-border investments. SAFE Circular 37 supersedes SAFE Circular 75 and revises and regulates matters involving foreign exchange registration for round-trip investment. Under SAFE Circular 37, a domestic resident must register with the local SAFE branch before he or she contributes assets or equity interests in an Overseas SPV that is directly established or indirectly controlled by the domestic resident for the purpose of conducting investment or financing. In addition, in the event of any change of basic information of the Overseas SPV such as the individual shareholder, name, operation term, etc., or if there is any capital increase, decrease, equity transfer or swap, merge, spin-off or other amendment of the material items, the domestic resident shall complete the change of foreign exchange registration procedures for offshore investment. According to the procedural guideline as attached to SAFE Circular 37, the principle of review has been changed to "the domestic individual resident shall only register the Overseas SPV directly established or controlled (first level)."

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At the same time, SAFE has issued the Operation Guidance for the Issues Concerning Foreign Exchange Administration Over Round-trip Investment with respect to the procedures for SAFE registration under SAFE Circular 37, which became effective on July 4, 2014 as an attachment to SAFE Circular 37. Under applicable rules, failure to comply with the registration procedures set out in SAFE Circular 37 may result in restrictions being imposed on the foreign exchange activities of the onshore company, including the payment of dividends and other distributions to its offshore parent or affiliate, and may also subject PRC residents to penalties under PRC foreign exchange administration regulations. PRC residents who hold any shares in the company from time to time are required to register with SAFE in connection with their investments in the company.

On February 13, 2015, SAFE promulgated the Notice on Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment, effective from June 1, 2015, which further amended SAFE Circular 37 by requiring domestic residents to register with qualified banks rather than SAFE or its local branches in connection with their establishment or control of an offshore entity established for the purpose of overseas investment or financing.

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***Regulations Related to Tax***

 

*Enterprise Income Tax*

The PRC Law on Enterprise Income Tax and The Regulations for the Implementation of the Law on Enterprise Income Tax, collectively, the EIT Laws, were promulgated on March 16, 2007 and December 6, 2007, respectively, and were most recently amended on December 29, 2018 and December 6, 2024, respectively. According to the EIT Laws, taxpayers consist of resident enterprises and non-resident enterprises. Resident enterprises are defined as enterprises that are established in China in accordance with PRC laws, or that are established in accordance with the laws of foreign countries but whose actual or de facto control is administered from within China. Non-resident enterprises are defined as enterprises that are set up in accordance with the laws of foreign countries and whose actual administration is conducted outside China, but have established institutions or premises in China, or have no such established institutions or premises but have income generated from inside China. Under the EIT Laws and implementing regulations, a uniform enterprise income tax, or EIT, rate of 25% is applicable. However, if non-resident enterprises have not formed permanent establishments or premises in China, or if they have formed permanent establishment institutions or premises in China but there is no actual relationship between the income derived in China and the established institutions or premises set up by them, the enterprise income tax is, in that case, set at the rate of 10% for their income sourced from inside China.

Notice Regarding the Determination of Chinese-Controlled Offshore Incorporated Enterprises as the PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, or Circular 82, which was promulgated by the State Taxation Administration on April 22, 2009 and amended on January 29, 2014 and December 29, 2017, sets out the standards and procedures for determining whether the "de facto management body" of an enterprise registered outside of the PRC and controlled by PRC enterprises or PRC enterprise groups is located within China.

According to Circular 82, a Chinese-controlled offshore incorporated enterprise will be regarded as a PRC tax resident by virtue of having a "de facto management body" in China and will be subject to PRC EIT on its worldwide income only if all of the following criteria are met: (1) the primary location of the day-to-day operational management is in China; (2) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in China; (3) the enterprise's primary assets, accounting books and records, company seals, and board and shareholders meeting minutes are located or maintained in China; and (4) 50% or more of voting board members or senior executives habitually reside in China.

The EIT Laws permit certain High and New Technologies Enterprises to enjoy a reduced 15% EIT rate subject to these High and New Technologies Enterprises meeting certain qualification criteria. In addition, EIT laws and regulations also provide that entities recognized as Software Enterprises are able to enjoy a tax holiday consisting of a two-year-exemption commencing from their first profitable calendar year and a 50% reduction in ordinary tax rate for the following three calendar years, while entities qualifying as key software enterprises can enjoy a preferential EIT rate of 10%.

The Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or Bulletin 7, was issued by the State Taxation Administration on February 3, 2015 and most recently amended pursuant to the Announcement on Issues Concerning the Withholding of Enterprise Income Tax at Source on Non-PRC Resident Enterprises, which was issued by the State Taxation Administration on October 17, 2017 (which amendment became effective on December 1, 2017). Pursuant to Bulletin 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable assets, if the arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of EIT in China. As a result, gains derived from an indirect transfer may be subject to EIT in China. According to Bulletin 7, "PRC taxable assets" include assets attributed to an establishment or a place of business in China, immovable properties in China, and equity investments in PRC resident enterprises. In respect of an indirect offshore transfer of assets of a PRC establishment or place of business, the gain is to be regarded as effectively connected with the PRC establishment or a place of business and therefore included in its EIT filing, and would consequently be subject to EIT in China at a rate of 25%. Where the underlying transfer relates to the immovable properties in China or to equity investments in a PRC resident enterprise, which is not effectively connected to a PRC establishment or a place of business of a non-resident enterprise, an EIT rate at 10% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments has the withholding obligation. There is uncertainty as to the implementation of Bulletin 7.

 

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*VAT and Business Tax*

Before August 2013 and pursuant to applicable PRC tax regulations, any entity or individual conducting business in the service industry is generally required to pay a business tax at the rate of 5% on the revenue generated from providing services. However, if the services provided are related to technology development and transfer, the business tax may be exempted subject to approval by tax authorities.

In November 2011, the Ministry of Finance and SAT promulgated the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax. In May and December 2013, April 2014, March 2016 and July 2017, the Ministry of Finance and SAT promulgated five circulars to further expand the scope of services that are to be subject to value-added tax, or VAT, instead of business tax. Pursuant to these tax rules, from August 1, 2013, VAT was imposed to replace the business tax in certain service industries, including technology services and advertising services, and from May 1, 2016, VAT replaced business tax in all industries, on a nationwide basis. On November 19, 2017, the State Council further amended the Interim Regulation of PRC on Value Added Tax to reflect the normalization of the pilot program. The VAT rates generally applicable are simplified as 17%, 11%, 6% and 0%, and the VAT rate applicable to the small-scale taxpayers is 3%. Unlike business tax, a taxpayer is allowed to offset the qualified input VAT paid on taxable purchases against the output VAT chargeable on the revenue from services provided.

On April 4, 2018, the Ministry of Finance and SAT issued the Notice on Adjustment of VAT Rates, which came into effect on May 1, 2018. According to the notice, starting from May 1, 2018, the taxable goods previously subject to VAT rates of 17% and 11%, respectively, become subject to lower VAT rates of 16% and 10%, respectively.

On March 20, 2019, the Ministry of Finance, SAT and the General Administration of Customs issued the Announcement on Policies for Deepening the VAT Reform, which came into effect in April 2019, to further reduce VAT rates. According to the announcement, (1) for general VAT payers' sales activities or imports previously subject to VAT at an existing applicable rate of 16% or 10%, the applicable VAT rate is adjusted to 13% or 9% respectively; (2) for agricultural products purchased by taxpayers to which an existing 10% deduction rate is applicable, the deduction rate is adjusted to 9%; (3) for agricultural products purchased by taxpayers for production or commissioned processing, which are subject to VAT at 13%, the input VAT will be calculated at a 10% deduction rate; (4) for the exportation of goods or labor services that are subject to VAT at 16%, with the applicable export refund at the same rate, the export refund rate is adjusted to 13%; and (5) for the exportation of goods or cross-border taxable activities that are subject to VAT at 10%, with the export refund at the same rate, the export refund rate is adjusted to 9%.

On December 25, 2024, the Standing Committee of the National People's Congress promulgated the Value-Added Tax Law of the People's Republic of China , or the VAT Law, which took effect on January 1, 2026. Pursuant to Article 10 of the VAT Law, taxpayers engaged in the sale of services or intangible assets shall be subject to a tax rate of 6%, except where such transactions fall under the exemptions or reduced rates stipulated in Items 1, 2, and 5 of the same Article.

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***Regulations Related to Employment and Social Welfare***

 

*The Labor Contract Law*

According to the Labor Law of China promulgated on July 5, 1994 and most recently amended on December 29, 2018, enterprises and institutions shall establish and improve their system of workplace safety and sanitation, strictly abide by state rules and standards on workplace safety, educate laborers in labor safety and sanitation in China. Labor safety and sanitation facilities shall comply with state-fixed standards. Enterprises and institutions shall provide laborers with a safe workplace and sanitation conditions which are in compliance with state stipulations and articles of labor protection. The PRC Labor Contract Law, which took effect on January 1, 2008 and amended on December 28, 2012, is primarily aimed at regulating employee/employer rights and obligations, including matters with respect to the establishment, performance and termination of labor contracts. Pursuant to the PRC Labor Contract Law, labor contracts shall be concluded in writing if labor relationships are to be or have been established between enterprises or institutions and laborers. Enterprises and institutions are prohibited from compelling laborers to work beyond specified time limit and employers shall pay laborers for overtime work in accordance with laws and regulations. In addition, labor wages shall not be lower than the local minimum wages and shall be paid to laborers in a timely manner.

 

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*Social Insurance and Housing Fund*

As required under the Regulation of Insurance for Labor Injury implemented on January 1, 2004 and amended on December 20, 2010, Provisional Measures for Maternity Insurance of Employees of Corporations implemented on January 1, 1995, Decisions on the Establishment of a Unified Program for Basic Old-Aged Pension Insurance for Employees of Corporations of the State Council issued on July 16, 1997, Decisions on the Establishment of the Medical Insurance Program for Urban Workers of the State Council promulgated on December 14, 1998, Unemployment Insurance Measures promulgated on January 22, 1999 and Social Insurance Law of PRC implemented on July 1, 2011 and amended on December 29, 2018, enterprises are obliged to provide their employees in China with welfare schemes covering pension insurance, unemployment insurance, maternity insurance, labor injury insurance and medical insurance. These payments are made to local administrative authorities and any employer that fails to make the required contribution may be fined and ordered to make up for such contribution within a prescribed period of time.

In accordance with the Regulations on the Management of Housing Funds which were promulgated by the State Council on April 3, 1999 and most recently amended on March 24, 2019, enterprises must register at the competent managing center for housing funds and upon the examination by such managing center of housing funds, such enterprises shall complete procedures for the opening of an account at the bank for the deposit of employees' housing funds. Enterprises are also required to pay and deposit housing funds on behalf of their employees in full and in a timely manner.

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***Regulations Related to M&A and Overseas Listing***

On 8 August 2006, six PRC governmental and regulatory agencies, including the Ministry of Commerce and CSRC, promulgated the Rules on Acquisition of Domestic Enterprises by Foreign Investors, or the M&A Rules, governing the mergers and acquisitions of domestic enterprises by foreign investors that became effective on 8 September 2006 and was revised on 22 June 2009. The M&A Rules, among other things, requires that if an overseas company established or controlled by PRC companies or individuals intends to acquire equity interests or assets of any other PRC domestic company affiliated with such PRC companies or individuals, such acquisition must be submitted to the Ministry of Commerce for approval. The M&A Rules also requires that an offshore special vehicle, or a special purpose vehicle formed for overseas listing purposes and controlled directly or indirectly by the PRC companies or individuals, shall obtain the approval of CSRC prior to overseas listing and trading of such special purpose vehicle's securities on an overseas stock exchange. The M&A Rules also establish procedures and requirements that could make some acquisitions of PRC companies by foreign investors more time-consuming and complex, including requirements in some instances that the Ministry of Commerce be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise. In addition, the Foreign Investment Security Review Measures (Order No. 37 of 2020), jointly issued by the NDRC and the Ministry of Commerce and effective from January 18, 2021, now govern the security review of foreign investments, expanding the review scope beyond M&A transactions to cover all forms of foreign investment. Under these measures, the security review is administered by the Foreign Investment Security Review Working Mechanism led by the NDRC, replacing the previous MOFCOM-led regime established in 2011.

 ****

***Regulations Related to Strictly Combating Illegal Securities Activities***

On July 6, 2021, the General Office of the State Council and General Office of the Central Committee of the Communist Party of China issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. It emphasizes the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the establishment of regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies.

 ****

***Regulations Related to Securities Offering and Listing Overseas***

On February 17, 2023, CSRC published the Overseas Listing Measures which took effect on March 31, 2023. Under the Overseas Listing Measures, a filing-based regulatory system applies to "indirect overseas offerings and listings" of companies in mainland China, which refers to securities offerings and listings in an overseas market made under the name of an offshore entity but based on the underlying equity, assets, earnings or other similar rights of a company in mainland China that operates its main business in mainland China. The Overseas Listing Measures states that, any post-listing follow-on offering by an issuer in an overseas market, including issuance of shares, convertible notes and other similar securities, shall be subject to filing requirement within three business days after the completion of the offering. Therefore, any of our future offering and listing of our securities in an overseas market may be subject to the filing requirements under the Overseas Listing Measures. In connection with the Overseas Listing Measures, on February 17, 2023 CSRC also published the Notice on Overseas Listing Measures. According to the Notice on Overseas Listing Measures, issuers that have already been listed in an overseas market by March 31, 2023, the date the Overseas Listing Measures became effective, are not required to make any immediate filing and are only required to comply with the filing requirements under the Overseas Listing Measures when it subsequently seeks to conduct a follow-on offering.

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**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth information regarding our executive officers and directors as of the date of this prospectus.

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| | | |
|:---|:---|:---|
| **Directors and Executive Officers** | **Age** | **Position/Title** |
| Zhen Dai | 47 | Chairman of the Board of Directors and Director |
| Yang Wang | 37 | Chief Executive Officer and Director |
| Steven Sim | 49 | Chief Financial Officer |
| Weilin Sun | 50 | Director |
| Wei Zhang | 43 | Independent Director |
| Xiaoli Liu | 48 | Independent Director |
| Ye Wu | 43 | Chief Strategy Officer |

---

*Zhen Dai* has served as our chairman of the board and director since June 2022. He is one of the founders of NaaS and served as its director since January 2022. Mr. Zhen Dai is one of NewLink's co-founders and has served as NewLink's chief executive officer and chairman since its founding in 2016. Prior to NewLink, Mr. Zhen Dai founded Maoo Coffee, pioneering a delivery service model for coffee in China. Mr. Zhen Dai also served in various management positions in Red Star Macalline Group Corporation Ltd. from December 2011 to October 2014 and most recently as the president of its north China operations and was a member of the leadership that led its expansion into e-commerce. Mr. Zhen Dai also worked at Zhengyuan Real Estate Development Company Limited from June 2001 to November 2011 and was most recently the deputy manager of its brand management center. Mr. Zhen Dai received a bachelor degree in chemical engineering from Yanbian University. He is also a candidate for an Executive MBA degree from the Tsinghua Wudaokou School of Finance.

 

*Yang Wang* has served as our chief executive officer and director since June 2022. She is one of the founders of NaaS and served as its chief executive officer and director since its inception. Ms. Wang is one of NewLink's co-founders and has served as NewLink's president since its founding in 2016. In addition, Ms. Wang has also served as chief executive of Kuaidian Power Beijing, a subsidiary of NewLink focused on electric vehicle charging, since 2018. Prior to co-founding NewLink, Ms. Wang worked at the Shenzhen Stock Exchange, where she headed the "New Fortune Magazine" division and other new media initiatives, enabling the initiative to become a top 3 financial media account on Tencent's WeChat system. Ms. Yang graduated from Renmin University with a bachelor degree in Broadcasting Journalism. She is a candidate for an Executive MBA degree from the Tsinghua Wudaokou School of Finance.

 

*Steven Sim* has served as our Chief Financial Officer since August 2024. Mr. Sim brings over 20 years of extensive experience in both domestic and international capital markets, with a proven track record across Singapore, London, and mainland China. Prior to joining us, Mr. Sim held senior finance leadership roles, including serving as Chief Financial Officer at Pintec Group (NASDAQ: PT) from October 2016 to August 2021, where he led the company through its entire journey from pre-IPO financing to IPO and subsequent international expansion over a five-year period. He also served as Vice President of Finance at Sohu (NASDAQ: SOHU) from June 2014 to August 2016. Earlier in his career, Mr. Sim worked at three of the Big Four accounting firms, including Deloitte, KPMG, and Ernst & Young, gaining a dual perspective from both financial institutions and corporations. Mr. Sim holds an MBA from INSEAD, which is ranked second globally in Business and Management by the QS World University Rankings.

 

*Weilin Sun* has served as our director since June 2022. He is one of NewLink's co-founders. Mr. Sun has served as NewLink's director since October 2017. Previously, Mr. Sun worked with Komatsu (China) Machinery Co., Ltd. from June 2007 to December 2016 and was the head of its strategic products department. Mr. Sun also worked with the construction project department of Hunter Douglas Group from January 2002 to April 2007 and was most recently its project manager. Mr. Sun holds a bachelor degree in clinic medicine from Jilin Medical University.

 

*Wei Zhang* has served as our independent director since August 2025. Mr. Zhang has nearly twenty years of academic and executive leadership experience encompassing education, technology, and finance. From September 2006 to February 2012, Mr. Zhang served as a Lecturer at Zhuhai College of Jilin University. He subsequently served as General Manager of Xi'an Xiyue Information Technology Co., Ltd. from March 2013 to January 2015. From January 2015 to April 2017, he was Senior Vice President of Quantong Education, a publicly listed company, where he managed significant operational and business development initiatives. Since March 2017, Mr. Zhang has served as Chairman of Cicada Technology (Xi'an) Co., Ltd., a technology company focused on digital innovation and growth strategies. Mr. Zhang received a bachelor's degree in Materials Science and Engineering from Jilin University in 2006, and a master's degrees in Computer Science and Technology from Jilin University in 2012. He obtained an EMBA degree from China Europe International Business School in 2018, and an EMBA degree in financial at the PBC School of Finance, Tsinghua University in 2024. He is currently a Ph.D. candidate in Computer Science at Xi'an Jiaotong University.

 

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*Xiaoli Liu* has served as our independent director since June 2022. Mr. Liu is the founder of Beijing Xinyuan Technology Co. Ltd. He served several senior management roles in SF Express Group from 2004 to 2022, including as president of the Group Customer Headquarters, president of North China Region, president of the Pharmaceutical Enterprise Division, and as the general manager for the Group Corporate Development Office and for SF Express Group's regional operations including for the Nanjing, Hangzhou, Shenzhen and Beijing regions. Prior to joining SF Express Group, Mr. Liu worked at the Asset Operation Department of the China Aerospace Science and Industry Group. Mr. Liu obtained a bachelor's degree in international economics and trade from Yanbian University and is an EMBA candidate at Tsinghua University.

 

*Ye Wu* has served as our chief strategy officer since March 2024. Prior to joining NaaS, Ms. Wu served as management partner, head of financial business and integrated solution business at NewLink. Before joining NewLink in April 2020, Ms. Wu worked at Baiqian Financial Leasing Co., Ltd as a senior vice president. She has held multiple senior positions across various leading financial business companies including HuaXia Financial Leasing, Kaixin Auto Holdings, FuHua Group and Toyota Group. Ms. Wu holds a bachelor's degree in finance from ISG Business School and a master's degree in financial economics from Oxford University.

**Board of Directors**

Our board of directors consists of five directors. A director is not required to hold any shares in our company by way of qualification. A director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with our company is required to declare the nature of his or her interest at a meeting of our directors. Subject to the Nasdaq rules and disqualification by the chairman of the board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he or she may be interested therein, and if he or she does so his or her vote shall be counted and he shall be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction is considered. Our directors may exercise all the powers of our company to raise or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party.

None of our directors has a service contract with us that provides for benefits upon termination of service.

**Committees of the Board of Directors**

We have established three committees under the board of directors: an audit committee, a compensation committee, and a corporate governance and nominating committee. We have adopted a charter for each of the three committees. Each committee's members and functions are described below.

 ****

***Audit Committee***. Our audit committee consists of Mr. Wei Zhang and Mr. Xiaoli Liu. Mr. Wei Zhang is the chairperson of our audit committee. We have determined that Mr. Wei Zhang and Mr. Xiaoli Liu satisfy the "independence" requirements of Rule 5605(a)(2) of the Nasdaq Stock Market Rules and Rule 10A-3 under the Exchange Act. We have determined that Mr. Wei Zhang qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee is responsible for, among other things:

● appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

● reviewing with the independent auditors any audit problems or difficulties and management's response;

● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related party transactions;

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● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

 ****

***Compensation Committee***. Our compensation committee consists of Mr. Wei Zhang and Mr. Xiaoli Liu. Mr. Xiaoli Liu is the chairperson of our compensation committee. We have determined that Mr. Wei Zhang and Mr. Xiaoli Liu satisfy the "independence" requirements of Rule 5605(a)(2) of the Nasdaq Stock Market Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee is responsible for, among other things:

● reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

 ****

***Corporate Governance and Nominating Committee***. Our corporate governance and nominating committee consists of Mr. Zhen Dai, Mr. Wei Zhang and Mr. Xiaoli Liu. Mr. Zhen Dai is the chairperson of our corporate governance and nominating committee. We have determined that Mr. Wei Zhang and Mr. Xiaoli Liu satisfy the "independence" requirements of Rule 5605(a)(2) of the Nasdaq Stock Market Rules. The corporate governance and nominating committee assists the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The corporate governance and nominating committee is responsible for, among other things:

● selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience and diversity;

● making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

● advising the board periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our company a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth Courts have moved toward an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time, and the class rights vested thereunder in the holders of the shares. In certain limited exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.

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Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

● convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of shares in our company, including the registration of such shares in our share register.

**Terms of Directors and Officers**

Our directors may be elected by an ordinary resolution of our shareholders. Alternatively, our board of directors may, by the affirmative vote of a simple majority of the directors present and voting at a board meeting appoint any person as a director to fill a casual vacancy on our board or as an addition to the existing board. Our directors are not automatically subject to a term of office and hold office until such time as they are removed from office by an ordinary resolution of our shareholders. In addition, a director will cease to be a director if he (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing; (iv) without leave of absence from our board, is absent from meetings of our board for three consecutive meetings and our board resolves that his office be vacated; or (v) is removed from office pursuant to any other provision of our articles of association.

Our officers are appointed by and serve at the discretion of the board of directors, and may be removed by our board of directors.

**Employment Agreements and Indemnification Agreements**

We have adopted a form employment agreement for our executive officers. The terms of this form employment agreement provide that each of our executive officers is employed for a specified time period. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate an executive officer's employment without cause upon three-month or mutually agreed advance written notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer may resign at any time with a three-month or mutually agreed advance written notice.

The terms of the form employment agreement also provide that each executive officer should hold, both during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our clients or prospective clients, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations. The executive officers should disclose in confidence to us all inventions, designs and trade secrets which they conceive, develop or reduce to practice during the executive officer's employment with us and to assign all right, title and interest in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions, designs and trade secrets.

In addition, each executive officer agrees to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for one year following the last date of employment. Specifically, the terms of the form employment agreement provide that each executive officer should not (i) approach our suppliers, clients, customers or contacts or other persons or entities introduced to the executive officer in his or her capacity as a representative of us for the purpose of doing business with such persons or entities that will harm our business relationships with these persons or entities; (ii) assume employment with or provide services to any of our competitors, or engage, whether as principal, partner, licensor or otherwise, any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit the services of, or hire or engage any of our employees who is employed by us on or after the date of the executive officer's termination, or in the year preceding such termination, without our express consent.

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We have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we may agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company.

**Compensation**

For the year ended December 31, 2025, we paid an aggregate of approximately RMB3.3 million (US$0.5 million) in cash to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to its directors and executive officers. Our PRC subsidiaries are required by law to make contributions equal to certain percentages of each employee's salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund.

**Share Incentive Plan**

Upon the consummation of the Mergers, we assumed the then-effective 2022 Share Incentive Plan of NaaS, or the 2022 Share Incentive Plan. Each option to purchase ordinary shares of NaaS that was outstanding immediately prior to the Effective Time, whether vested or unvested, was converted into an option to purchase a number of Class A ordinary shares at a conversion ratio of 32.951 in accordance with the Merger Agreement. All awards under our equity incentive plans that were outstanding immediately prior to the Effective Time were automatically cancelled and extinguished, except that each vested option to purchase ordinary shares that was outstanding immediately prior to the Effective Time was converted into an option to purchase Class A ordinary shares in accordance with the Merger Agreement and is governed by the 2022 Share Incentive Plan (other than the vesting and exercisability terms).

We adopted the New 2022 Share Incentive Plan, or the New 2022 Share Incentive Plan, in September 2022 to replace the 2022 Share Incentive Plan. Outstanding awards under the 2022 Share Incentive Plan remain valid and are governed by, and counted towards the total number of shares available under, the New 2022 Share Incentive Plan.

 ****

***The Fourth A&R New 2022 Share Incentive Plan***

The New 2022 Share Incentive Plan was adopted to attract and retain the best available personnel, provide additional incentives to directors, employees and consultants, and promote the success of our business.

The New 2022 Share Incentive Plan was amended and restated in June 2023, December 2023, May 2024 and most recently in August 2024, to increase the number of Class A ordinary shares available for grant of awards under such plan. We refer to the New 2022 Share Incentive Plan as amended and restated as the "Fourth A&R New 2022 Share Incentive Plan." The maximum number of Class A ordinary shares available to be issued under the Fourth A&R New 2022 Share Incentive Plan is initially 779,385,082 and is subject to increase on the first day of each fiscal year from January 1, 2025 by an amount equal to 1% of the total number of shares issued and outstanding on the last day of the immediately preceding fiscal year, unless otherwise decided by our board of directors.

The following paragraphs describe the principal terms of the Fourth A&R New 2022 Share Incentive Plan.

 

*Types of Awards.* The Fourth A&R New 2022 Share Incentive Plan permits the awards of options, restricted shares, restricted share units or other equity incentive awards pursuant to the authorizations of the administrator under the Fourth A&R New 2022 Share Incentive Plan.

 

*Plan Administration.* Our board of directors or one or more committees consisting of directors appointed by the board of directors or another committee (within its delegated authority) administers the Fourth A&R New 2022 Share Incentive Plan. The administrator of the Fourth A&R New 2022 Share Incentive Plan determines, among other things, the eligibility of individuals to receive awards, the type and number of awards to be granted to each eligible individual, and the terms and conditions of each award.

 

*Award Agreement.* Each award granted under the Fourth A&R New 2022 Share Incentive Plan is evidenced by an award agreement that contains such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the United States Internal Revenue Code of 1986, as amended from time to time, or the Code.

 

*Eligibility.* We may grant awards to employees, consultants and directors of our company. The general scope of eligible individuals shall be determined by the administrator.

 

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*Vesting Schedule.* In general, the administrator determines the vesting schedule, if any, which is specified in the award agreement.

 

*Exercise of Options.* The exercise price per share subject to an option shall be determined by the administrator and set forth in the award agreement which may be a fixed price or a variable price related to the fair market value of the shares; provided, however, that no option may be granted to an individual subject to taxation in the United States at less than the fair market value on the date of grant, without compliance with Section 409A of the Code, or the holder's consent.

 

*Transfer Restrictions.* Awards may not be transferred in any manner by the holder other than in accordance with the exceptions provided in the Fourth A&R New 2022 Share Incentive Plan, such as transfers to members of the holder's family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the holder's family and/or charitable institutions, pursuant to such conditions and procedures as the administrator may establish.

 

*Termination and Amendment of the Fourth A&R New 2022 Share Incentive Plan.* Unless terminated earlier, the Fourth A&R New 2022 Share Incentive Plan has a term of 10 years. The administrator has the authority to terminate, amend or modify the plan.

**Share Incentive Grants**

The following table summarizes, as of December 31, 2025, the number of ordinary shares underlying outstanding options that we had granted to our directors and executive officers and to other employees and consultants as a group.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Number of<br> Ordinary<br> Shares<br> Underlying<br> Options** | **Exercise<br> Price<br> (US$/Share)** | **Date of Grant** | **Date of Expiration** |
| Zhen Dai | 112334243 | 0.000003 | March 18, 2022 | March 18, 2032 |
|  | 891050 | 0.01 | October 1, 2023 | October 1, 2033 |
| Yang Wang | 37443045 | 0.000003 | March 18, 2022 | March 18, 2032 |
|  | 712840 | 0.01 | October 1, 2023 | October 1, 2033 |
| Weilin Sun | 8903550 | 0.000003 | February 1, 2022 | February 1, 2032 |
|  | 712840 | 0.01 | October 1, 2023 | October 1, 2033 |
|  | 10000000 | 0.01 | January 1, 2024 | January 1, 2034 |
| Steven Sim | \* | 0.00005 | October 1, 2024 | October 1, 2034 |
| Wei Zhang |  |  |  |  |
| Xiaoli Liu | \* | \* | June 10, 2022 | June 10, 2032 |
| Ye Wu | \* | 0.000003-0.3 | Various dates from February 1, 2022 to October 1, 2023 | Various dates from February 1, 2032 to October 1, 2032 |

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\* Aggregate number of shares beneficially owned by the person account for less than 1% of our total outstanding ordinary shares.

As of April 17, 2026, other employees and consultants as a group hold options to purchase a total of 693,344,850 ordinary shares.

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**PRINCIPAL SHAREHOLDERS**

The following table sets forth information with respect to the beneficial ownership of our ordinary shares as of the date of this prospectus by:

● each of our directors and executive officers; and

● each person known to us to own beneficially more than 5% of our ordinary shares.

The calculations in the shareholder table below are based on 38,576,642,687 ordinary shares issued and outstanding as of the date of this prospectus, comprising (i) 37,253,094,915 Class A ordinary shares, excluding Class A ordinary shares issued to JPMorgan Chase Bank, N.A., the depositary of our ADS program, for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our stock incentive plans, (ii) 195,969,844 Class B ordinary shares, (iii) 1,111,577,928 Class C ordinary shares and (iv) 16,000,000 Class D ordinary shares.

Beneficial ownership is determined generally in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of shares beneficially owned by any person listed below and the percentage ownership of such person, all ordinary shares of ours underlying options, warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of March 31, 2026 are deemed outstanding, while such shares are not deemed outstanding for purposes of computing percentage ownership of any other person.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Beneficial Ownership** | **Amount of Beneficial Ownership** | **Amount of Beneficial Ownership** | **Amount of Beneficial Ownership** | **Amount of Beneficial Ownership** | **Amount of Beneficial Ownership** | **Amount of Beneficial Ownership** |
| **Name and Address of Beneficial Owner** | **Class A Ordinary Shares<sup>†</sup>** | **Class B Ordinary Shares<sup>†</sup>** | **Class C Ordinary Shares<sup>†</sup>** | **Class D Ordinary Shares<sup>†</sup>** | **Percent Ownership<sup>††</sup>** | **Percent Voting Power<sup>†††</sup>** |
| **Directors and Executive Officers: <sup>\*\*</sup>** | | | | | | |
| &nbsp;&nbsp;&nbsp;Zhen Dai<sup>(1)</sup> | 2012223827 | 195969844 |  | 2701915 | 5.81% | 10.83% |
| &nbsp;&nbsp;&nbsp;Yang Wang<sup>(2)</sup> | \* |  | 32520450 | 389050 | \* | \* |
| &nbsp;&nbsp;&nbsp;Weilin Sun<sup>(3)</sup> | \* |  | 25699007 | 307444 | \* | \* |
| &nbsp;&nbsp;&nbsp;Wei Zhang |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Xiaoli Liu | \* |  |  |  | \* | \* |
| &nbsp;&nbsp;&nbsp;Steven Sim | \* |  |  |  | \* | \* |
| &nbsp;&nbsp;&nbsp;Ye Wu |  |  |  |  | \* | \* |
| All directors and executive officers as a group | 2296045116 | 195969844 | 58219457 | 3398408 | 6.87% | 12.47% |
| **Principal Shareholders:** |  |  |  |  |  |  |
| Newlinks Technology Limited<sup>(4)</sup> | 11915840000 | 195969844 | 1111577928 | 16000000 | 34.32% | 48.75% |
| Comane International Group Ltd.<sup>(5)</sup> | 6243715800 |  |  |  | 14.89% | 11.83% |
| Wu Tang global corporation Limited<sup>(6)</sup> | 3800000000 |  |  |  | 9.39% | 7.40% |
| Timeswell LLC<sup>(7)</sup> | 2401278200 |  |  |  | 6.11% | 4.79% |

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Notes:

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| | |
|:---|:---|
| \* | Less than 1% |
| \*\* | The business address of Mr. Xiaoli Liu is Room 1902, Unit 1, Building 11, No. 8, Huamao City, Chaoyang District, Beijing, People's Republic of China. The business address of our other directors and executive officers is c/o Newlink Center, Area G, Building 7, Huitong Times Square, No.1 Yaojiayuan South Road, Chaoyang District, Beijing, People's Republic of China. |
| † | Each Class B ordinary share and each Class C ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, subject to certain conditions. Class A ordinary shares are not convertible into Class B ordinary shares or Class C ordinary shares under any circumstances. Class D ordinary shares are not convertible into any ADSs representing the Company's Class A ordinary shares or any other class of share issued by the Company. |
| †† | A total of 38,576,642,687 ordinary shares are outstanding as of the date of this prospectus. |

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| | |
|:---|:---|
| ††† | Holders of Class A ordinary shares are entitled to one vote per share. Holders of Class B ordinary shares and Class C ordinary shares are entitled to ten votes per share and two votes per share, respectively. Holders of Class D ordinary shares are entitled to five hundred (500) votes per share. NewLink and Newlinks Envision Limited, a wholly-owned subsidiary of NewLink, directly hold Class B ordinary shares and Class C ordinary shares, with the voting power of all Class B ordinary shares controlled by Mr. Dai and the voting power of Class C ordinary shares controlled by shareholders of NewLink other than Mr. Dai on a look-through basis proportional to those shareholders' relative shareholding percentage in NewLink. The voting power of Class D ordinary shares directly and indirectly held by Newlink is controlled by shareholders of Newlink on a look-through basis proportional to those shareholders' relative shareholding percentage in Newlink. This column sets out the voting power percentages on the foregoing basis, prior to NewLink's distribution of any Class B ordinary shares or Class C ordinary shares to its own shareholders. |

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(1) Represents
(i) the 33,225,290 Class A ordinary shares underlying certain options issued to Mr. Dai which have become vested, (ii) 2,012,223,827
Class A ordinary shares and directly or indirectly held by Newlinks Technology Limited based on Zenki Luck Limited's ownership
interest in Newlinks Technology Limited, and (iii) the 195,969,844 Class B ordinary shares and 2,701,915 Class D ordinary shares directly
or indirectly held by Newlinks Technology Limited based on Zenki Luck Limited's ownership interest in Newlinks Technology Limited
by way of holding 67,126,520 ordinary shares of Newlinks Technology Limited. Zenki Luck Limited is 100% beneficially owned by Mr. Dai.
The registered address of Zenki Luck Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110 British Virgin Islands.

(2) Represents
 (i) the 158,537,997 Class A ordinary shares underlying certain options issued to Ms. Yang
 Wang which has become vested, (ii) 32,520,450 Class C ordinary shares and 389,050 Class
 D ordinary shares indirectly held by NewLink, based on Young King Luck Holding Limited's
 ownership interest in Newlink by way of holding 9,665,588 ordinary shares of Newlink. Young
 King Luck Holding Limited is 100% beneficially owned by Ms. Wang. The registered address
 of Young King Luck Holding Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110 British
 Virgin Islands.

(3) Represents
(i) the 125,283,292 Class A ordinary shares underlying certain options issued to Mr. Weilin Sun which have become vested,
and (ii) 25,699,007 Class C ordinary shares and 307,444 Class D ordinary shares indirectly held by Newlink, based on Phoenix Sun Luck
Tech Limited's ownership interest in Newlink by way of holding 7,638,148 ordinary shares of Newlink. Phoenix Sun Luck Tech Limited
is 100% beneficially owned by Mr. Sun. The registered address of Phoenix Sun Luck Tech Limited is Craigmuir Chambers, Road Town,
Tortola, VG 1110 British Virgin Islands.

(4) Represents
(i) 37,848,450 Class B ordinary shares and 212,694,390 Class C ordinary shares directly held by NewLink, (ii) 6,520,000,000 Class A
ordinary shares, 158,121,394 Class B ordinary shares, 898,883,538 Class C ordinary shares and 16,000,000 Class D ordinary shares directly
held by Newlinks Envision Limited, a wholly-owned subsidiary of NewLink, and (iii) 5,395,840,000 Class A ordinary shares directly held
by Newlink Linkage Limited, a 84.31% owned subsidiary of Newlink which Newlink is entitled to vote, representing a portion of the 6,400,000,000
Class A ordinary shares of the Company held by Newlink Linkage Limited that corresponds to Newlink's 84.31% equity interest in
Newlink Linkage Limited. Directors and executive officers of Newlink beneficially owning more than 1% of its outstanding shares include
Zhen Dai, Yang Wang and Weilin Sun. Principal beneficial owners of the shares of Newlink, meaning shareholders beneficially owning more
than 5% of its outstanding shares, include Zhen Dai, entities affiliated with Joy Capital (namely Joy Vigorous Management Limited, Joy
Capital III L.P. and Joy Capital Opportunity, L.P.) and BCPE Nutcracker Cayman, L.P. The registered address of Newlink is at 4th Floor,
Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.

(5) Represents
 (i) 2,900,000,000 Class A ordinary shares, (ii) 2,900,000,000 Class A ordinary shares underlying
 the 2026 Warrants, and (iii) 138,661 ADSs underlying the 2025 Warrant held by Comane International
 Group Ltd. Comane International Group Ltd is ultimately controlled by Bin Wu. The registered
 address of Comane International Group Ltd. is Palm Grove House, P.O. Box 438, Road Town,
 Tortola, British Virgin Islands.

(6) Represents
 (i) 1,900,000,000 Class A ordinary shares, and (ii) 1,900,000,000 Class A ordinary shares
 underlying the 2026 Warrants held by Wu Tang global corporation Limited. Wu Tang global corporation
 Limited is ultimately controlled by Longheng Tang. The registered address of Wu Tang global
 corporation Limited is RM 728 7TH Floor Liven House No.61-63 King Yip Street Kwun Tong KL,
 Hong Kong.

(7) Represents
(i) 1,664,000,000 Class A ordinary shares, and (ii) 230,400 ADSs underlying the 2025 Warrant held by Timeswell LLC. Timeswell LLC is
ultimately controlled by Chunyu Bao. The business address of Timeswell LLC is 2905 Stender Way, Suite 36, Canta Ciara, CA 95054, U.S.A.

To our knowledge, as of the date of this prospectus, a total of 7,635,007,212 Class A ordinary shares are held by record holders in the United States, including 4,307,007,212 Class A ordinary shares held by JPMorgan Chase Bank, N.A., the depositary of our ADS program, for the benefit of holders of ADRs and 3,328,000,000 Class A ordinary share held by two entities. None of our outstanding Class B ordinary shares, Class C ordinary shares or Class D ordinary shares are held by record holders in the United States. The number of beneficial owners of our ADSs in the United States is likely to be larger than the number of record holders of our ordinary shares in the United States.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

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

**SELLING SHAREHOLDERS**

This prospectus relates to the possible offer and sale of the Selling Shareholders from time to time of (i) up to 32,576,000,000 Class A ordinary shares of the Company issued to certain investors pursuant to the 2025 PIPE Agreement, as supplemented and modified by certain supplementary agreements dated February 27, 2026 and the 2026 Share Subscription Agreement; (ii) up to 4,800,000,000 Class A ordinary shares of the Company issuable upon exercise of the 2026 Warrants; and (iii) up to 468,750 ADSs issuable upon exercise of the 2025 Warrants.

The Selling Shareholders may from time to time offer and sell any or all of the securities set forth below pursuant to this prospectus. When we refer to the "Selling Shareholders" in this prospectus, we mean the persons listed in the tables below, and the pledgees, donees, transferees, assignees, successors and others who later come to hold any of the Selling Shareholders' interest in our securities after the date of this prospectus. We have no assurance that the Selling Shareholders will offer, sell, lend, distribute, transfer or otherwise dispose of any of the securities registered hereunder. The Selling Shareholders may sell, transfer or otherwise dispose of such securities to or through underwriters, dealers or agents or directly to purchasers or otherwise. See "Plan of Distribution." The Selling Shareholders may also sell, transfer or otherwise dispose of some or all such securities in transactions exempt from the registration requirements of the Securities Act. Accordingly, we cannot estimate the number of Class A ordinary shares, in the form of ADSs or otherwise, that the Selling Shareholders will sell, transfer or otherwise dispose of under this prospectus.

The table below provides information about the ownership of the Selling Shareholders of our shares and the maximum number of Class A ordinary shares, in the form of ADSs or otherwise, that may be sold from time to time by the Selling Shareholders hereunder. The Selling Shareholders may sell or otherwise dispose of less than all of the shares listed in the table below.

The calculations are based on 38,576,642,687 ordinary shares issued and outstanding as of the date of this prospectus, comprising (i) 37,253,094,915 Class A ordinary shares, excluding Class A ordinary shares issued to JPMorgan Chase Bank, N.A., the depositary of our ADS program, for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our stock incentive plans, (ii) 195,969,844 Class B ordinary shares, (iii) 1,111,577,928 Class C ordinary shares and (iv) 16,000,000 Class D ordinary shares.

Beneficial ownership is determined generally in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of shares beneficially owned by any person listed below and the percentage ownership of such person, all ordinary shares of ours underlying options, warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, while such shares are not deemed outstanding for purposes of computing percentage ownership of any other person.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Shares Registered Pursuant to this Registration Statement (Maximum Number of Shares That May Be Sold)** | **Shares Registered Pursuant to this Registration Statement (Maximum Number of Shares That May Be Sold)** |
| <br>**Name of Selling Shareholder** |<br>**Class A<br> Ordinary<br> Shares<sup>†</sup>** |<br>**Class B<br> Ordinary<br> Shares<sup>†</sup>** |<br>**Class C<br> Ordinary<br> Shares<sup>†</sup>** |<br>**Class D<br> Ordinary<br> Shares<sup>†</sup>** |<br>**Percent<br> Ownership<sup>††</sup>** |<br>**Percent<br> Voting<br> Power<sup>†††</sup>** | **Class A<br> Ordinary<br> Shares** | **ADSs** |
| Newlinks Technology Limited<sup>(1)</sup> | 11915840000 | 195969844 | 1111577928 | 16000000 | 34.32% | 48.75% | 6400000000 |  |
| Newlink Linkage Limited<sup>(2)</sup> | 6400000000 |  |  |  | 16.59% | 12.95% | 6400000000 |  |
| Timeswell LLC<sup>(3)</sup> | 1664000000 |  |  |  | 6.11% | 4.79% | 1664000000 | 230400 |
| Wealth Joy Advisory Company Limited<sup>(4)</sup> | 1664000000 |  |  |  | 4.31% | 3.37% | 1664000000 |  |
| Artificial Intelligence Trading Omniverse Corp. <sup>(5)</sup> | 1664000000 |  |  |  | 4.31% | 3.37% | 1664000000 |  |
| TOPAS MANAGEMENT UK LTD. <sup>(6)</sup> | 1664000000 |  |  |  | 4.31% | 3.37% | 1664000000 |  |
| BAIXIN YUAN<sup>(7)</sup> | 1664000000 |  |  |  | 4.31% | 3.37% | 1664000000 |  |
| LIANG SIQI<sup>(8)</sup> | 1664000000 |  |  |  | 4.31% | 3.37% | 1664000000 |  |
| SUN XUEMEI<sup>(9)</sup> | 1664000000 |  |  |  | 4.31% | 3.37% | 1664000000 |  |
| DU LEI<sup>(10)</sup> | 1664000000 |  |  |  | 4.31% | 3.37% | 1664000000 |  |
| CHENG TE<sup>(11)</sup> | 1664000000 |  |  |  | 4.31% | 3.37% | 1664000000 |  |
| Comane International Group Ltd.<sup>(12)</sup> | 6243715800 |  |  |  | 14.89% | 11.83% | 5800000000 | 138661 |
| Wu Tang global corporation Limited<sup>(13)</sup> | 3800000000 |  |  |  | 9.39% | 7.40% | 3800000000 |  |
| Swancloud Holdings Limited<sup>(14)</sup> |  |  |  |  | \* | \* |  | 99689 |

---

Notes:

\* Less than 1%.

† Each
 Class B ordinary share and each Class C ordinary share is convertible into one
 Class A ordinary share at any time by the holder thereof, subject to certain conditions.
 Class A ordinary shares are not convertible into Class B ordinary shares or Class C
 ordinary shares under any circumstances. Class D ordinary shares are not convertible into
 any ADSs representing the Company's Class A ordinary shares or any other class of share
 issued by the Company.

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

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| | |
|:---|:---|
| †† | A total of 38,576,642,687 ordinary shares are outstanding as of the date of this prospectus. |

---

---

| | |
|:---|:---|
| ††† | Holders of Class A ordinary shares are entitled to one vote per share. Holders of Class B ordinary shares and Class C ordinary shares are entitled to ten votes per share and two votes per share, respectively. Holders of Class D ordinary shares are entitled to five hundred (500) votes per share. NewLink and Newlinks Envision Limited, a wholly-owned subsidiary of NewLink, directly hold Class B ordinary shares and Class C ordinary shares, with the voting power of all Class B ordinary shares controlled by Mr. Dai and the voting power of Class C ordinary shares controlled by shareholders of NewLink other than Mr. Dai on a look-through basis proportional to those shareholders' relative shareholding percentage in NewLink. The voting power of Class D ordinary shares directly and indirectly held by Newlink is controlled by shareholders of Newlink on a look-through basis proportional to those shareholders' relative shareholding percentage in Newlink. This column sets out the voting power percentages on the foregoing basis, prior to NewLink's distribution of any Class B ordinary shares or Class C ordinary shares to its own shareholders. |

---

(1) Represents
 (i) 37,848,450 Class B ordinary shares and 212,694,390 Class C ordinary shares directly held by NewLink, (ii) 6,520,000,000 Class A
 ordinary shares, 158,121,394 Class B ordinary shares, 898,883,538 Class C ordinary shares and 16,000,000 Class D ordinary shares
 directly held by Newlinks Envision Limited, a wholly-owned subsidiary of NewLink, and (iii) 5,395,840,000 Class A ordinary shares
 directly held by Newlink Linkage Limited, a 84.31% owned subsidiary of Newlink which Newlink is entitled to vote, representing a
 portion of the 6,400,000,000 Class A ordinary shares of the Company held by Newlink Linkage Limited that corresponds to
 Newlink's 84.31% equity interest in Linkage. Directors and executive officers of Newlink beneficially owning more than 1% of
 its outstanding shares include Zhen Dai, Yang Wang and Weilin Sun. Principal beneficial owners of the shares of Newlink, meaning
 shareholders beneficially owning more than 5% of its outstanding shares, include Zhen Dai, entities affiliated with Joy Capital
 (namely Joy Vigorous Management Limited, Joy Capital III L.P. and Joy Capital Opportunity, L.P.) and BCPE Nutcracker Cayman, L.P.
 The registered address of Newlink is at 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002,
 Cayman Islands.

(2) Represents
5,395,840,000 Class A ordinary shares directly held by Newlink Linkage Limited, a 84.31%-owned subsidiary of Newlink which Newlink is
entitled to vote, representing a portion of the 6,400,000,000 Class A ordinary shares of the Company held by Newlink Linkage Limited
that corresponds to Newlink's 84.31% equity interest in Newlink Linkage Limited. The business address of Newlink Linkage Limited
is Newlink Center, Area G, Building 7, Huitong Time Square, No.1, Yaojiayuan South Road, Chaoyang District, Beijing.

(3) Represents
(i) 1,664,000,000 Class A ordinary shares directly held by Timeswell LLC, and (ii) 230,400 ADSs underlying the 2025 Warrant held by Timeswell
LLC. The business address of Timeswell LLC is 2905 Stender Way, Suite 36, Canta Ciara, CA 95054, U.S.A.

(4) Represents
1,664,000,000 Class A ordinary shares directly held by Wealth Joy Advisory Company Limited. The business address of Wealth Joy Advisory
Company Limited is RM 1603-04, 6/F BEVERLEY COMM CTR, 87-105 CHATHAM RD SOU THT ST KL HK.

(5) Represents
1,664,000,000 Class A ordinary shares directly held by Artificial Intelligence Trading Omniverse Corp. The business address of Artificial
Intelligence Trading Omniverse Corp. is 1798 Technology Drive Suite 236, San Jose, CA 95110. U.S.A

(6) Represents
1,664,000,000 Class A ordinary shares directly held by TOPAS MANAGEMENT UK LTD. The business address of TOPAS MANAGEMENT UK LTD. is 32
Mount Road, London, UK, CR4 3EY.

(7) Represents
1,664,000,000 Class A ordinary shares directly held by BAIXIN YUAN. The business address of BAIXIN YUAN is Room 2001, Unit 2, Building
9, Furun Seasons, Chaoyang District,Beijing, China.

(8) Represents
1,664,000,000 Class A ordinary shares directly held by SIQI LIANG. The business address of SIQI LIANG is 42NC Tower 5, Festival City
Phase 1, 1 Mei Tin Road,Taiwai, Shatin, NT, HK.

(9) Represents
1,664,000,000 Class A ordinary shares directly held by XUEMEI SUN. The business address of XUEMEI SUN is Room 601, Unit 2, Building 5,
Fuhuijinhe, Wuchang Town, Wuchang City, Harbin, Heilongjiang, China.

(10) Represents
1,664,000,000 Class A ordinary shares directly held by LEI DU. The business address of LEI DU is Room 301, Unit 2, Building 30 Shoukai
Changqingteng, Phase IV Chaoyang District, Beijing, China.

(11) Represents
1,664,000,000 Class A ordinary shares directly held by TE CHEN. The business address of TE CHEN is Room B2101, Jinding Building, Jiabin
Road, Luohu District, Shenzhen, China.

(12) Represents
 (i) 2,900,000,000 Class A ordinary shares, (ii) 2,900,000,000 Class A ordinary shares underlying
 the 2026 Warrants, and (iii) 138,661 ADSs underlying the 2025 Warrant held by Comane International
 Group Ltd. The registered address of Comane International Group Ltd. is Palm Grove House,
 P.O. Box 438, Road Town, Tortola, British Virgin Islands.

(13) Represents
 (i) 1,900,000,000 Class A ordinary shares, and (ii) 1,900,000,000 Class A ordinary shares
 underlying the 2026 Warrants held by Wu Tang global corporation Limited. The registered address
 of Wu Tang global corporation Limited is RM 728 7TH Floor Liven House No.61-63 King Yip Street
 Kwun Tong KL, Hong Kong.

(14) Represents
99,689 ADSs underlying the 2025 Warrant held by Swancloud Holdings Limited. The business address of Swancloud Holdings Limited is 25
East Cheryl Road, Pine Brook, NJ 07058, U.S.A.

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

**RELATED PARTY TRANSACTIONS**

**Private Placements**

On November 4, 2025, the Company entered into share subscription agreements with Newlink Envision Limited, a wholly-owned subsidiary of our controlling shareholder, Newlink, and Newlink Linkage Limited, an entity 84.31% owned by Newlink, and certain accredited investors for the purchase and sale of a total of 27,776,000,000 newly issued Class A ordinary shares of the Company, at a price of US$0.001 per Class A ordinary share (equivalent to US$3.6 per ADS, representing the average of the 30 daily VWAPs of our ADSs immediately prior to November 1, 2025), for a total purchase price of US$31.2 million. On February 27, 2026, we entered into supplementary agreements (the "2025 PIPE Supplementary Agreements") with the 2025 PIPE Investors to repurchase and reissue the shares issued under the 2025 PIPE Agreements, subject to terms and conditions of the 2025 PIPE Supplementary Agreements.

**Employment Agreements and Indemnification Agreements**

See "Management—Employment Agreements and Indemnification Agreements."

**Share Incentive Plan**

See "Management—Share Incentive Plan."

**Registration Rights Agreement with the Major Shareholder**

See "Description of Share Capital—Agreement with Shareholders—Registration Rights."

**Other Related Party Transactions**

NewLink granted share options under Newlink 2020 Share Incentive Plan to certain employees associated with the Group's charging services business, who were subsequently transferred to the Group. The share-based compensation expense in 2023, 2024 and 2025 was debited to profit or loss for RMB5.3 million, credited to profit or loss for RMB0.8 million and debited to profit or loss for RMB0.7 million, respectively, with a corresponding increase and decrease in additional paid-in capital, respectively.

NaaS entered into transactions with its directors and executive officers with respect to certain short-term employee benefits. For the years ended December 31, 2023, 2024 and 2025, such short-term employee benefits amounted to RMB7.5 million, RMB4.5 million and RMB3.2 million (US$0.5 million), respectively.

In 2023, NewLink paid the following amounts on behalf of NaaS (i) RMB42.6 million of payroll and non-payroll labor expenses; (ii) RMB3.2 million of rental fees; and (iii) RMB19.4 million of other expenses. The total amount of RMB65.2 million (2022: RMB53.9 million) was reflected in the consolidated statements of profit or loss and other comprehensive income in 2023. In 2024, NewLink paid the following amounts on behalf of NaaS: (i) RMB7.3 million of payroll and non-payroll labor expense; (ii) RMB2.5 million of rental fees; and (iii) RMB15.1 million of other expenses. The total amount of RMB24.9 million was reflected in the consolidated statements of profit or loss and other comprehensive income in 2024. In 2025, NewLink paid the following amounts on behalf of NaaS: (i) RMB0.8 million of payroll and non-payroll labor expense; (ii) RMB1.0 million of rental fees; and (iii) RMB11.6 million of other expenses. The total amount of RMB13.4 million was reflected in the consolidated statements of profit or loss and other comprehensive income in 2025.

In 2025, we entered into transactions with certain related parties in the ordinary course of business in connection with our energy solution services. The total amount of these transactions was RMB0.1 million (2024: RMB0.5 million).

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

**DESCRIPTION OF SHARE CAPITAL**

We are a Cayman Islands exempted company with limited liability and our affairs are governed by our memorandum and articles of association, as amended and restated from time to time, and the Companies Act (As Revised) of the Cayman Islands, which is referred to as the Companies Act below, and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$52,000, divided into 52,000,000,000 shares comprising (i) 48,100,000,000 Class A ordinary shares of a par value of US$0.000001 each, (ii) 300,000,000 Class B ordinary shares of a par value of US$0.000001 each, (iii) 1,400,000,000 Class C ordinary shares of a par value of US$0.000001 each, (iv) 16,000,000 Class D ordinary shares of a par value of US$0.000001 each, and (v) 2,184,000,000 shares as such Class or series (however designated) as the Directors may determine in accordance with the Company's Memorandum and Articles of Association then in effect and the amount deemed to be paid up on each share shall be the par value.

The following are summaries of material provisions of our current memorandum and articles of association.

**Our Memorandum and Articles of Association**

 ****

***Objects of Our Company***. The objects of our company are unrestricted and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

 ****

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

 ****

***Conversion***. Each Class B ordinary share or Class C ordinary share is convertible into one Class A ordinary share, whereas Class A ordinary shares are not convertible into Class B ordinary shares or Class C ordinary shares under any circumstances. Class B ordinary shares are not convertible into Class C ordinary shares, and vice versa. Any number of Class B ordinary shares or Class C ordinary shares, as the case may be, held by a holder thereof will be automatically and immediately converted into an equal number of Class A ordinary shares upon the occurrence of any direct or indirect sale, transfer, assignment or disposition of such number of Class B ordinary shares and/or Class C ordinary shares by the holder thereof or the direct or indirect transfer or assignment of the voting power attached to such number of Class B ordinary shares and/or Class C ordinary shares through voting proxy or otherwise to any person that is not Mr. Zhen Dai or his affiliates (excluding NewLink). Holders of our Class D Ordinary Shares shall have no right to convert their shares into any other class of share issued by the Company, nor into any American Depositary Share representing Class A ordinary shares of the Company.

In addition, any number of Class B ordinary shares held by Mr. Zhen Dai or his affiliates (excluding NewLink) shall be automatically and immediately converted into an equal number of Class A ordinary shares on the earlier to occur of (i) the total number of Class B ordinary shares directly and indirectly owned by Mr. Zhen Dai and his affiliates (excluding NewLink), which shall equal the sum of (A) the total number of Class B ordinary shares directly held by Mr. Zhen Dai and his affiliates (excluding NewLink), plus (B) the total number of Class B ordinary shares indirectly held by Mr. Zhen Dai and his affiliates (excluding NewLink) through NewLink, is smaller than 50% of the total number of the issued and outstanding Class B ordinary shares as of immediately after the Closing, and (ii) Mr. Zhen Dai having been convicted in a final and non-appealable judgment of, or having entered a plea of guilty to, a felony or criminal act resulting in his inability to perform his official duties at NaaS Technology Inc. for a period of more than 90 days.

 ****

***Dividends***. Our directors may from time to time declare dividends (including interim dividends) and other distributions on our shares in issue and authorize payment of the same out of the funds of our company lawfully available therefor. In addition, our shareholders may declare dividends by ordinary resolution, but no dividend shall exceed the amount recommended by our directors. Our currently effective memorandum and articles of association provide that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

 ****

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

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***Voting Rights***. In respect of all matters subject to a shareholders' vote, each holder of Class A ordinary shares is entitled to one vote per share, each holder of Class B ordinary shares is entitled to 10 votes per share, each holder of Class C ordinary shares is entitled to two votes per share and each holder of Class D ordinary shares is entitled to 500 votes per share subject to vote at our general meetings. Our Class A ordinary shares, Class B ordinary shares and Class C ordinary shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. In any such vote, each holder of Class D Ordinary Shares shall be entitled to five hundred (500) votes per share held of record by such holder. Each holder of issued and outstanding Class D Ordinary Shares shall be entitled to notice of all annual or extraordinary general meetings of shareholders (or requests for written consent) in accordance with the M&AA. As long as any Class D Ordinary Share is issued and outstanding, the Company shall not, and shall not agree to, amend, restate, supplement, repeal or otherwise modify (including in connection with a merger, consolidation, recapitalization or otherwise) any provision of this Certificate of Designation or the M&AA in a manner that alters or changes the rights, powers, preferences or privileges of the holders of the Class D Ordinary Shares, unless in each case, the prior written approval of the holders of a majority of the Class D Ordinary Shares issued and outstanding has been obtained. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one shareholder holding not less than 10% of the votes attaching to the shares present in person or by proxy.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes attaching to the issued and outstanding ordinary shares cast at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our currently effective memorandum and articles of association. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

 ****

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

Shareholders' general meetings may be convened by the chairman of our board of directors or by our directors (acting by a resolution of our board). Advance notice of at least seven days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, one or more of our shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to all of our shares in issue and entitled to vote at such general meeting.

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

 ****

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

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

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

● the instrument of transfer is in respect of only one class of ordinary shares;

● the instrument of transfer is properly stamped, if required;

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

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

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

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

The registration of transfers may, on ten calendar days' notice being given by advertisement in such one or more newspapers, by electronic means or by any other means in accordance with Nasdaq rules be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

 ****

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

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

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***Redemption, Repurchase and Surrender of Shares***. We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined, before the issue of such shares, by our board of directors or by our shareholders by special resolution. Our company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors or by an ordinary resolution of our shareholders. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (i) unless it is fully paid up, (ii) if such redemption or repurchase would result in there being no shares outstanding or (iii) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

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***Variations of Rights of Shares***. Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially and adversely varied with the consent in writing of the holders of at least two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be materially and adversely varied by the creation, allotment or issue of further shares ranking pari passu with or subsequent to them or the redemption or purchase of any shares of any class by our company. The rights of the holders of shares shall not be deemed to be materially and adversely varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

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***Issuance of Additional Shares***. Our currently effective memorandum and articles of association authorizes our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares, without the need for any approval or consent from our shareholders.

Our currently effective memorandum and articles of association also authorizes our board of directors, without the need for any approval or consent from our shareholders, to establish from time to time one or more series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights, voting rights; and

● the rights and terms of redemption and liquidation preferences.

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Our board of directors may issue preferred shares, without the need for any approval or consent from, or other action by, our shareholders to the extent authorized but unissued. Issuance of these shares may dilute the voting power of holders of ordinary shares.

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***Inspection of Books and Records***. Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records (other than copies of our memorandum and articles of association, our register of mortgages and charges and any special resolutions passed by our shareholders). However, we intend to provide our shareholders with annual audited financial statements.

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

● authorize our board of directors to issue preferred shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

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

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

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

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue negotiable or bearer shares or shares with no par value;

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

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

● may register as a limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

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***Exclusive Forum***. Without limiting the jurisdiction of the Cayman courts to hear, settle and/or determine disputes related to our company, the courts of the Cayman Islands shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of our company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, or other employee of our company to our company or the members, (iii) any action asserting a claim arising pursuant to any provision of the Companies Act or our articles of association including but not limited to any purchase or acquisition of shares, security, or guarantee provided in consideration thereof, or (iv) any action asserting a claim against our company which if brought in the United States of America would be a claim arising under the internal affairs doctrine (as such concept is recognized under the laws of the United States from time to time).

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Unless we consent in writing to the selection of an alternative forum, the United States District Court for the Southern District of New York (or, if the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute, the state courts in New York County, New York) shall be the exclusive forum within the United States for the resolution of any complaint asserting a cause of action arising out of or relating in any way to the federal securities laws of the United States, including those arising from the Securities Act and the Exchange Act, regardless of whether such legal suit, action, or proceeding also involves parties other than our company. Any person or entity purchasing or otherwise acquiring any share or other securities in our company, or purchasing or otherwise acquiring American depositary shares issued pursuant to deposit agreements, shall be deemed to have notice of and consented to the provisions of our articles of association.

**Differences in Corporate Law**

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

 

*Mergers and Similar Arrangements*. The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (i) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (ii) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the surviving or consolidated company, a declaration as to the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation that is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose a company is a "parent" of a subsidiary if it holds issued shares that together represent at least 90.0% of the votes at a general meeting of the subsidiary.

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

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

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement; *provided* that the arrangement is approved by (a) 75% in value of the shareholders or class of shareholders, or (b) a majority in number representing 75% in value of the creditors or class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

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

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

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition, which may facilitate the "squeeze out" of dissentient minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected, the offeror may, within a two-month period commencing after the approval by said holders, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

 

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

● a company acts or proposes to act illegally or ultra vires (and is therefore incapable of ratification by the shareholders);

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

● those who control the company are perpetrating a "fraud on the minority."

 

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

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

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

 

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

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

 

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

 

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

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our memorandum and articles of association allow any one or more of our shareholders who together hold shares that carry in aggregate not less than one-third of the total number of votes attaching to all issued and outstanding shares of our company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our memorandum and articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

 

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

 

*Removal of Directors*. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the issued and outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our memorandum and articles of association, directors may be removed with or without cause, by an ordinary resolution of our shareholders (except with regard to the removal of the chairman, who may only be removed from office by a special resolution). A director will also cease to be a director if he (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing; (iv) without special leave of absence from our board, is absent from meetings of our board for three consecutive meetings and our board resolves that his office be vacated; or (v) is removed from office pursuant to any other provision of our articles of association.

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

 

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Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, the directors of our Company are required to comply with fiduciary duties, which they owe to our Company under Cayman Islands laws, including the duty to ensure that, in their opinion, any such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

 

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

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our memorandum and articles of association, our company may be dissolved, liquidated, or wound up by a special resolution of our shareholders.

 

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

 

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

 

*Rights of Non-resident or Foreign Shareholders*. There are no limitations imposed by our memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our memorandum and articles of association that require our Company to disclose shareholder ownership above any particular ownership threshold.

**Agreement with Shareholders**

RISE entered into a Registration Rights Agreement with the Major Shareholder in June 2022 prior to the Closing to provide certain registration rights with respect to 119,372,236 ordinary shares (and any equity securities issued or issuable with respect to such shares) held by the Major Shareholder as of the date of the agreement ("Registrable Securities"). This agreement remains effective and binding on us.

**Registration Rights**

 

*Demand Registration Rights*. Holders holding at least 20% of the Registrable Securities then outstanding have the right to request that we register all or any portion of their Registrable Securities under the Securities Act. Such holders will be entitled to request an unlimited number of demand registrations for which we will pay all registration expenses, whether or not any such registration is consummated. We have the right to defer filing of a registration statement for a period of not more than 45 days after the receipt of the request of the initiating holders under certain conditions, but we cannot exercise the deferral right more than once in any 12-month period.

 

*Piggyback Registration Rights*. If we propose to register any of our equity securities under the Securities Act (except for certain excluded registrations) and the registration form to be used may be used for the registration of Registrable Securities, we include in such piggyback registration all Registrable Securities with respect to which we has received written requests for inclusion therein. If the managing underwriters of any underwritten offering advise us in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then we will include in such registration, (i) in the event of primary registration, first the securities we propose to sell, second to Registrable Securities requested to be included in such registration pro rata among the requesting holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such holder, and third other securities requested to be included in such registration, or (ii) in the event of secondary registration, first, securities requested to be included therein by the holders initially requesting such registration, second, Registrable Securities requested to be included in such registration pro rata among the holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such holder, and (iii) third, other securities requested to be included in such registration, in each case to extent that in the opinion of the underwriters, such securities can be sold without any such adverse effect.

 

*Expenses of Registration*. We will bear all registration expenses, other than underwriting discounts, commissions and transfer taxes (if any) attributable to the sale of Registrable Securities, incurred in connection with any demand registration, piggyback registration, shelf offering or underwritten block trade, except in the case of a piggyback registration in which we are selling on our own account.

 

*Termination of Obligations*. The rights of any particular holder to require us to register securities pursuant to a Demand Registration shall terminate with respect to such holder when such holder no longer holds any Registrable Securities.

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**DESCRIPTION OF AMERICAN DEPOSITARY SHARES**

**American Depositary Receipts**

JPMorgan Chase Bank, N.A., ("JPMorgan") acts as depositary for the ADSs. Each ADS represents an ownership of three thousand two hundred (3200) Class A ordinary shares which we deposit with the custodian, as agent of the depositary, under the deposit agreement among ourselves, the depositary and all holders and beneficial owners from time to time of ADRs issued thereunder. Each ADS also represents any securities, cash or other property deposited with the depositary but which they have not distributed directly to you. Unless certificated ADRs are specifically requested by you, all ADSs will be issued on the books of our depositary in book-entry form and periodic statements will be mailed to you which reflect your ownership interest in such ADSs. In our description, references to American depositary receipts or ADRs shall include the statements you will receive which reflect your ownership of ADSs.

The depositary's office is located at 270 Park Avenue, Floor 8, New York, NY 10017.

You may hold ADSs either directly or indirectly through your broker or other financial institution. If you hold ADSs directly, by having an ADS registered in your name on the books of the depositary, you are an ADR holder. This description assumes you hold your ADSs directly. If you hold the ADSs through your broker or financial institution nominee, you must rely on the procedures of such broker or financial institution to assert the rights of an ADR holder described in this section. You should consult with your broker or financial institution to find out what those procedures are.

As an ADR holder, we will not treat you as a shareholder of ours and you will not have any shareholder rights. Cayman Island law governs shareholder rights. Because the depositary or its nominee will be the shareholder of record for the shares represented by all outstanding ADSs, shareholder rights rest with such record holder. Your rights are those of an ADR holder. Such rights derive from the terms of the deposit agreement referred to above. The obligations of the depositary and its agents are also set out in the deposit agreement. Because the depositary or its nominee will actually be the registered owner of the shares, you must rely on it to exercise the rights of a shareholder on your behalf. The deposit agreement and the ADSs are governed by New York law. Under the deposit agreement, as an ADR holder, you agree that any legal suit, action or proceeding against or involving us or the depositary, arising out of or based upon the deposit agreement, the ADSs or the transactions contemplated thereby, may only be instituted in a state or federal court in New York, New York, and you irrevocably waive any objection which you may have to the laying of venue of any such proceeding and irrevocably submit to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

The following is a summary of what we believe to be the material terms of the deposit agreement. Notwithstanding this, because it is a summary, it may not contain all the information that you may otherwise deem important. For more complete information, you should read the entire deposit agreement and the form of ADR which contains the terms of your ADSs. You can read a copy of the deposit agreement which is filed as an exhibit to the registration statement of which this prospectus forms a part. You may also obtain a copy of the deposit agreement at the SEC's Public Reference Room which is located at 100 F Street, NE, Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-732-0330. You may also find the registration statement and the attached deposit agreement on the SEC's website at http://www.sec.gov.

**Share Dividends and Other Distributions**

**How will I receive dividends and other distributions on the shares underlying my ADSs?**

We may make various types of distributions with respect to our securities. The depositary has agreed that, to the extent practicable, it will pay to you the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after converting any cash received into U.S. dollars (if it determines such conversion may be made on a reasonable basis) and, in all cases, making any necessary deductions provided for in the deposit agreement. The depositary may utilize a division, branch or affiliate of JPMorgan to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement. Such division, branch and/or affiliate may charge the depositary a fee in connection with such sales, which fee is considered an expense of the depositary. You will receive these distributions in proportion to the number of underlying securities that your ADSs represent.

Except as stated below, the depositary will deliver such distributions to ADR holders in proportion to their interests in the following manner:

● *Cash*. The depositary will distribute any U.S. dollars available to it resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof (to the extent applicable), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to certain registered ADR holders, and (iii) deduction of the depositary's and/or its agents' expenses in (1) converting any foreign currency to U.S. dollars to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. If exchange rates fluctuate during a time when the depositary cannot convert a foreign currency, you may lose some or all of the value of the distribution.

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● *Shares*. In the case of a distribution in shares, the depositary will issue additional ADRs to evidence the number of ADSs representing such shares. Only whole ADSs will be issued. Any shares which would result in fractional ADSs will be sold and the net proceeds will be distributed in the same manner as cash to the ADR holders entitled thereto.

● *Rights to receive additional shares*. In the case of a distribution of rights to subscribe for additional shares or other rights, if we timely provide evidence satisfactory to the depositary that it may lawfully distribute such rights, the depositary will distribute warrants or other instruments in the discretion of the depositary representing such rights. However, if we do not timely furnish such evidence, the depositary may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell
 such rights if practicable and distribute the net proceeds in the same manner as cash to
 the ADR holders entitled thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 it is not practicable to sell such rights by reason of the non-transferability of the rights,
 limited markets therefor, their short duration or otherwise, do nothing and allow such rights
 to lapse, in which case ADR holders will receive nothing and the rights may lapse.

● Other Distributions. In the case of a distribution of securities or property other than those described above, the depositary may either (i) distribute such securities or property in any manner it deems equitable and practicable or (ii) to the extent the depositary deems distribution of such securities or property not to be equitable and practicable, sell such securities or property and distribute any net proceeds in the same way it distributes cash.

If the depositary determines in its discretion that any distribution described above is not practicable with respect to any specific registered ADR holder, the depositary may choose any method of distribution that it deems practicable for such ADR holder, including the distribution of foreign currency, securities or property, or it may retain such items, without paying interest on or investing them, on behalf of the ADR holder as deposited securities, in which case the ADSs will also represent the retained items.

Any U.S. dollars will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the depositary in accordance with its then current practices.

The depositary is not responsible if it fails to determine that any distribution or action is lawful or reasonably practicable.

There can be no assurance that the depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, shares or other securities at a specified price, nor that any of such transactions can be completed within a specified time period. All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies.

**Deposit, Withdrawal and Cancellation**

**How does the depositary issue ADSs?**

The depositary will issue ADSs if you or your broker deposit shares or evidence of rights to receive shares with the custodian and pay the fees and expenses owing to the depositary in connection with such issuance.

Shares deposited in the future with the custodian must be accompanied by certain delivery documentation and shall, at the time of such deposit, be registered in the name of JPMorgan Chase Bank, N.A., as depositary for the benefit of holders of ADRs or in such other name as the depositary shall direct.

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The custodian will hold all deposited shares (including those being deposited by or on our behalf in connection with the offering to which this prospectus relates) for the account and to the order of the depositary, in each case for the benefit of ADR holders, to the extent not prohibited by law. ADR holders and beneficial owners thus have no direct ownership interest in the shares and only have such rights as are contained in the deposit agreement. The custodian will also hold any additional securities, property and cash received on or in substitution for the deposited shares. The deposited shares and any such additional items are referred to as "deposited securities".

Deposited securities are not intended to, and shall not, constitute proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in deposited securities is intended to be, and shall at all times during the term of the deposit agreement continue to be, vested in the beneficial owners of the ADSs representing such deposited securities. Notwithstanding anything else contained herein, in the deposit agreement, in the form of ADR and/or in any outstanding ADSs, the depositary, the custodian and their respective nominees are intended to be, and shall at all times during the term of the deposit agreement be, the record holder(s) only of the deposited securities represented by the ADSs for the benefit of the ADR holders. The depositary, on its own behalf and on behalf of the custodian and their respective nominees, disclaims any beneficial ownership interest in the deposited securities held on behalf of the ADR holders.

Upon each deposit of shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement, including the payment of the fees and charges of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name or upon the order of the person entitled thereto evidencing the number of ADSs to which such person is entitled. All of the ADSs issued will, unless specifically requested to the contrary, be part of the depositary's direct registration system, and a registered holder will receive periodic statements from the depositary which will show the number of ADSs registered in such holder's name. An ADR holder can request that the ADSs not be held through the depositary's direct registration system and that a certificated ADR be issued.

 ****

***How do ADR holders cancel an ADS and obtain deposited securities?***

When you turn in your ADR certificate at the depositary's office, or when you provide proper instructions and documentation in the case of direct registration ADSs, the depositary will, upon payment of certain applicable fees, charges and taxes, deliver the underlying shares to you or upon your written order. Delivery of deposited securities in certificated form will be made at the custodian's office. At your risk, expense and request, the depositary may deliver deposited securities at such other place as you may request.

The depositary may only restrict the withdrawal of deposited securities in connection with:

● temporary delays caused by closing our transfer books or those of the depositary or the deposit of shares in connection with voting at a shareholders' meeting, or the payment of dividends;

● the payment of fees, taxes and similar charges; or

● compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

**Record Dates**

The depositary may, after consultation with us if practicable, fix record dates (which, to the extent applicable, shall be as near as practicable to any corresponding record dates set by us) for the determination of the registered ADR holders who will be entitled (or obligated, as the case may be):

● to receive any distribution on or in respect of deposited securities,

● to give instructions for the exercise of voting rights at a meeting of holders of shares,

● to pay the fee assessed by the depositary for administration of the ADR program and for any expenses as provided for in the ADR, or

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● to receive any notice or to act in respect of other matters,

all subject to the provisions of the deposit agreement.

**Voting Rights**

**How do I vote?**

If you are an ADR holder and the depositary asks you to provide it with voting instructions, you may instruct the depositary how to exercise the voting rights for the shares which underlie your ADSs. As soon as practicable after receipt from us of notice of any meeting at which the holders of shares are entitled to vote, or of our solicitation of consents or proxies from holders of shares, the depositary shall fix the ADS record date in accordance with the provisions of the deposit agreement in respect of such meeting or solicitation of consent or proxy. Holders are strongly encouraged to forward their voting instructions to the depositary as soon as possible. For instructions to be valid, the ADR department of the depositary that is responsible for proxies and voting must receive them in the manner and on or before the time specified, notwithstanding that such instructions may have been physically received by the depositary prior to such time. The depositary will not itself exercise any voting discretion. Notwithstanding anything contained in the deposit agreement or any ADR, the depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of deposited securities, distribute to the registered holders of ADRs a notice that provides such holders with, or otherwise publicizes to such holders, instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials).

Notwithstanding the above, we have advised the depositary that under the Cayman Islands law and our constituent documents, each as in effect as of the date of the deposit agreement, voting at any meeting of shareholders is by show of hands unless a poll is (before or on the declaration of the results of the show of hands) demanded. In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with our constituent documents, the depositary will refrain from voting and the voting instructions received by the depositary from holders shall lapse. The depositary will not demand a poll or join in demanding a poll, whether or not requested to do so by holders of ADSs. There is no guarantee that you will receive voting materials in time to instruct the depositary to vote and it is possible that you, or persons who hold their ADSs through brokers, dealers or other third parties, will not have the opportunity to exercise a right to vote.

**Reports and Other Communications**

**Will ADR holders be able to view our reports?**

The depositary will make available for inspection by ADR holders at the offices of the depositary and the custodian the deposit agreement, the provisions of or governing deposited securities, and any written communications from us which are both received by the custodian or its nominee as a holder of deposited securities and made generally available to the holders of deposited securities.

Additionally, if we make any written communications generally available to holders of our shares, and we furnish copies thereof (or English translations or summaries) to the depositary for mailing, it will distribute the same to registered ADR holders.

**Fees and Expenses**

**What fees and expenses will I be responsible for paying?**

The depositary may charge each person to whom ADSs are issued, including, without limitation, issuances against deposits of shares, issuances in respect of share distributions, rights and other distributions, issuances pursuant to a stock dividend or stock split declared by us or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADRs are cancelled or reduced for any other reason, $5.00 for each 100 ADSs (or any portion thereof) issued, delivered, reduced, cancelled or surrendered, as the case may be. The depositary may sell (by public or private sale) sufficient securities and property received in respect of a share distribution, rights and/or other distribution prior to such deposit to pay such charge.

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The following additional charges shall be incurred by the ADR holders, by any party depositing or withdrawing shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of stock regarding the ADSs or the deposited securities or a distribution of ADSs), whichever is applicable:

● a fee of up to U.S.$0.05 per ADS for any cash distribution made or for any elective cash/stock dividend offered pursuant to the deposit agreement;

● an aggregate fee of up to U.S.$0.05 per ADS per calendar year (or portion thereof) for services performed by the depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the depositary during each calendar year and shall be payable in the manner described in the next succeeding provision);

● an amount for the reimbursement of such charges and expenses as are incurred by the depositary and/or any of its agents (including, without limitation, the custodian and expenses incurred on behalf of holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the depositary's or its custodian's compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such holders or by deducting such charge from one or more cash dividends or other cash distributions);

● a fee of up to U.S.$0.05 per ADS held for the direct or indirect distribution of securities (other than ADSs or rights to purchase additional ADSs) or the net cash proceeds from the public or private sale of any such securities, regardless of whether any such distribution and/or sale is made by, for, or received from, or (in each case) on behalf of, the depositary, the company and/or any third party (which fee may be assessed against holders as of a record date set by the depositary);

● stock transfer or other taxes and other governmental charges;

● a transaction fee per cancellation request (including any cancellation request made through SWIFT, facsimile transmission or any other method of communication) and any applicable delivery expenses (which are payable by such persons or holders);

● transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities;

● fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement.

To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the depositary may engage the foreign exchange desk within the banking division of JPMorgan (the "Bank") and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars. For certain currencies, foreign exchange transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies, foreign exchange transactions are routed directly to and managed by an unaffiliated local custodian (or other third party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such foreign exchange transactions.

The foreign exchange rate applied to a foreign exchange transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third party local liquidity provider, in each case plus or minus a spread, as applicable. The depositary will disclose which foreign exchange rate and spread, if any, apply to such currency on the "Disclosures" page (or successor page) of ADR.com. Such applicable foreign exchange rate and spread may (and neither the depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the foreign exchange transaction. Additionally, the timing of execution of a foreign exchange transaction varies according to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without regard to the impact of such activities on the depositary, us, ADR holders or beneficial owners. The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management or other hedging related activity.

We will pay all other charges and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between us and the depositary. The charges described above may be amended from time to time by agreement between us and the depositary.

The depositary may make available to us a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the depositary may agree from time to time. The depositary collects its fees for issuance and cancellation of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by directly billing investors, or by charging the book-entry system accounts of participants acting for them. The depositary will generally set off the amounts owing from distributions made to holders of ADSs. If, however, no distribution exists and payment owing is not timely received by the depositary, the depositary may refuse to provide any further services to holders that have not paid those fees and expenses owing until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the deposit agreement are due in advance and/or when declared owing by the depositary. We did not receive any reimbursement from the depositary in 2025.

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The fees and charges you may be required to pay may vary over time and may be changed by us and by the depositary. You will receive prior notice of the increase in any such fees and charges.

**Payment of Taxes**

ADR holders must pay any tax or other governmental charge payable by the custodian or the depositary on any ADS or ADR, deposited security or distribution. If any taxes or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the custodian or the depositary with respect to any ADR, any deposited securities represented by the ADSs evidenced thereby or any distribution thereon, including, without limitation, any Chinese Enterprise Income Tax owing if the Circular Guoshuifa [2009] No. 82 issued by the Chinese State Administration of Taxation (SAT) or any other circular, edict, order or ruling, as issued and as from time to time amended, is applied or otherwise, such tax or other governmental charge shall be paid by the holder thereof to the depositary and by holding or having held an ADR the holder and all prior holders thereof, jointly and severally, agree to indemnify, defend and save harmless each of the depositary and its agents in respect thereof. If an ADR holder owes any tax or other governmental charge, the depositary may (i) deduct the amount thereof from any cash distributions, or (ii) sell deposited securities (by public or private sale) and deduct the amount owing from the net proceeds of such sale. In either case the ADR holder remains liable for any shortfall. If any tax or governmental charge is unpaid, the depositary may also refuse to effect any registration, registration of transfer, split-up or combination of deposited securities or withdrawal of deposited securities until such payment is made. If any tax or governmental charge is required to be withheld on any cash distribution, the depositary may deduct the amount required to be withheld from any cash distribution or, in the case of a non-cash distribution, sell the distributed property or securities (by public or private sale) in such amounts and in such manner as the depositary deems necessary and practicable to pay such taxes and distribute any remaining net proceeds or the balance of any such property after deduction of such taxes to the ADR holders entitled thereto.

By holding an ADR or an interest therein, you will be agreeing to indemnify us, the depositary, its custodian and any of our or their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained, which obligations shall survive any transfer or surrender of ADSs or the termination of the deposit agreement.

**Reclassifications, Recapitalizations and Mergers**

If we take certain actions that affect the deposited securities, including (i) any change in par value, split-up, consolidation, cancellation or other reclassification of deposited securities or (ii) any distributions of shares or other property not made to holders of ADRs or (iii) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all of our assets, then the depositary may choose to, and shall if reasonably requested by us:

&nbsp;&nbsp;&nbsp;&nbsp;(1) amend
 the form of ADR;

&nbsp;&nbsp;&nbsp;&nbsp;(2) distribute
 additional or amended ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;(3) distribute
 cash, securities or other property it has received in connection with such actions;

&nbsp;&nbsp;&nbsp;&nbsp;(4) sell
 (by public of private sale) any securities or property received and distribute the proceeds
 as cash; or

&nbsp;&nbsp;&nbsp;&nbsp;(5) none
 of the above.

If the depositary does not choose any of the above options, any of the cash, securities or other property it receives will constitute part of the deposited securities and each ADS will then represent a proportionate interest in such property.

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**Amendment and Termination**

**How may the deposit agreement be amended?**

We may agree with the depositary to amend the deposit agreement and the ADSs without your consent for any reason. ADR holders must be given at least 30 days' notice of any amendment that imposes or increases any fees or charges on a per ADS basis (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, a transaction fee per cancellation request (including through SWIFT, telex or facsimile transmission), applicable delivery expenses or such other fees, charges or expenses), or otherwise prejudices any substantial existing right of ADR holders or beneficial owners of ADSs. Such notice need not describe in detail the specific amendments effectuated thereby, but must identify to ADR holders a means to access the text of such amendment. If an ADR holder continues to hold an ADR or ADRs at the time any amendment to the deposit agreement so becomes effective, such ADR holder is deemed, by continuing to hold such ADSs, to agree to such amendment and to be bound by the deposit agreement as so amended. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the deposit agreement or the form of ADR to ensure compliance therewith, we and the depositary may amend or supplement the deposit agreement and the ADR at any time in accordance with such changed laws, rules or regulations, which amendment or supplement may take effect before a notice is given or within any other period of time as required for compliance. No amendment, however, will impair your right to surrender your ADSs and receive the underlying securities, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements which (i) are reasonably necessary (as agreed by us and the depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by ADR holders, shall be deemed not to prejudice any substantial rights of holders.

**How may the deposit agreement be terminated?**

The depositary may, and shall at our written direction, terminate the deposit agreement and the ADRs by mailing notice of such termination to the registered holders of ADRs at least 30 days prior to the date fixed in such notice for such termination. Additionally, the depositary may terminate the deposit agreement by mailing notice to the registered holders at least 30 days prior to the termination date if (i) 60 days have expired after the depositary gave notice of its resignation or we gave notice of its removal and a successor depositary is not operating, (ii) we are bankrupt, in liquidation, or insolvent, (iii) the ADRs are delisted from a national securities exchange, (iv) we effect a redemption of all or substantially all of the deposited securities or a distribution representing a return of substantially all their value, (v) no deposited securities remain, or (vi) a merger, consolidation, or sale of assets results in other property being delivered in exchange for deposited securities. Notwithstanding these notice periods, the depositary may terminate the deposit agreement immediately and without prior notice to us or any holder if (i) required by any law, rule, or regulation relating to sanctions, (ii) the depositary would be subject to liability under any applicable law, or (iii) required by any governmental authority. After the termination date, the depositary and its agents will perform no further acts under the deposit agreement except to hold distributions, deliver withdrawn securities, or take specific actions regarding the sale or transfer of shares, subject to the payment of applicable fees. If the deposited securities are listed and publicly traded and the depositary reasonably believes it can sell them without undue effort, it may endeavor to sell the securities and hold the net proceeds in trust for the benefit of the holders. However, if the securities are not listed or the depositary does not sell them, the depositary shall use reasonable efforts to ensure the ADSs cease to be DTC eligible, and once they are no longer DTC eligible and provided we are not to the depositary's knowledge insolvent, the depositary shall (i) cancel the ADRs, (ii) instruct its custodian to deliver the deposited securities to us or our representative, and (iii) provide us with a copy of the ADR register. Upon receipt of these materials, we have agreed to (i) approve the transfer of the shares to the persons listed on the register, (ii) procure updates to our register of members, and (iii) provide the depositary with a certified copy of the updated register. If the depositary reasonably believes we are insolvent or in bankruptcy and the securities cannot be sold, the securities shall be deemed to have no value, and the depositary may surrender them to us for no consideration and notify holders that their ADSs have been cancelled. Finally, in connection with any termination, the depositary may, in its sole discretion and without notice to us, establish an unsponsored ADR program and allow holders to transition their shares into such a program.

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**Limitations on Obligations and Liability to ADR holders**

**Limits on our obligations and the obligations of the depositary; limits on liability to ADR holders and holders of ADSs**

Prior to the issue, registration, registration of transfer, split-up, combination, or cancellation of any ADRs, or the delivery of any distribution in respect thereof, and from time to time in the case of the production of proofs as described below, we or the depositary or its custodian may require:

● payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of shares or other deposited securities upon any applicable register and (iii) any applicable fees and expenses described in the deposit agreement;

● the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the deposit agreement and the ADRs, as it may deem necessary or proper; and

● compliance with such regulations as the depositary may establish consistent with the deposit agreement.

The issuance of ADRs, the acceptance of deposits of shares, the registration, registration of transfer, split-up or combination of ADRs or the withdrawal of shares, may be suspended, generally or in particular instances, when the ADR register or any register for deposited securities is closed or when any such action is deemed advisable by the depositary; provided that the ability to withdraw shares may only be limited under the following circumstances: (i) temporary delays caused by closing transfer books of the depositary or our transfer books or the deposit of shares in connection with voting at a shareholders' meeting, or the payment of dividends, (ii) the payment of fees, taxes, and similar charges, and (iii) compliance with any laws or governmental regulations relating to ADRs or to the withdrawal of deposited securities.

The deposit agreement expressly limits the obligations and liability of the depositary, ourselves and our respective agents, provided, however, that no provision of the deposit agreement or the ADRs is intended to constitute a waiver or limitation of any rights which holders of ADSs may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable. In the deposit agreement it provides that we, the depositary and any of our and their respective directors, officers, employees, agents and affiliates and each of them will:

● incur or assume no liability (including, without limitation, to ADR holders or beneficial owners of ADSs (A) if any present or future law, rule, regulation, fiat, order or decree of the Cayman Islands, Hong Kong, the People's Republic of China, the United States or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or governing any deposited securities, any present or future provision of our charter, any act of God, war, terrorism, epidemic, pandemic, nationalization, expropriation, currency restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the deposit agreement or any ADR provides shall be done or performed by it or them (including, without limitation, voting) or (B) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or things which by the terms of the deposit agreement it is provided shall or may be done or performed or any exercise or failure to exercise any discretion given it in the deposit agreement or any ADR (including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable);

● incur or assume no liability (including, without limitation, to ADR holders or beneficial owners of ADSs) except to perform its obligations to the extent they are specifically set forth in the ADR and the deposit agreement without gross negligence or willful misconduct and the depositary shall not be a fiduciary or have any fiduciary duty to ADR holders or beneficial owners;

● in the case of the depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs;

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● in the case of us and our agents under the deposit agreement be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required; and

● not be liable (including, without limitation, to ADR holders or beneficial owners of ADSs) for any action or inaction by it in reliance upon the advice of or information from any legal counsel, any accountant, any person presenting Shares for deposit, any ADR holder, or any other person believed by it to be competent to give such advice or information and/or, in the case of the depositary, us.

● it exercises or fails to exercise discretion under the deposit agreement or the ADRs including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable;

● it performs its obligations under the deposit agreement and ADRs without gross negligence or willful misconduct;

● it takes any action or refrains from taking any action in reliance upon the advice of or information from legal counsel, accountants, any person presenting shares for deposit, any registered holder of ADRs, or any other person believed by it to be competent to give such advice or information; or

The depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the deposit agreement, any registered holder or holders of ADRs, any ADRs or otherwise related to the deposit agreement or ADRs to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. The depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. Furthermore, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. Notwithstanding anything to the contrary contained in the deposit agreement or any ADRs, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the custodian except to the extent that any registered holder of ADRs has incurred liability directly as a result of the custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the depositary or (ii) failed to use reasonable care in the provision of custodial services to the depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located. Notwithstanding anything in the deposit agreement or ADRs to the contrary, the depositary and the custodian(s) may use third-party delivery services and providers of information regarding matters such as, but not limited to, pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the deposit agreement, and use local agents to provide services such as, but not limited to, attendance at any meetings of security holders of issuers. Although the depositary and the custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third-party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services.

The depositary, its agents and we may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties.

The depositary shall not have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale.

The depositary is under no obligation to provide the ADR holders or beneficial owners of ADSs, or any of them, with any information about our tax status.

The depositary has no obligation to inform ADR holders or beneficial owners of, or any other holders of an interest in any ADSs about the requirements of the laws, rules or regulations or any changes therein or thereto of any country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

Additionally, none of us, the depositary or the custodian, nor any of our or their respective directors, officers, employees, agents or affiliates, shall be liable for the failure by any registered holder of ADRs or beneficial owner therein to obtain the benefits of credits or refunds of non-U.S. tax paid against such holder's or beneficial owner's income tax liability. None of us, the depositary, the custodian, or any of our or their respective directors, officers, employees, agents and affiliates, shall incur any liability for any tax or tax consequences that may be incurred by ADR holders and/or beneficial owners of, or other holders of interests in, ADSs or ADRs on account of their ownership or disposition of the ADSs or ADRs.

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Neither the depositary nor its agents will be responsible for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any such vote is cast or for the effect of any such vote. The depositary may rely upon instructions from us or our counsel in respect of any approval or license required for any currency conversion, transfer or distribution. The depositary shall not incur any liability for the content of any information submitted to it by us or on our behalf for distribution to ADR holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the deposited securities, for the validity or worth of the deposited securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the deposit agreement or for the failure or timeliness of any notice from us. The depositary shall not be liable for any acts or omissions made by a successor depositary. Neither we, the depositary nor any of the depositary's agents shall be liable to registered holders of ADR or beneficial owners of interests in ADSs for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought.

In the deposit agreement each party thereto (including, for avoidance of doubt, each holder and beneficial owner and/or holder of interests in ADRs) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us directly or indirectly arising out of or relating to the shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or any other theory).

The depositary and its agents may own and deal in any class of securities of our company and our affiliates and in ADRs.

**Disclosure of Interest in ADSs**

To the extent that the provisions of or governing any deposited securities may require disclosure of or impose limits on beneficial or other ownership of deposited securities, other shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, you agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable instructions we may provide in respect thereof. We reserve the right to instruct you to deliver your ADSs for cancellation and withdrawal of the deposited securities so as to permit us to deal with you directly as a holder of shares and, by holding an ADS or an interest therein, you will be agreeing to comply with such instructions.

**Books of Depositary**

The depositary or its agent will maintain a register for the registration, registration of transfer, combination, and split-up of ADRs, which shall include the depositary's direct registration system. Registered holders of ADRs may inspect such records at the depositary's office at all reasonable times, but solely for the purpose of communicating with other holders in the interest of the business of our company or a matter relating to the deposit agreement. The depositary may close the ADR register at any time or from time to time when it deems it expedient to do so, and additionally, at our reasonable request, the depositary may close the issuance book portion of the register solely to enable us to comply with applicable law. Title to an ADR is generally transferable by delivery with the same effect as a negotiable instrument under New York law; provided that the depositary and our company may treat the registered holder as the absolute owner for all purposes and will have no obligation to a beneficial owner unless such person is the registered holder. Subject to the limitations regarding taxes and other charges set forth in the deposit agreement, an ADR may be split into other ADRs or combined into a single ADR evidencing the same aggregate number of ADSs upon the surrender of the ADR at the depositary's office with proper instruments of transfer. Furthermore, at the request of a registered holder, the depositary shall substitute a certificated ADR with a direct registration ADR, or vice versa, for any authorized number of ADSs representing the same aggregate total. The depositary will also maintain facilities for the delivery and receipt of ADRs.

**Appointment**

In the deposit agreement, each registered holder of ADRs and each person holding an interest in ADSs, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the deposit agreement will be deemed for all purposes to:

● be a party to and bound by the terms of the deposit agreement and the applicable ADR or ADRs,

● appoint the depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the deposit agreement and the applicable ADR or ADRs, to adopt any and all procedures necessary to comply with applicable laws and to take such action as the depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the deposit agreement and the applicable ADR and ADRs, the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof; and

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● acknowledge and agree that (i) nothing in the deposit agreement or any ADR shall give rise to a partnership or joint venture among the parties thereto, nor establish a fiduciary or similar relationship among such parties, (ii) the depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information about us, ADR holders, beneficial owners of ADSs and/or their respective affiliates, (iii) the depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with us, ADR holders, beneficial owners of ADSs and/or the affiliates of any of them, (iv) the depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which parties adverse to us or the ADR holders or beneficial owners of ADSs and/or their respective affiliates may have interests, (v) nothing contained in the deposit agreement or any ADR(s) shall (A) preclude the depositary or any of its divisions, branches or affiliates from engaging in any such transactions or establishing or maintaining any such relationships, or (B) obligate the depositary or any of its divisions, branches or affiliates to disclose any such transactions or relationships or to account for any profit made or payment received in any such transactions or relationships, (vi) the depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the depositary and (vii) notice to a registered holder of ADRs shall be deemed, for all purposes of the deposit agreement and the ADRs, to constitute notice to any and all beneficial owners of the ADSs evidenced by such registered holder's ADRs. For all purposes under the deposit agreement and the ADRs, the registered holder of an ADR shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of the ADSs evidenced by such ADR.

**Governing Law**

The deposit agreement and the ADRs are governed by and construed in accordance with the laws of the State of New York. In the deposit agreement, we have submitted to the jurisdiction of the courts of the State of New York and appointed an agent for service of process on our behalf. Notwithstanding the foregoing, (i) any action based on the deposit agreement or the transactions contemplated thereby may be instituted by the depositary in any competent court in the Cayman Islands, Hong Kong, the People's Republic of China and/or the United States, (ii) the depositary may, in its sole discretion, elect to institute any action, controversy, claim or dispute directly or indirectly based on, arising out of or relating to the deposit agreement or the ADRs or the transactions contemplated thereby, including without limitation any question regarding its or their existence, validity, interpretation, performance or termination, against any other party or parties to the deposit agreement (including, without limitation, against ADR holders and owners of interests in ADSs), by having the matter referred to and finally resolved by an arbitration conducted under the terms described below, and (iii) the depositary may in its sole discretion require that any action, controversy, claim, dispute, legal suit or proceeding brought against the depositary by any party or parties to the deposit agreement (including, without limitation, by ADR holders and owners of interests in ADSs) shall be referred to and finally settled by an arbitration conducted under the terms described below. Any such arbitration shall be conducted in the English language either in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association or in Hong Kong following the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL).

By holding an ADS or an interest therein, registered holders of ADRs and owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or involving us or the depositary, arising out of or based upon the deposit agreement, the ADSs or the transactions contemplated thereby, may only be instituted in a state or federal court in New York, New York, and each irrevocably waives any objection which it may have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

**Jury Trial Waiver**

In the deposit agreement, each party thereto (including, for avoidance of doubt, each holder and beneficial owner of, and/or holder of interests in, ADSs or ADRs) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us directly or indirectly arising out of, based on or relating in any way to the shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated herein or therein, or the breach thereof (whether based on contract, tort, common law or any other theory); provided, however, no provision of the deposit agreement or any ADR is intended to constitute a waiver or limitation of any rights which an ADR holder or any beneficial owner of ADSs may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

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**SHARES ELIGIBLE FOR FUTURE SALE**

As of the date of this prospectus, we have (i) 37,253,094,915 Class A ordinary shares, excluding Class A ordinary shares issued to JPMorgan Chase Bank, N.A., the depositary of our ADS program, for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our stock incentive plans, (ii) 195,969,844 Class B ordinary shares, (iii) 1,111,577,928 Class C ordinary shares and (iv) 16,000,000 Class D ordinary shares issued and outstanding. Following the completion of this offering, the Selling Shareholders may offer and sell up to an additional 37,376,000,000 Class A ordinary shares and 468,750 ADSs of the Company. Each ADS represents 3,200 of our Class A ordinary shares, par value $0.000001 per share.

**Rule 144**

Under Rule 144 as currently in effect, "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act. Persons who are our affiliates and have beneficially owned our restricted securities for at least six months may sell a number of restricted securities within any three-month period that does not exceed the greater of the following:

● 1% of the then-outstanding ordinary shares of the same class, in the form of ADSs or otherwise; or

● the average weekly trading volume of our ordinary shares of the same class in the form of ADSs or otherwise, on the Nasdaq Stock Market, during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC.

Sales by our affiliates under Rule 144 are also subject to certain requirements relating to manner of sale, notice and the availability of current public information about us. In addition, Rule 144 is not available for resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. Immediately prior to the Transactions, RISE was a shell company as defined in Rule 12b-2 under the Exchange Act.

**Rule 701**

In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our ordinary shares from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those ordinary shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

**Registration Rights**

Certain holders of our ordinary shares or their transferees are entitled to request that we register their shares under the Securities Act. See "Description of Share Capital—Agreement with Shareholders—Registration Rights."

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**TAXATION**

 

*The following summary of Cayman Islands, PRC and U.S. federal income tax considerations of an investment in the ADSs or ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this registration statement, all of which are subject to change. This summary does not deal with all possible tax considerations relating to an investment in the ADSs or ordinary shares, such as the tax considerations under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, the People's Republic of China and the United States. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Travers Thorp Alberga, our Cayman Islands counsel; to the extent it relates to PRC tax law, it is the opinion of Jingtian & Gongcheng, our PRC counsel.* 

**Cayman Islands Taxation**

According to Travers Thorp Alberga, our Cayman Islands counsel, the Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to holders of our ADSs or ordinary shares levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by us. There are no exchange control regulations or currency restrictions in the Cayman Islands.

**People's Republic of China Taxation** 

 

*PRC Enterprise Income Tax Law* 

Under the PRC Enterprise Income Tax Law, an enterprise established outside of China with "de facto management bodies" within China may be considered a PRC "resident enterprise," meaning it can be treated in a manner similar to a PRC enterprise for enterprise income tax purposes, although the dividends paid to a PRC resident enterprise from another may qualify as "tax-exempt income." The implementation rules of the PRC Enterprise Income Tax Law define a "de facto management body" as a body that has substantial and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise. STA Circular 82 issued by STA on April 22, 2009 specifies that certain offshore enterprises controlled by a PRC company or a PRC company group will be classified as PRC "resident enterprises" if the following requirements are satisfied: (i) the senior management and core management departments in charge of its daily operations function are mainly in China; (ii) its financial and human resources decisions are subject to determination or approval by persons or bodies in China; (iii) its major assets, accounting books, company seals, and minutes and files of its board and shareholders' meetings are located or kept in China; and (iv) at least half of the enterprise's directors with voting rights or senior management reside in China. Although STA Circular 82 only applies to offshore enterprises controlled by PRC enterprises and not those controlled by PRC individuals, the determination criteria set forth in STA Circular 82 may reflect STA's general position on how the "de facto management body" test should be applied in determining tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises or PRC individuals.

We believe that we are not a PRC resident enterprise and therefore we are not subject to PRC enterprise income tax reporting obligations and the dividends paid by us to holders of our ADSs or ordinary shares will not be subject to PRC withholding tax. However, if the PRC tax authorities determine that we are a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding tax from dividends we pay to our non-PRC enterprise shareholders and a 20% withholding tax from dividends we pay to our non-PRC individual shareholders, including the holders of our ADSs. In addition, non-PRC shareholders may be subject to PRC tax on gains realized on the sale or other disposition of ADSs or ordinary shares if such income is treated as China-sourced income. It is unclear whether our non-PRC shareholders would be able to claim the benefits of any tax treaties between their tax residence and China in the event we are treated as a PRC resident enterprise. See "Risk Factors—Risks Related to Doing Business in China—It is unclear whether we will be considered a PRC 'resident enterprise' under the PRC Enterprise Income Tax Law and, depending on the determination of our PRC 'resident enterprise' status, our global income may be subject to the 25% PRC enterprise income tax, which could materially and adversely affect our results of operations."

 

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*Enterprise Income Tax for Share Transfer by Non-PRC Resident Enterprises* 

On February 3, 2015, the State Taxation Administration issued STA Public Notice 7. In December 2017, Article 13 and Paragraph 2 of Article 8 of STA Public Notice 7 were abolished Pursuant to the prevailing regulations, which are currently embodied in SAT Bulletin 37 (effective December 1, 2017), where a non-PRC resident enterprise indirectly transfers equities and other properties of a PRC resident enterprise to evade its obligation of paying enterprise income tax by implementing arrangements that are not for reasonable commercial purpose, such indirect transfer shall be re-identified and recognized as a direct transfer of equities and other properties of the PRC resident enterprise. These regulations provides clear criteria for assessment of reasonable commercial purposes and has introduced safe harbors for internal group restructurings and the purchase and sale of equity interests through a public securities market. These regulations also brings challenges to both offshore transferor and transferee (or other person who is obligated to pay for the transfer) of taxable assets. Where a non-PRC resident enterprise transfers taxable assets indirectly by disposing of the equity interests of an offshore holding company, which is an Indirect Transfer, the non-PRC resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such Indirect Transfer to the PRC tax authority. Using a "substance over form" principle, the PRC tax authority may disregard the existence of the offshore holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to enterprise income tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.

 

*PRC Value-Added Tax (VAT) and Business Tax* 

Before August 2013 and pursuant to applicable PRC tax regulations, any entity or individual conducting business in the service industry is generally required to pay a business tax at the rate of 5% on the revenue generated from providing services. However, if the services provided are related to technology development and transfer, the business tax may be exempted subject to approval by the tax authorities.

In November 2011, the Ministry of Finance and SAT promulgated the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax. In May and December 2013, April 2014, March 2016 and July 2017, the Ministry of Finance and SAT promulgated five circulars to further expand the scope of services that are to be subject to VAT instead of business tax. Pursuant to these tax rules, from August 1, 2013, VAT was imposed to replace the business tax in certain service industries, including technology services and advertising services, and from May 1, 2016, VAT replaced business tax in all industries, on a nationwide basis. On November 19, 2017, the State Council further amended the Interim Regulation of PRC on Value Added Tax to reflect the normalization of the pilot program. The VAT rates generally applicable are simplified as 17%, 11%, 6% and 0%, and the VAT rate applicable to the small-scale taxpayers is 3%. Unlike business tax, a taxpayer is allowed to offset the qualified input VAT paid on taxable purchases against the output VAT chargeable on the revenue from services provided.

On April 4, 2018, the Ministry of Finance and SAT issued the Notice on Adjustment of VAT Rates, which came into effect on May 1, 2018. According to the notice, starting from May 1, 2018, the taxable goods previously subject to VAT rates of 17% and 11%, respectively, become subject to lower VAT rates of 16% and 10%, respectively.

On March 20, 2019, the Ministry of Finance, SAT and the General Administration of Customs issued the Announcement on Policies for Deepening the VAT Reform, which came into effect in April 2019, to further reduce VAT rates. According to the announcement, (1) for general VAT payers' sales activities or imports previously subject to VAT at an existing applicable rate of 16% or 10%, the applicable VAT rate is adjusted to 13% or 9% respectively; (2) for agricultural products purchased by taxpayers to which an existing 10% deduction rate is applicable, the deduction rate is adjusted to 9%; (3) for agricultural products purchased by taxpayers for production or commissioned processing, which are subject to VAT at 13%, the input VAT will be calculated at a 10% deduction rate; (4) for the exportation of goods or labor services that are subject to VAT at 16%, with the applicable export refund at the same rate, the export refund rate is adjusted to 13%; and (5) for the exportation of goods or cross-border taxable activities that are subject to VAT at 10%, with the export refund at the same rate, the export refund rate is adjusted to 9%.

On December 25, 2024, the Standing Committee of the National People's Congress promulgated the Value-Added Tax Law of the People's Republic of China , or the VAT Law, which took effect on January 1, 2026. Pursuant to Article 10 of the VAT Law, taxpayers engaged in the sale of services or intangible assets shall be subject to a tax rate of 6%, except where such transactions fall under the exemptions or reduced rates stipulated in Items 1, 2, and 5 of the same Article.

**United States Federal Income Tax Considerations**

The following discussion is a summary of material U.S. federal income tax considerations generally applicable to the ownership and disposition of our ADSs or Class A ordinary shares by a U.S. Holder (as defined below) that holds our ADSs or Class A ordinary shares as "capital assets" (generally, property held for investment) under the Code. This discussion is based upon existing U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal estate, gift, minimum tax, and other non-income tax considerations, the Medicare tax on certain net investment income, or any state, local or non-U.S. tax considerations, relating to the ownership or disposition of our ADSs or Class A ordinary shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular U.S. Holders in light of their individual circumstances or to persons in special tax situations such as:

● banks and other financial institutions;

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● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● broker-dealers;

● persons that elect to use a mark-to-market method of accounting;

● certain former U.S. citizens or former long-term residents of the U.S.;

● tax-exempt entities (including private foundations);

● governments or agencies or instrumentalities thereof;

● qualified retirement plans, individual retirement accounts, or other tax-deferred accounts;

● holders who acquire their ADSs or Class A ordinary shares pursuant to any employee share option or otherwise as compensation;

● holders that hold their ADSs or Class A ordinary shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction for U.S. federal income tax purposes;

● holders that have a functional currency other than the U.S. dollar;

● persons that actually or constructively own ADSs or ordinary shares representing 10% or more of our stock (by vote or value); or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding ADSs or Class A ordinary shares through such entities (except as explicitly discussed below).

all of whom may be subject to tax rules that differ significantly from those discussed below.

Each U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and the state, local, non-U.S. and other tax considerations of the ownership and disposition of our ADSs or Class A ordinary shares. This brief description is based on the current provisions of the Code, existing, temporary and proposed U.S. Treasury Regulations promulgated thereunder, published administrative pronouncements of the IRS and other applicable authorities federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax considerations described below.

 

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*General* 

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our ADSs or Class A ordinary shares that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the law of the United States or any state thereof or the District of Columbia;

● an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

● a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S. person under the Code.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our ADSs or Class A ordinary shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our ADSs or Class A ordinary shares and their partners are urged to consult their tax advisors regarding an investment in our ADSs or Class A ordinary shares.

For U.S. federal income tax purposes, it is generally expected that a U.S. Holder of ADSs will be treated as the beneficial owner of the underlying shares represented by the ADSs. The remainder of this discussion assumes that a U.S. Holder of our ADSs will be treated in this manner. Accordingly, deposits or withdrawals of Class A ordinary shares for ADSs will generally not be subject to U.S. federal income tax.

THIS SUMMARY DOES NOT PURPORT TO BE A COMPREHENSIVE ANALYSIS OR DESCRIPTION OF ALL POTENTIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS OF ACQUIRING, OWNING AND DISPOSING OF ADSs OR CLASS A ORDINARY SHARES. HOLDERS OF ADSs OR CLASS A ORDINARY SHARES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE PARTICULAR TAX CONSIDERATIONS TO THEM OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF ADSs OR CLASS A ORDINARY SHARES, INCLUDING THE APPLICABILITY AND EFFECTS OF U.S. FEDERAL, STATE, LOCAL, AND OTHER TAX LAWS.

 

*Dividends* 

Subject to the discussion below entitled "Passive Foreign Investment Company Rules," any cash distributions (including the amount of any PRC tax withheld) paid on our ADSs or Class A ordinary shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder, in the case of Class A ordinary shares, or by the depositary, in the case of ADSs. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. Dividends received on our ADSs or Class A ordinary shares will not be eligible for the dividends received deduction generally allowed to corporations. A non-corporate U.S. Holder will be subject to tax at the lower capital gain tax rate applicable to "qualified dividend income," provided that certain conditions are satisfied, including that (1) our ADSs or Class A ordinary shares on which the dividends are paid are readily tradeable on an established securities market in the United States, or, in the event that we are deemed to be a PRC resident enterprise under the PRC tax law, we are eligible for the benefits of the United States-PRC income tax treaty, or the "Treaty", (2) we are neither a PFIC nor treated as such with respect to such a U.S. Holder for the taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. Our ADSs (but not our Class A ordinary shares), which are listed on Nasdaq, are considered readily tradeable on an established securities market in the United States. There can be no assurance, however, that our ADSs will be considered readily tradeable on an established securities market in future years.

In the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law (see "—PRC Taxation"), we may be eligible for the benefits of the Treaty. If we are eligible for such benefits, dividends we pay on our Class A ordinary shares, regardless of whether such shares are represented by the ADSs, would be eligible for the reduced rates of taxation described in the preceding paragraph.

Dividends paid on our ADSs or Class A ordinary shares, if any, will generally be treated as income from foreign sources and will generally constitute passive category income for U.S. foreign tax credit purposes. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any nonrefundable foreign withholding taxes imposed on dividends received on our ADSs or Class A ordinary shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign taxes withheld may be eligible instead to claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

 

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*Sale or Other Disposition*

Subject to the discussion below entitled "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of ADSs or Class A ordinary shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such ADSs or Class A ordinary shares. Any capital gain or loss will be long-term if the ADSs or Class A ordinary shares have been held for more than one year. Long-term capital gain of non-corporate U.S. Holders will generally be eligible for a reduced rate of taxation. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our ADSs or Class A ordinary shares, including the availability of the foreign tax credit or deduction under their particular circumstances, their eligibility for benefits under the Treaty and the potential impact of the Treasury Regulations.

 

*Passive Foreign Investment Company Rules*

A non-U.S. corporation, such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income (as defined for U.S. federal income tax purposes), or the "income test", or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income, or the "asset test". For this purpose, cash and assets readily convertible into cash are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account when determining the value of the company's assets. Passive income generally includes, among other things, dividends, interest, certain rents and royalties, and certain gains from commodities or securities transactions and the excess of gains over losses from the disposition of certain assets which produce passive income. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock.

Based upon our current and projected income and assets, we do not expect to be a PFIC for the current taxable year. While we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we will be or become a PFIC for any taxable year is a fact-intensive determination made annually that depends, in part, upon the composition of our income and assets. In particular, increased volatility in the market price of our ADSs may significantly increase our risk of becoming a PFIC. The market price of our ADSs may continue to fluctuate widely, and consequently, we cannot assure you of our PFIC status for any taxable year. Fluctuations in the market prices of our ADSs and Class A ordinary shares may cause us to be or become classified as a PFIC for the current or future taxable years because the value of our assets for purposes of the asset test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market prices of our ADSs and Class A ordinary shares from time to time (which may be volatile). If our market capitalization subsequently declines, we may be or become classified as a PFIC for the current taxable year or future taxable years. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets. Under circumstances where revenues from activities that produce passive income significantly increase relative to our revenues from activities that produce non-passive income, our risk of being or becoming classified as a PFIC may substantially increase. Because PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our ADSs or Class A ordinary shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder, other than the taxable year in which the U.S. Holder's holding period ADSs or Class A ordinary shares begins, that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the portion of the U.S. Holder's holding period for the ADSs or Class A ordinary shares that preceded the taxable year in which the U.S. Holder receives the distribution), and (ii) any gain realized on the sale or other disposition of ADSs or Class A ordinary shares. Under the PFIC rules:

● the excess distribution or gain will be allocated ratably over the U.S. Holder's holding period for the ADSs or Class A ordinary shares;

● the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC, or a pre-PFIC year, will be taxable as ordinary income;

● the amount allocated to each prior taxable year (or portion thereof), other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

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● an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year (or portion thereof), other than a pre-PFIC year.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is regularly traded (generally, stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter) on a qualified exchange or other market, as defined in applicable Treasury Regulations. Our ADSs (but not our Class A ordinary shares) are listed on the Nasdaq, which is a qualified exchange for these purposes. We anticipate that our ADSs should qualify as being regularly traded, but no assurances may be given in this regard. If a U.S. Holder makes this election, the holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the taxable year over the adjusted tax basis of such ADSs and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the ADSs over the fair market value of such ADSs held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the ADSs would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our ADSs or Class A ordinary shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

We do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs described above.

If a U.S. Holder owns our ADSs or Class A ordinary shares during any taxable year that we are a PFIC, the holder must generally file an IRS Form 8621 annually. You should consult your tax advisors regarding the U.S. federal income tax consequences of owning and disposing of our ADSs or Class A ordinary shares if we are or become a PFIC.

 

*Information Reporting and Backup Withholding*

Dividend payments with respect to our ADSs or Class A ordinary shares and proceeds from the sale, exchange or redemption of our ADSs or Class A ordinary shares may be subject to information reporting to the IRS and possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to "specified foreign financial assets" (which may include our ADSs or Class A ordinary shares), subject to certain exceptions (including an exception for ADSs or Class A ordinary shares held in accounts maintained by certain financial institutions), by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold ADSs or Class A ordinary shares. Failure to report such information could result in substantial penalties. You should consult your own tax advisor regarding your obligation to file an IRS Form 8938.

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**PLAN OF DISTRIBUTION**

The Selling Shareholders may sell or distribute the securities described in this prospectus from time to time in one or more of the following ways:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● transactions involving cross or block trades;

● a purchase by a broker-dealer as principal and resale by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● in privately negotiated transactions;

● broker-dealers may agree with a Selling Shareholder to sell a specified number of such shares at a stipulated price per share;

● in "at-the-market offerings," within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an existing trading market, on an exchange or otherwise;

● through the writing of options on the shares;

● a combination of any such methods of sale; and

● any other method permitted pursuant to applicable law.

In order to comply with the securities laws of certain states, if applicable, the shares of the Selling Shareholders may be sold only through registered or licensed brokers or dealers. In addition, in certain states, such shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from the registration or qualification requirement is available and complied with.

The Selling Shareholders may also sell the securities described in this prospectus under Rule 144 promulgated under the Securities Act, if available, or any other exemption available under the Securities Act rather than under this prospectus. In addition, the Selling Shareholders may transfer the securities described in this prospectus by other means not described in this prospectus.

The Selling Shareholders may also sell the shares directly to market makers acting as principals and/or broker-dealers acting as agents for themselves or their customers. Such broker-dealers may receive compensation in the form of discounts, concessions or commissions from the Selling Shareholders and/or the purchasers of shares for whom such broker-dealers may act as agents or to whom they sell as principal or both, which compensation as to a particular broker-dealer might be in excess of customary commissions. Market makers and block purchasers purchasing the shares will do so for their own account and at their own risk. It is possible that a Selling Shareholder will attempt to sell securities described in this prospectus in block transactions to market makers or other purchasers at a price per share which may be below the then market price. The Selling Shareholders cannot assure that all or any of the shares offered in this prospectus will be issued to, or sold by, it.

Brokers, dealers or agents participating in the distribution of the shares held by the Selling Shareholders as agents may receive compensation in the form of commissions, discounts, or concessions from the Selling Shareholders and/or purchasers of the securities described in this prospectus for whom the broker-dealers may act as agent. The Selling Shareholders may agree to indemnify any agent, dealer or broker-dealer that participates in transactions involving sales of the shares if liabilities are imposed on that person under the Securities Act.

The Selling Shareholders will acquire the securities offered hereby in the ordinary course of business and have advised us that they have not entered into any agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of their securities described in this prospectus, nor is there an underwriter or coordinating broker acting in connection with a proposed sale of such securities by the Selling Shareholders. If we are notified by a Selling Shareholder that any material arrangement has been entered into with a broker-dealer for the sale of such securities, if required, we will file a supplement to this prospectus.

We may suspend the sale of shares by the Selling Shareholders pursuant to this prospectus for certain periods of time for certain reasons, including if the prospectus is required to be supplemented or amended to include additional material information.

If the Selling Shareholders uses this prospectus for any sale of the securities described in this prospectus, it will be subject to the prospectus delivery requirements of the Securities Act.

**Regulation M**

The anti-manipulation rules of Regulation M under the Exchange Act of 1934, as amended (the "Exchange Act") may apply to sales of our securities described in this prospectus and activities of the Selling Shareholders.

We have advised the Selling Shareholders that while it is engaged in a distribution of the shares included in this prospectus it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes the Selling Shareholders, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability of the shares offered by this prospectus.

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**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses that we expect to incur in connection with this offering. With the exception of the SEC registration fee, all amounts are estimates.

---

| | |
|:---|:---|
|  | **US$'000** |
| SEC Registration Fee | 3 |
| Printing and Engraving Expenses | 5 |
| Legal Fees and Expenses | 165 |
| Accounting Fees and Expenses | 30 |
| Issuance Fee | 744 |
| Miscellaneous | 100 |
| **Total** | **1047** |

---

\* All amounts are estimated, except the SEC registration fee.

**LEGAL MATTERS**

We are being represented by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP with respect to certain legal matters as to United States federal securities and New York State law. The validity of our Class A ordinary shares represented by the ADSs offered in this offering will be passed upon for us by Travers Thorp Alberga. Certain other legal matters as to PRC law will be passed upon for us by Jingtian & Gongcheng. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP may rely upon Travers Thorp Alberga with respect to matters governed by Cayman Islands law and Jingtian & Gongcheng with respect to matters governed by PRC law.

**EXPERTS** 

The consolidated financial statements of NaaS Technology Inc. as of December 31, 2023 and 2024, appearing in this Prospectus and Registration Statement have been audited by Enrome LLP, independent registered public accounting firm, and are included in reliance upon such reports given on the authority of such firms as experts in accounting and auditing. The consolidated financial statements of NaaS Technology Inc. as of December 31, 2025, appearing in this Prospectus and Registration Statement have been audited by Guangdong Prouden CPAs GP, independent registered public accounting firm, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The office of Enrome LLP is located at 143 Cecil Street, #19-04 GB Building, Singapore, Singapore 069542. The office of Guangdong Prouden CPAs GP is located at Unit 01, 22nd Floor, No. 21 West Zhujiang Road, Tianhe District, Guangzhou, China.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We are subject to the periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Under the Exchange Act, we are required to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months after the end of each fiscal year. All information filed with the SEC can be obtained over the internet at the SEC's website at www.sec.gov. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

You can also find information on our website *https://www.enaas.com*. The information contained on our website is not a part of this prospectus.

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**NaaS Technology Inc.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm (PCAOB ID: 7254)](#f_001) | F-2 |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID: 6907)](#f_002) | F-4 |
| [Consolidated Statements of Financial Position as of December 31, 2024 and 2025](#f_003) | F-5 |
| [Consolidated Statements of Profit or Loss and Other Comprehensive Income for the years ended December 31, 2023, 2024 and 2025](#f_004) | F-6 |
| [Consolidated Statements of Changes in Equity for the years ended December 31, 2023, 2024 and 2025](#f_005) | F-7 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2024 and 2025](#f_006) | F-10 |
| [Notes to the Consolidated Financial Statements](#f_007) | F-11 |

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of NaaS Technology Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of NaaS Technology Inc. and its subsidiaries (the "Group") as of December 31, 2025, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the fiscal year ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025, and the results of its operations and its cash flows for the fiscal year ended December 31, 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern. As discussed in Note 1.4 to the consolidated financial statements, the Group incurred a net loss in the amount of RMB450.0 million during the year ended December 31, 2025 and had accumulated losses of RMB8,690.6 million and a working capital deficit of RMB909.1 million as of December 31, 2025 that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1.4. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

***Critical Audit Matter***

 ****

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the board of directors and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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**Recognition of revenue generated from mobility connectivity services**

***Description*** ***of the Matter***

The Group generated a substantial amount of revenue from mobility connectivity services delivered in conjunction with its partnered platform that connects electrical vehicle users with charging stations. The Group generates charging service commission income from charging stations and membership fees and coupon revenue from vehicle users which involves allocation of consideration to the distinct performance obligations on a relative standalone selling price basis and revenue is recognized when control of the distinct performance obligation is transferred.

Auditing the Group's revenue recognition involved a high degree of auditor judgment due to the effort to evaluate (a) the identification and determination of whether services are considered distinct performance obligations that should be accounted for separately, and (b) the determination of standalone selling prices for each distinct performance obligation that is not sold separately.

***How we addressed the critical audit matter in the audit***

Our procedures in relation to the recognition of revenue generated from mobility and connectivity services included:

&nbsp;&nbsp;&nbsp;&nbsp;a. We
 evaluated the appropriateness of the Group's revenue recognition policies in accordance
 with IFRS 15;

&nbsp;&nbsp;&nbsp;&nbsp;b. We
 tested the management's identification of significant contract terms, including the
 identification and determination of distinct performance obligations. We also evaluated the
 methodology and reasonableness of management's assumptions used for the estimate of
 stand-alone selling prices for services that are not sold separately;

&nbsp;&nbsp;&nbsp;&nbsp;c. We
 obtained an understanding, evaluated the design and tested the operating effectiveness of
 internal controls related to the identification of distinct performance obligations and the
 determination of stand-alone selling prices for each distinct performance obligation, including
 the information technology general control ("ITGC") and the information technology
 application control ("ITAC");

&nbsp;&nbsp;&nbsp;&nbsp;d. We
 evaluated the service auditor's SOC 1 Type II report on the partnered third party platform
 which is the service organization regarding the accuracy of the charging transactions;

&nbsp;&nbsp;&nbsp;&nbsp;e. We
 performed substantive audit procedures on the completeness and accuracy of information provided
 by the Group;

&nbsp;&nbsp;&nbsp;&nbsp;f. We
 tested the accuracy of the charging transaction by reconciling with the settlement statements
 with the charging stations and the collections with external confirmation;

&nbsp;&nbsp;&nbsp;&nbsp;g. Finally,
 we assessed the appropriateness of the related disclosures in the consolidated financial
 statements.

/s/ Guangdong Prouden CPAs GP

Guangdong Prouden CPAs GP

We have served as the Group's auditor since 2026.

Guangzhou, China

April 17, 2026

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of NaaS Technology Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of NaaS Technology Inc. and its subsidiaries (the "Group") as of December 31, 2024, the related consolidated statements of profit or loss and other comprehensive loss, changes in equity and cash flows for each of the fiscal years ended December 31, 2024, and 2023, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2024, and the results of its operations and its cash flows for each of the fiscal years ended December 31, 2024, and 2023, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Group Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Enrome LLP

We have served as the Group's auditor since 2024.

Singapore

July 9, 2025

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**NAAS TECHNOLOGY INC** 

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | <br>**Notes** | **2024** | **2025** | **2025** |
|  |  | **RMB'000** | **RMB'000** | **US$'000** |
| **ASSETS** |  |  |  |  |
| **Current assets** |  |  |  |  |
| Cash and cash equivalents | 6 | 126614 | 81154 | 11605 |
| Trade receivables, net | 7 | 44506 | 21714 | 3105 |
| Financial assets measured at fair value | 12 | 45 | 1291 | 185 |
| Inventories | 8 |  | 17 | 2 |
| Prepayments, other receivables and other assets, net | 9 | 204177 | 105724 | 15118 |
| Other financial assets |  | 9129 |  |  |
| Assets classified as held for sale | 5 | 55026 | 4148 | 593 |
| **Total current assets** |  | **439497** | **214048** | **30608** |
| **Non-current assets** |  |  |  |  |
| Right-of-use assets | 11 | 4804 | 2794 | 400 |
| Financial assets measured at fair value, non-current | 12 | 198949 | 92396 | 13211 |
| Investments accounted for using equity method |  | 411 | 421 | 60 |
| Property, plant and equipment, net | 13 | 2601 | 1127 | 161 |
| Intangible assets, net | 14 | 2335 | 1592 | 228 |
| Other non-current assets |  | 2047 | 194 | 28 |
| **Total non-current assets** |  | **211147** | **98524** | **14088** |
| **Total assets** |  | **650644** | **312572** | **44696** |
| **LIABILITIES AND EQUITY** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Borrowings, current | 15 | 772978 | 501763 | 71751 |
| Current lease liabilities | 11 | 1254 | 1469 | 210 |
| Trade payables | 16 | 104224 | 230832 | 33009 |
| Income tax payables |  | 796 | 796 | 114 |
| Other payables and accruals | &nbsp;&nbsp;&nbsp;17 | 179051 | 358357 | 51244 |
| Financial liabilities at fair value through profit or loss | 18 | 241524 | 22044 | 3152 |
| Liabilities relating to assets classified as held for sale | 5 | 50586 | 7903 | 1130 |
| **Total current liabilities** |  | **1350413** | **1123164** | **160610** |
| **Non-current liabilities** |  |  |  |  |
| Borrowings, non-current | 15 | 51067 | 80961 | 11577 |
| Non-current lease liabilities | 11 | 3298 | 1121 | 160 |
| **Total non-current liabilities** |  | **54365** | **82082** | **11737** |
| **Total liabilities** |  | **1404778** | **1205246** | **172347** |
| **EQUITY** |  |  |  |  |
| Share capital | 19 | 186678 | 239 | 34 |
| Subscription receivable | 19 | (4696) | (138363) | (19787) |
| Treasury shares | 19 | (6862) | (1) | — \* |
| Warrant outstanding | 19 | 29587 | 29587 | 4231 |
| Additional paid-in capital | 19 | 7389684 | 7818000 | 1117960 |
| Other reserves |  | (97194) | 47162 | 6744 |
| Accumulated losses |  | (8251652) | (8690607) | (1242740) |
| Non-controlling interests |  | 321 | 41309 | 5907 |
| **Total equity** |  | **(754134)** | **(892674)** | **(127651)** |
| **Total equity and liabilities** |  | **650644** | **312572** | **44696** |

---

\* Representing an amount with an absolute value of less than US$1,000 (including negative amounts).

The accompanying notes are an integral part of these consolidated financial statements.

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**NAAS TECHNOLOGY INC** 

**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | <br>**Notes** | **2023** | **2024** | **2025** | **2025** |
|  |  | **RMB'000** | **RMB'000** | **RMB'000** | **US$'000** |
| **Continuing operations** |  |  |  |  |  |
| **Revenues** |  |  |  |  |  |
| Charging services revenues |  | 129434 | 169093 | 118816 | 16990 |
| Energy solutions revenues |  | 100545 | 25516 | 765 | 109 |
| New initiatives revenues |  | 3384 | 6367 | 5558 | 795 |
| **Total revenues** | 20 | **233363** | **200976** | **125139** | **17894** |
| **Cost of revenues** | 21 | **(170174)** | **(112434)** | **(17619)** | **(2519)** |
| **Gross profit** |  | **63189** | **88542** | **107520** | **15375** |
| **Operating expenses** |  |  |  |  |  |
| Selling and marketing expenses | 21 | (438609) | (198863) | (150506) | (21522) |
| Administrative expenses | 21 | (568446) | (374644) | (133135) | (19038) |
| Research and development expenses | 21 | (61608) | (42070) | (14599) | (2088) |
| Impairment losses, net | 21 | (73816) | (300921) | (81558) | (11663) |
| **Total operating expenses** |  | **(1142479)** | **(916498)** | **(379798)** | **(54311)** |
| **Other gains, net** | 22 | **24083** | **20928** | **6484** | **927** |
| **Operating loss** |  | **(1055207)** | **(807028)** | **(265794)** | **(38009)** |
| Fair value changes of financial instruments at fair value through profit or loss |  | (203663) | (80322) | (126749) | (18125) |
| Finance costs | 23 | (31852) | (39838) | (32567) | (4656) |
| **Loss before income tax** |  | **(1290722)** | **(927188)** | **(425110)** | **(60790)** |
| Income tax | 24 | (3308) | 19150 |  |  |
| **Loss from continuing operations** |  | **(1294030)** | **(908038)** | **(425110)** | **(60790)** |
| Loss from discontinued operations | 5 | (13120) | (6404) | (24857) | (3555) |
| **Net loss** |  | **(1307150)** | **(914442)** | **(449967)** | **(64345)** |
| **Net loss attributable to:** |  |  |  |  |  |
| Equity holders of the Company |  | (1306913) | (913484) | (438955) | (62770) |
| Non-controlling interests |  | (237) | (958) | (11012) | (1575) |
|  |  | **(1307150)** | **(914442)** | **(449967)** | **(64345)** |
| **Basic and diluted loss per share for loss from continuing operations attributable to the ordinary shareholders of the Company (Expressed in RMB per share)** |  |  |  |  |  |
| Basic loss per share | 25 | (0.57) | (0.35) | (0.04) | (0.01) |
| Diluted loss per share | 25 | (0.57) | (0.35) | (0.04) | (0.01) |
| **Basic and diluted loss per share for loss attributable to the ordinary shareholders of the Company (Expressed in RMB per share)** |  |  |  |  |  |
| Basic loss per share | 25 | (0.58) | (0.35) | (0.05) | (0.01) |
| Diluted loss per share | 25 | (0.58) | (0.35) | (0.05) | (0.01) |
| **Net loss for the year** |  | **(1307150)** | **(914442)** | **(449967)** | **(64345)** |
| **Other comprehensive (loss)/income that will not be reclassified to profit or loss in subsequent periods:** |  |  |  |  |  |
| – Fair value changes on equity investment designated at fair value through other comprehensive income, net of tax |  | (24090) | (37127) | 25754 | 3683 |
| – Own-credit risk portion of fair value changes on convertible bonds designated at fair value through profit or loss, net of tax |  |  |  | 121652 | 17396 |
| – Currency translation differences |  | (6408) | 5632 | (3050) | (436) |
| **Other comprehensive (loss)/income for the year, net of tax** |  | **(30498)** | **(31495)** | **144356** | **20643** |
| **Total comprehensive loss for the year** |  | **(1337648)** | **(945937)** | **(305611)** | **(43702)** |
| Total comprehensive loss attributable to: |  |  |  |  |  |
| Equity holders of the Company |  | (1337411) | (944979) | (294599) | (42127) |
| Non-controlling interests |  | (237) | (958) | (11012) | (1575) |
|  |  | **(1337648)** | **(945937)** | **(305611)** | **(43702)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

**NAAS TECHNOLOGY INC**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Share capital** | **Subscription receivable** | **Additional paid-in capital** | **Other reserves** | **Accumulated<br> losses** | **Total** | **Non-controlling<br> interests** | **Total Equity** |
|  |  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **Balance at January 1, 2023** |  | **146730** | **—** | **6358600** | **(35201)** | **(6031255)** | **438874** | **—** | **438874** |
| **Comprehensive loss** |  |  |  |  |  |  |  |  |  |
| Net loss for the year |  |  |  |  |  | (1306913) | (1306913) | (237) | (1307150) |
| Other comprehensive loss |  |  |  |  | (30498) |  | (30498) |  | (30498) |
| **Total comprehensive loss for the year** |  | **—** | **—** | **—** | **(30498)** | **(1306913)** | **(1337411)** | **(237)** | **(1337648)** |
| **Transactions with equity holders:** |  |  |  |  |  |  |  |  |  |
| Issuance of shares, net |  | 7175 | (4696) | 128247 |  |  | 130726 |  | 130726 |
| Share-based compensation from ESOP | 26 |  |  | 393825 |  |  | 393825 |  | 393825 |
| Share-based compensation from controlling shareholder ESOP | 26 |  |  | 5251 |  |  | 5251 |  | 5251 |
| Conversion of convertible bonds to shares | 19 | 7807 |  | 311528 |  |  | 319335 |  | 319335 |
| Exercise of options |  | 3471 |  | (1110) |  |  | 2361 |  | 2361 |
| Capital contributions from non-controlling shareholders |  |  |  |  |  |  |  | 4279 | 4279 |
| Non-controlling interests arising from business combination |  |  |  |  |  |  |  | (608) | (608) |
| **Balance at December 31, 2023** |  | **165183** | **(4696)** | **7196341** | **(65699)** | **(7338168)** | **(47039)** | **3434** | **(43605)** |

---

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

**NAAS TECHNOLOGY INC**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Share capital** | **Subscription receivable** | **Treasury shares** | **Warrant outstanding** | **Additional paid-in capital** | **Other reserves** | **Accumulated<br> losses** | **Total** | **Non-controlling<br> interests** | **Total Equity** |
|  |  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **Balance at January 1, 2024** |  | **165183** | **(4696)** |  | **—** | **7196341** | **(65699)** | **(7338168)** | **(47039)** | **3434** | **(43605)** |
| **Comprehensive loss** |  |  |  |  |  |  |  |  |  |  |  |
| Net loss for the year |  |  |  |  |  |  |  | (913484) | (913484) | (958) | (914442) |
| Other comprehensive loss |  |  |  |  |  |  | (31495) |  | (31495) |  | (31495) |
| **Total comprehensive loss for the year** |  | **—** | **—** | **—** | **—** | **—** | **(31495)** | **(913484)** | **(944979)** | **(958)** | **(945937)** |
| **Transactions with equity holders:** |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of shares, net |  | 3380 |  |  | 29587 | 1145 |  |  | 34112 |  | 34112 |
| Share-based compensation from ESOP | 26 |  |  |  |  | 161231 |  |  | 161231 |  | 161231 |
| Share-based compensation from controlling shareholder ESOP | 26 |  |  |  |  | (810) |  |  | (810) |  | (810) |
| Conversion of convertible bonds to shares | 19 | 1982 |  |  |  | 27803 |  |  | 29785 |  | 29785 |
| Exercise of options |  | 16133 |  |  |  | (8159) |  |  | 7974 |  | 7974 |
| Capital contributions from non-controlling shareholders |  |  |  |  |  | 12133 |  |  | 12133 | (2333) | 9800 |
| Acquisition of treasury shares |  |  |  | (6862) |  |  |  |  | (6862) |  | (6862) |
| Disposal of subsidiaries | 5 |  |  |  |  |  |  |  |  | 178 | 178 |
| **Balance at December 31, 2024** |  | **186678** | **(4696)** | **(6862)** | **29587** | **7389684** | **(97194)** | **(8251652)** | **(754455)** | **321** | **(754134)** |

---

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

**NAAS TECHNOLOGY INC**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Share capital** | **Subscription receivable** | **Treasury shares** | **Warrant outstanding** | **Additional paid-in capital** | **Other reserves** | **Accumulated<br> losses** | **Total** | **Non-controlling<br> interests** | **Total Equity** |
|  |  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **Balance at January 1, 2025** |  | **186678** | **(4696)** | **(6862)** | **29587** | **7389684** | **(97194)** | **(8251652)** | **(754455)** | **321** | **(754134)** |
| **Comprehensive loss** |  |  |  |  |  |  |  |  |  |  |  |
| Net loss for the year |  |  |  |  |  |  |  | (438955) | (438955) | (11012) | (449967) |
| Other comprehensive income |  |  |  |  |  |  | 144356 |  | 144356 |  | 144356 |
| **Total comprehensive loss for the year** |  | **—** | **—** | **—** | **—** | **—** | **144356** | **(438955)** | **(294599)** | **(11012)** | **(305611)** |
| **Transactions with equity holders:** |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of shares, net | 19 | 232977 | (133667) |  |  | 33209 |  |  | 132519 |  | 132519 |
| Share-based payments from the Company | 26 |  |  |  |  | (18239) |  |  | (18239) |  | (18239) |
| Share-based payments from the controlling shareholder | 26 |  |  |  |  | 734 |  |  | 734 |  | 734 |
| Exercise of options |  | 4557 |  |  |  | (4500) |  |  | 57 |  | 57 |
| Capital contributions from non-controlling shareholders |  |  |  |  |  |  |  |  |  | 52000 | 52000 |
| Reduction of par value | 19 | (423973) |  | 6861 |  | 417112 |  |  |  |  |  |
| **Balance at December 31, 2025** |  | **239** | **(138363)** | **(1)** | **29587** | **7818000** | **47162** | **(8690607)** | **(933983)** | **41309** | **(892674)** |
| **Balance at December 31, 2025 (US$'000)** |  | **34** | **(19787)** | **—** **\*** | **4231** | **1117960** | **6744** | **(1242740)** | **(133558)** | **5907** | **(127651)** |

---

\* Representing an amount with an absolute value of less than US$1,000 (including negative amounts).

The accompanying notes are an integral part of these consolidated financial statements.

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

**NAAS TECHNOLOGY INC**

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | <br>**Notes** | **2023** | **2024** | **2025** | **2025** |
|  |  | **RMB'000** | **RMB'000** | **RMB'000** | **US$'000** |
| **Cash flows from operating activities** |  |  |  |  |  |
| Loss before income tax from continuing operations |  | (1290722) | (927188) | (425110) | (60790) |
| Loss before income tax from discontinued operations | 5 | (12642) | (5211) | (24857) | (3555) |
| **Loss before income tax including discontinued operations** |  | **(1303364)** | **(932399)** | **(449967)** | **(64345)** |
| Adjustments for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment | 13 | 1186 | 1579 | 1336 | 191 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets and other non-current assets |  | 7681 | 8150 | 2596 | 371 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 11 | 8160 | 6136 | 1646 | 235 |
| &nbsp;&nbsp;&nbsp;Impairment losses, net of reversal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;—Trade receivables, prepayments, other receivables and other assets | 7, 9 | 72931 | 76359 | 106848 | 15279 |
| &nbsp;&nbsp;&nbsp;—Other financial assets |  | 1797 | 231115 |  |  |
| &nbsp;&nbsp;&nbsp;Provision for/(reversal of) losses on inventories | 8 | 14409 | (10687) | (1181) | (169) |
| &nbsp;&nbsp;&nbsp;(Gain)/loss on disposal of non-current assets and subsidiaries |  |  | (16270) | 102 | 15 |
| &nbsp;&nbsp;&nbsp;Fair value changes of financial instruments at fair value through profit or loss | 18 | 204039 | 80261 | 126749 | 18125 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense/(reversal) | 26 | 399076 | 160421 | (17505) | (2503) |
| &nbsp;&nbsp;&nbsp;Investment income |  | (9397) | (16884) | (6332) | (905) |
| &nbsp;&nbsp;&nbsp;Interest income |  | (5239) | (4619) | (22) | (3) |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 32960 | 42436 | 32653 | 4669 |
| (Increase)/decrease in trade receivables and contract assets |  | (66483) | 15197 | 43092 | 6162 |
| (Increase)/decrease in prepayments, other receivables and other assets |  | (170808) | 232311 | 19789 | 2830 |
| Increase/(decrease) in trade and other payables |  | 220930 | (33646) | 141466 | 20228 |
| Increase/(decrease) in contract liabilities |  | 56121 | (42051) | (3106) | (444) |
| (Increase)/decrease in inventories |  | (36842) | 22819 | 2346 | 335 |
| **Cash (used in)/generated from operations** |  | **(572843)** | **(179772)** | **510** | **71** |
| Interest received |  | 5239 | 634 | 22 | 3 |
| **Net cash (used in)/generated from operating activities** |  | **(567604)** | **(179138)** | **532** | **74** |
| **Cash flows from investing activities** |  |  |  |  |  |
| Purchase of property, plant and equipment and other non-current assets |  | (6327) |  |  |  |
| Investment in financial assets and equity method investees |  | (725264) | (541326) |  |  |
| Proceeds from disposal of financial assets | 5 | 421749 | 332768 | 9129 | 1305 |
| Dividends received |  | 4280 | 4272 | 53 | 8 |
| Net cash paid for acquisition of subsidiaries |  | (34048) |  |  |  |
| Proceeds from disposal of subsidiaries |  |  | 2615 | 3000 | 429 |
| Loan advanced to a related party |  | (110000) |  |  |  |
| Repayment of loan by a related party |  | 110000 |  |  |  |
| **Net cash (used in)/generated from investing activities** |  | **(339610)** | **(201671)** | **12182** | **1742** |
| **Cash flows from financing activities** |  |  |  |  |  |
| Net proceeds from debt and equity financing |  | 1027486 | 292784 | 222605 | 31832 |
| Repayment of borrowings |  | (143872) | (155989) | (529564) | (75728) |
| Interest paid |  | (32228) | (42329) | (32876) | (4701) |
| Expense for issuance of convertible bonds and ordinary shares |  | (39957) | (8473) | (2526) | (361) |
| Payments for lease liabilities |  | (7231) | (5499) | (1562) | (223) |
| Proceeds from revenue-based financing |  | 24372 | 12318 |  |  |
| Repayments for revenue-based financing |  | (2744) | (31342) | (2604) | (372) |
| Capital injection from non-controlling interests |  | 4279 | 9800 | 52000 | 7436 |
| Loan from a related party |  |  |  | 237333 | 33938 |
| **Net cash generated from/(used in) financing activities** |  | **830105** | **71270** | **(57194)** | **(8179)** |
| **Net decrease in cash and cash equivalents** |  | **(77109)** | **(309539)** | **(44480)** | **(6363)** |
| Cash and cash equivalents at the beginning of the year |  | 513351 | 436242 | 126703 | 18118 |
| **Cash and cash equivalents at the end of the year** | 6 | **436242** | **126703** | **82223** | **11755** |
| **Included in cash and cash equivalents per balance sheet** | 6 | **436242** | **126614** | **81154** | **11605** |
| Included in assets classified as held for sale | 6 |  | 89 | 1069 | 150 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

**1.** **Corporate information** 

**1.1.** **General information** 

NaaS Technology Inc. (the "Company") was incorporated in the Cayman Islands on July 16, 2013, as an exempted company with limited liability. The Company is a holding company. The ultimate holding company of the Company is Newlinks Technology Limited ("Newlink"), a holding company incorporated in the Cayman Islands, which ultimately owns 51.77% of the ordinary shares of the Company as of December 31, 2025.

On June 10, 2022, RISE Education Cayman Ltd ("RISE"), the Company's legal predecessor, completed a merger with Dada Auto ("Dada"), as a result of which Dada became a wholly-owned subsidiary of RISE and RISE assumed and began conducting Dada's principal EV charging business; RISE was subsequently renamed "NaaS Technology Inc.".

In these consolidated financial statements, the "Group" refers to the Company and its subsidiaries.

The consolidated financial statements of the Group for the year ended December 31, 2025 were authorized for issue in accordance with a resolution of the directors on April 17, 2026.

**1.2.** **History of the Group** 

The Group's EV charging services were primarily carried out by Zhejiang Anji Intelligent Electronics Holding Co., Ltd. ("Anji Zhidian"), an indirect wholly-owned subsidiary of the Company incorporated in China.

On June 20, 2023, the Group acquired 89.999% of the ownership interest in Sinopower Holdings International Co. Limited ("Sinopower"), a provider of solar energy solutions; this interest was disposed of in August 2024 to a wholly-owned subsidiary of Newlink (see Note 5 – Discontinued operations and assets held for sale).

**1.3.** **Subsidiaries** 

The Company's major subsidiaries as of December 31, 2024 and 2025 are set out below. The country of incorporation or registration is also their principal place of business.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Effective interest held as at December 31,** | **Effective interest held as at December 31,** | |
| <br>**Name of Subsidiaries** | **Place of<br> incorporation/**<br>**registration** | **Date of**<br> **incorporation**<br>**/establishment** | **2024** | **2025** | **Principal**<br>**activities** |
| Zhejiang Anji Intelligent Electronics Holding Co., Ltd. | Zhejiang, China | December 24, 2021 | 100% | 100% | Charging services revenues |
| Qingdao Intelligent Electronics Mobility Holding Co., Ltd | Shandong, China | June 9, 2022 | 100% | 100% | Charging services revenues |

---

**1.4.** **Basis of preparation** 

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ("IFRSs") as issued by the International Accounting Standards Board ("IASB").

The consolidated financial statements of the Group have been prepared on a historical cost basis, except for inventories and certain financial assets and liabilities measured at fair value.

All amounts disclosed in the consolidated financial statements are rounded to the nearest thousand unless otherwise indicated.

The consolidated financial statements are prepared on a going concern basis. The Group incurred a net loss in the amount of RMB450.0 million during the year ended December 31, 2025 and had accumulated losses of RMB8,690.6 million and a working capital deficit of RMB909.1 million as of December 31, 2025.

In order to continue as a going concern, the Group will need, among other things, additional capital resources. Management's plan is to obtain such resources by seeking debt financing and/or third-party equity sufficient to meet its minimal operating expenses. Besides, management has taken immediate and significant mitigating actions to reduce costs and optimize the Group's cash flow and liquidity. Among these are the following mitigating actions: reducing expenditure through moving away from low margin energy solution projects; deferring or canceling discretionary spend; freezing non-essential recruitment; reducing marketing spend; extension of existing bank borrowings to a period beyond twelve months from the financial position date; and securing new round of equity financing to replenish working capital by US$15 million to US$20 million.

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Based on these factors, management has a reasonable expectation that the Group has and will have adequate resources to continue in operational existence for the foreseeable future.

The preparation of the consolidated financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4.

Effective from July 1, 2023, the Group implemented certain changes to align its consolidated statements of profit or loss presentation more closely with the manner in which the Group's management currently receives and uses financial information to evaluate business performance following the Group's expansion of business lines, extension of its services to a broader range of energy asset owners, including EV charging stations and energy asset owners. The Group now reports its revenues under the following three primary categories:

**Charging services revenues**, which include income from the provision of mobility connectivity solutions to EV charging stations and end users of electronic vehicles, and the provision of charging services at charging stations that NaaS operates under its full station operation model. NaaS' mobility connectivity solutions include mobility services delivered in conjunction with *Kuaidian*, its partnered platform that is operated by a third-party service provider, and SaaS products that optimize the marketing, operations and energy efficiency of charging stations connected to NaaS' network.

**Energy solutions revenues**, which include income from the provision of integrated solutions that cover the planning, deployment and operational optimization of EV charging for energy asset owners.

**New initiatives revenues**, which include income from the provision of non-charging services and other services that aim to enhance the efficiency and profitability of energy assets including charging stations.

Since the third quarter of 2024, the Group's strategy to move away from low margin energy solution projects resulted in a reduction of energy solutions revenues.

The consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows of the Group include the results and cash flows of all companies now comprising the Group from the earliest date presented or since the date when the subsidiaries and/or businesses first came under the common control of the controlling shareholder, whenever the period is shorter.

**2.** **Material accounting policies** 

The material accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

**2.1. New and amended standards adopted by the Group** 

(a) New standards and amendments applicable 1 January 2025

The Group has applied the following amendments for the first time for its annual reporting period commencing January 1, 2025. These amendments did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.

---

| | |
|:---|:---|
| **Amendments** | **Effective for annual periods beginning on or after** |
| Amendments to IAS 21: Lack of Exchangeability | 1 January 2025 |

---

(b) New standards and interpretations not yet adopted

Certain new accounting standards and amendments to accounting standards that have been published that are not mandatory for December 31, 2025 reporting periods and have not been early adopted by the Group are as follows:

---

| | |
|:---|:---|
| **Amendments** | **Effective for annual periods beginning on or after** |
| Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments\* | January 1, 2026 |
| Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity\* | January 1, 2026 |
| Annual Improvements to IFRS Accounting Standards - Volume 11\*: Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 | January 1, 2026 |
| IFRS 18, Presentation and Disclosure in Financial Statements\*\* | January 1, 2027 |
| IFRS 19, Subsidiaries without Public Accountability: Disclosures\* | January 1, 2027 |
| IAS 21 (Amendments): Amendments to translation to a Hyperinflationary Presentation Currency\* | January 1, 2027 |

---

\* These new standards and amendments are not expected to have a material impact on the Group's consolidated financial statements.

\*\* Management is currently assessing the detailed implications of applying this new standard on the Group's consolidated financial statements.

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**2.2. Subsidiaries** 

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred assets. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statements of profit or loss and other comprehensive income, consolidated statements of financial position, and consolidated statements of changes in equity, respectively.

**2.3. Segment reporting** 

The Group's operations are managed as a single, integrated business, and the Chief Executive Officer ("CEO"), identified as the Group's Chief Operating Decision Maker ("CODM"), reviews consolidated financial results when making decisions about allocating resources and assessing performance. The Group's business activities are highly interrelated and hence it does not segregate its business by product, service line, geography, or other factors for internal reporting purposes. Accordingly, the Group has identified a single operating and reportable segment in accordance with the requirements of IFRS 8 Operating Segments.

**2.4. Cash and cash equivalents**

For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents includes cash on hand, cash at bank and deposits held at licensed payment platforms with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

**2.5. Property, plant and equipment, net**

Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over their estimated useful lives, as follows:

– Electronic equipment 5 years <br> – Office equipment 3 years

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

**2.6. Investments and other financial assets** 

(a) Classification

The Group classifies its financial assets in the following measurement categories:

● those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss), and

● those to be measured at amortized cost.

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or in other comprehensive income. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to present subsequent changes in fair value in other comprehensive income.

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(b) Recognition and derecognition

Regular way purchases and sales of financial assets are recognized on trade date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

(c) Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss ("FVTPL"), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial asset carried at FVTPL are expensed in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Debt instruments

Subsequent measurement of debt instruments depends on the Group's business model for managing the asset and the cash flow characteristics of the asset. Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. The Group classifies its debt instruments as financial assets at amortized cost and presented as "other financial assets" in the consolidated statements of financial position. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in "other gains" together with foreign exchange gains and losses. Impairment losses are presented as "Impairment losses, net" in the consolidated statements of profit or loss and other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Equity instrument

The Group subsequently measures all equity investments at fair value. Where management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as "other gains" when the Group's right to receive payments is established.

The Group assessed that, in accordance with IFRS 9 Financial Instruments, its investment in fund investments which is redeemable by it as holder (presented in Note 12 as unlisted investments, non-current as at December 31, 2024, and unlisted investments, current as at December 31, 2025) should be classified as financial assets at fair value through profit or loss (FVTPL), rather than financial assets at fair value through other comprehensive income (FVTOCI).

Changes in the fair value of financial assets at FVTPL are recognized in "fair value changes of financial instruments at fair value through profit or loss" in the consolidated statements of profit or loss and other comprehensive income as applicable.

(d) Impairment

The Group assesses on a forward-looking basis the expected credit losses ("ECLs") associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

**2.7. Trade receivables and other receivables, net**

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within one year (or in the normal operating cycle of the business if longer) and are therefore all classified as current.

Trade receivables and other receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognized at fair value. The Group holds trade receivables and other receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method, less loss allowance.

For trade receivables, the Group applies the IFRS 9 simplified approach to measuring ECLs, which uses a lifetime expected loss allowance for trade receivables. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Impairment losses on other receivables are measured as either 12-month ECLs or lifetime ECLs, depending on whether there has been a significant increase in credit risk since initial recognition. If a significant increase in credit risk of other receivables has occurred since initial recognition, impairment losses are measured as lifetime ECLs.

Impairment losses on trade receivables and other receivables are presented as "Impairment losses, net" within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.

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**2.8. Borrowings** 

Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.

Borrowings are derecognized when the obligation specified in the contract is extinguished, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs.

Borrowings are classified as current liabilities unless, at the end of the reporting period, the Group has a right to defer settlement of the liability for at least 12 months after the reporting period.

**2.9. Convertible bonds**

The Group's convertible bonds are classified as financial liabilities and are initially recognised at fair value. The Group applies the fair value option and irrevocably designates the convertible bonds in their entirety as financial liabilities at fair value through profit or loss (FVTPL). Consequently, the embedded conversion features are not separated from the host debt instrument.

Subsequent to initial recognition, the convertible bonds are measured at fair value. The amount of change in the fair value of the convertible bonds that is attributable to changes in the Group's own credit risk is recognised in other comprehensive income (OCI). The remaining amount of change in the fair value of the convertible bonds is recognised in profit or loss. Amounts presented in OCI are not subsequently reclassified to profit or loss upon the derecognition of the convertible bonds, but may be transferred within equity.

**2.10. Current and deferred income tax** 

Income tax expense or credit for the period is the tax payable on the current period's taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, tax is also recognized in other comprehensive income or directly in equity, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Current income tax

Current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Deferred income tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or deferred income tax liability is settled.

Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which those temporary differences and losses can be utilized.

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&nbsp;&nbsp;&nbsp;&nbsp;(c) Offsetting

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current income tax assets and liabilities and where deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

**2.11. Employee benefits** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related services are recognized in respect of employees' services up to the end of the reporting period, and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the consolidated statements of financial position.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Post-employment obligations

The Group participated in a defined contribution plan in which the Group pays fixed contributions to publicly administered pension insurance plans on a mandatory basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefits expense when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Housing funds, medical insurance and other social insurances

The Group's employees in the PRC are entitled to participate in various government-supervised housing funds, medical insurance and other social insurance plans. The Group contributes on a monthly basis to these plans based on certain percentages of the salaries of the employees, subject to certain ceilings. The Group's liability in respect of these plans is limited to the contributions payable at the end of the reporting period. Contributions to the housing funds, medical insurance and other social insurance plans are expensed when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Bonus plans

The expected cost of bonuses is recognized as a liability when the Group has a present legal or constructive obligation for payments of bonuses as a result of the services rendered by the employees and a reliable estimate of the obligation can be made. Liabilities for bonus plans are expected to be settled within 12 months and are measured at the amounts expected to be paid when they are settled.

**2.12. Revenue recognition**

Revenue is measured at the fair value of the consideration received or receivable for the sales of goods or services in the ordinary course of the Group's activities.

When another party is involved in providing goods or services to a customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (i.e., the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e., the Group is an agent).

The Group is a principal if it controls the specified goods or services before those goods or services are transferred to a customer.

The Group is an agent if its performance obligation is to arrange for the provision of the specified goods or services by another party. In this case, the Group does not control the specified goods or services provided by another party before those goods or services are transferred to the customer. When the Group acts as an agent, it recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party.

Revenue is recognized when or as control of the goods or services is transferred by the Group to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time.

Control of the goods and services is transferred over time if:

● the customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs;

● the Group's performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

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● the Group's performance does not create an asset with an alternative use to the Group, and the Group has an enforceable right to payment for performance completed to date.

If control of the goods or services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.

2.12.1. Accounting policy for the Group's principal revenue sources

**Charging services** include the provision of mobility connectivity solutions to EV charging stations and end-users, and the provision of charging services at charging stations that NaaS operates under its full station operation model. The Group offers mobility services delivered in conjunction with Kuaidian, its partnered platform that is operated by a third-party service provider, and SaaS products that optimize the marketing, operations and energy efficiency of charging stations connected to NaaS' network, and platform promotion services. The Group generates charging services income under its full station operation model and charging services commission income, membership fees, and platform promotion commissions, as well as coupon-related consideration from its full station operation model charging stations and end-users when charging transactions are completed via the Group's charging network. Revenue from charging services is recognized upon the completion of each charging service transaction, and the payment terms and conditions are satisfied at the same time. For membership arrangements, the Group accounts for the membership rights and the coupon procurement services as distinct performance obligations. The total transaction price for membership arrangements is allocated to each performance obligations based on their standalone selling prices, which is estimated by considering the selling price of the membership and the amounts of membership rights and the coupons included. Revenue allocated to the rights and coupons is recognized when they are redeemed by the customer, or as breakage income when the unused benefits expire at the end of the specified membership period. The Group evaluates if it is a principal or an agent in a transaction to determine whether charging service income and commission income should be recognized on a gross or net basis. When the Group is the agent of the arrangement (such as arrangements where the Group does not have latitude in establishing prices for the underlying charging service or products, and does not have inventory risk), the related income is recorded on a net basis. When the Group is the principal of the arrangement (such as arrangements where the Group obtains control over the charging services prior to transfer to customers, including under the full station operation model), the related income is recorded on a gross basis (see Note 2.12.2. for the treatment of incentives).

**Energy solutions** include the provision of integrated solutions that cover the planning, deployment and operational optimization of EV charging for energy asset owners. These integrated services are accounted for as a single performance obligation. The Group recognizes revenue from energy solutions projects at a point in time or over time depending on the terms and arrangement of the relevant contracts with the customers. For energy solutions projects where the Group's performance creates or enhances an asset that the customer controls as the asset is created or enhanced, the related revenue is recognized over time, using an input method to measure progress towards complete satisfaction of the provision of services. The input method measures progress towards complete satisfaction of the performance obligation based on the proportion of the actual costs incurred relative to the estimated total costs for satisfaction of the provision of integrated energy solutions. For energy solutions where the performance obligation is not satisfied over time, the related revenue is recognized when the goods or services are transferred to the customer. When the transaction price in a contract includes a variable consideration, the Group estimates the amount of variable consideration to which it expects to be entitled in exchange for transferring the goods or services to the customer using the expected value method. Variable consideration is estimated at contract inception and reassessed at the end of each reporting period. Variable consideration is also constrained until it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

**New initiatives** include the provision of non-charging services and other services that aim to enhance the efficiency and profitability of energy assets including charging stations. Revenues for such services are recognized when the Group satisfies the single performance obligation (mainly represented advertising services in nature) according to the agreed-upon terms under the respective service contracts.

2.12.2. Incentives

The Group offers discounts and promotions to end-users to encourage the use of the Group's mobility connectivity services. To the extent that such incentives represent consideration payable to a customer in accordance with IFRS 15 and relate to the same charging transaction (for example, discounts embedded in the pricing of membership rights, coupon packages or orders placed via the Kuaidian platform), they are recorded as a reduction of revenue, unless the payment is in exchange for a distinct good or service and does not exceed the fair value of that good or service. In certain transactions, the incentives offered to end-users exceed the revenue generated from the same transaction. The excess amount, which is not attributable to past or future contracts and is incurred for marketing purposes to acquire and retain active users on the platform, is presented as selling and marketing expense instead of negative revenue.

If consideration payable to a customer is a payment for a distinct good or service from the customer, the Group accounts for the purchase of the good or service in the same way that it accounts for other purchases from suppliers. If the Group cannot reasonably estimate the fair value of the good or service received from the customer, the Group will account for all of the consideration payable to the customer as a reduction of the transaction price.

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**2.13. Cost of revenues**

Cost of revenues mainly consists of electricity cost, direct labor cost, depreciation of right-of-use assets, payment processing cost, cloud server cost and others.

**2.14. Selling and marketing expenses** 

Selling and marketing expenses mainly consist of certain discounts and promotions to end-users, salaries and benefits of sales and marketing personnel, and promotion and advertising expense for branding and acquiring end-users for charging services. Promotion and advertising expenditure is expensed when the related service is received.

**2.15. Administrative expenses**

Administrative expenses mainly consist of salaries and benefits of management and administrative personnel, rental and related expenses, professional fees and other general corporate expenses.

**2.16. Research and development expenses** 

Research and development expenses mainly consist of salaries, benefits and related expenses of research and development team, which are expensed as incurred. All costs related to the improvement and maintenance of the charging network are recorded as cost of revenues.

**2.17. Leases** 

The Group, as a lessee, leases office buildings and charging stations. Lease contracts are typically made for fixed periods of three months to five years. Lease is recognized as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group.

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets cannot be used as security for borrowing purposes.

Assets and liabilities arising from a lease are initially measured on a present value basis. The Group's lease liabilities include the net present value of the fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.

The lease payments are discounted using the lessee's incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost, comprising the following:

● the amount of the initial measurement of lease liabilities,

● any lease payments made at or before the commencement date less any lease incentives received,

● any initial direct costs, and

● restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life.

The Group applies the short-term lease recognition exemption to its short-term leases of equipment, office buildings and charging stations. Short-term leases are leases with a lease term of 12 months or less without a purchase option). It also applies the recognition exemption for leases of low-value assets to leases of office equipment and laptop computers that are considered to be of low value.

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**2.18. Impairment of non-current assets**

Internal and external information is reviewed at the end of each reporting period, or whenever events or changes in circumstances indicate that the carrying amount might not be recoverable, to identify indications that the following assets might be impaired or, except in the case of goodwill, an impairment loss previously recognized no longer exists or might have decreased:

● Right-of-use assets,

● Property, plant and equipment,

● Intangible assets, and

An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. Impairment tests are performed annually for CGUs containing goodwill, intangible assets that are not yet available for use and intangible assets with indefinite useful life whether or not there is any indication of impairment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculation of recoverable amount

The recoverable amount of an asset is the higher of its fair value less costs of disposal and value-in-use. Fair value less costs of disposal is the amount obtainable from the sale of an asset in an arm's length transaction between knowledgeable, willing parties, less the costs of disposal. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a CGU).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of impairment losses

An impairment loss is recognized in the consolidated statements of profit or loss and other comprehensive income whenever the carrying amount of an asset, or the CGU to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amount of the other assets in the CGU on a pro rata basis, except that the carrying amount of an asset will not be reduced below its individual fair value less costs of disposal, or value-in-use, if determinable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reversals of impairment losses

In respect of assets other than goodwill, an impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not allowed to be reversed. A reversal of an impairment loss is limited to the asset's carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to the consolidated statements of profit or loss and other comprehensive income in the period in which the reversals are recognized. For interim periods, the Group applies the same impairment testing, recognition, and reversal criteria as it would at the end of the financial year. Impairment losses recognized in an interim period in respect of goodwill are not reversed in a subsequent period. This is the case even if no loss, or a smaller loss, would have been recognized had the impairment been assessed only at the end of the financial year to which the interim period relates.

**2.19. Share-based payments**

Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services in exchange for equity instruments (equity-settled transactions).

The cost of equity-settled transactions is determined by the grant date fair value of the equity instruments using an appropriate valuation model. That cost is recognized as an employee benefits expense, with a corresponding increase in equity, over the period during which the employees provide the relevant services and, where applicable, the performance conditions are satisfied (the vesting period). The cumulative expense was recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.

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Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group's best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any conditions other than service and performance conditions are considered to be non-vesting conditions. Non-vesting conditions are reflected in the grant date fair value of an equity instrument.

No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss.

**2.20. Non-current assets (or disposal groups) held for sale and discontinued operations**

Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and groups of contracts within the scope of IFRS 17 Insurance Contracts, which are specifically exempt from this requirement.

An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition.

Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized.

Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the consolidated statements of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated statements of financial position.

A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate line of business, is part of a single coordinated plan to dispose of such a line of business. The results of discontinued operations are presented separately in the consolidated statements of profit or loss and other comprehensive income.

**2.21. Convenience translation**

Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.9931 per US$1.00 on December 31, 2025 as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

**3.** **Financial risk management** 

**3.1. Financial risk factors** 

The Group's activities expose it to certain financial risks, such as market risk, liquidity risk, credit risk and concentration risk related to suppliers and customers. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance. Risk management is carried out by the senior management of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Market risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Foreign exchange risk

Foreign exchange risk primarily arises from future commercial transactions and recognized financial assets and liabilities denominated in a currency other than the functional currency of the relevant group entities. The Group manages its foreign exchange risk by performing regular reviews of the Group's net foreign exchange exposures and minimizing non-functional currency transactions.

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The Group operates mainly in the PRC with most of the transactions settled in RMB. Management considers that the business is not exposed to significant foreign exchange risk as there are no significant financial assets or liabilities of the Group denominated in currencies other than the respective functional currency of the Group's entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Interest rate risk

The Group's exposure to the risk of changes in market interest rates primarily relates to the Group's long-term debt obligations with floating interest rates.

As at December 31, 2025, our bank borrowings amounting to RMB396.0 million (US$56.6 million) were at variable interest rates. As at December 31, 2025, if the interest rates on our borrowings had been 100 basis points higher or lower with all other variables held constant, loss before income tax would have been RMB5.4 million (US$0.8 million) higher or lower, as a result of higher/lower interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Price risk

The Group's exposure to equity securities price risk mainly arises from investments in listed equity securities held by the Group and classified in the consolidated statements of financial position as financial assets at fair value through other comprehensive income.

As at December 31, 2025, the Group's investments in listed equity securities amounted to RMB92.4 million (2024: RMB66.6 million). If the stock price of the listed company had increased/decreased by 10% with all other variables held constant, other comprehensive income and total comprehensive income would have increased/decreased by RMB9.2 million as at December 31, 2025 (2024: RMB6.7 million).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Liquidity risk

The Group intends to maintain sufficient cash and cash equivalents. Due to the dynamic nature of the underlying businesses, the Group's policy is to regularly monitor the Group's liquidity risk and to maintain adequate liquid assets such as cash and cash equivalents, or to retain adequate financing arrangements to meet the Group's liquidity requirements.

The Group expects that its existing cash and cash equivalents will be sufficient to fund its operations and meet all of its obligations as they fall due for at least twelve months from the date of the issuance of these financial statements. The Group's unutilized borrowing facilities amounted to nil and RMB113.8 million as of December 31, 2025 and 2024.

The table below analyses the Group's non-derivative financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, because the impact of discounting is not significant. The undiscounted cash flows payable in respect of convertible bonds represent amounts payable under the convertible bonds that are not subject to mandatory conversion to shares of the Company, net off by the amount of prepaid shares repurchase instrument that can be used to offset the convertible bonds payable, if any.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Less than 1 year** | **Between 1<br> and 2<br> years** | **Between 2<br> and 5<br> years** | **Total** | **Carrying amount** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **At December 31, 2024** | | | | | |
| Trade payables | 104224 |  |  | 104224 | 104224 |
| Financial liabilities included in other payables and accruals | 137401 |  |  | 137401 | 137401 |
| Borrowings | 788994 | 1532 | 52547 | 843073 | 824045 |
| Lease liabilities | 1410 | 1284 | 2221 | 4915 | 4552 |
| Financial liabilities at fair value through profit or loss | 264174 |  |  | 264174 | 241524 |
|  | **1296203** | **2816** | **54768** | **1353787** | **1311746** |
| **At December 31, 2025** |  |  |  |  |  |
| Trade payables | 230832 |  |  | 230832 | 230832 |
| Financial liabilities included in other payables and accruals | 327138 |  |  | 327138 | 327138 |
| Borrowings | 517071 | 94546 |  | 611617 | 582724 |
| Lease liabilities | 1529 | 1133 |  | 2662 | 2590 |
|  | **1076570** | **95679** | **—** | **1172249** | **1143284** |

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&nbsp;&nbsp;&nbsp;&nbsp;(c) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group's credit risk arises from cash and cash equivalents, contractual cash flows of debt instruments carried at amortized cost as well as credit exposures to customers and debtors, including outstanding receivables. The carrying amount of each class of the above financial assets represents the Group's maximum exposure to credit risk in relation to the corresponding financial assets.

Credit risk is managed on a group basis. Finance team in conjunction with business team are responsible for managing and analyzing the credit risk for each of the Group's new clients before standard payment and delivery terms and conditions are offered. The Group assesses the credit quality of its customers and other debtors by considering various factors including their financial position, past experience and other factors.

Cash and cash equivalents are mainly placed with state-owned financial institutions in the PRC. There has been no recent history of default in relation to these financial institutions.

For trade receivables and other receivables, an impairment analysis is performed at each financial position date using a provision matrix to measure ECLs under the simplified approach. The provision rates are based on aging for groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the financial position date about past events, current conditions and forecasts of future economic conditions. Information based on the provision matrix is disclosed in Note 7.

The allowance account in respect of trade and other receivables is used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point, the impaired financial asset is considered irrecoverable and the amount charged to the allowance account is written off against the carrying amount of the impaired financial asset.

The gross carrying amount of a financial asset is written off to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the assets or sources of income of the debtors could not generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Supplier concentration risk

With the completion of the transfer of the platform mobile application and mini-program which connect EV users with charging station operators and chargers ("Kuaidian Platform") in 2022, the related user data and charging station/pile data transferred from the Group to Zhejiang Anjijiayu Big Data Technology Service Co., Ltd. ("Anji Datacom"). The Group entered into business cooperation agreements with Anji Datacom to receive IT data management services, including collection, storage, processing and use of the data collected through Kuaidian Platform as well as transaction reconciliation and information verification services in relation to the delivery of charging services, for an initial term of five years ending March 30, 2027, which will be renewed for one year after the initial five years if both parties reach an agreement. The annual fee charged by Anji Datacom for the IT data management services provided, accounted for 6% and 26% of cost of sales and total operating expenses for the years ended December 31, 2024 and 2025, respectively. A significant interruption by Anji Datacom in the delivery of IT data management services could impair the Group's ability to deliver charging services and materially adversely impact its operating results and financial position.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer concentration risk

There were no customers which individually contributed for more than 10% of the Group's total revenues for the year ended December 31, 2024.

For the year ended December 31, 2025, 12% of the Group's total revenues were derived from one customer, which individually contributed for more than 10% of the Group's total revenues.

**3.2. Capital management** 

The Group's objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to enhance shareholders' value in the long-term.

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

The Group monitors capital by regularly reviewing the capital structure. As part of this review, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The Group's capital management ensures the Group compliant with the financial covenants attached to the interest-bearing bank borrowings, including capital structure requirements. Breaches in complying with the financial covenants would permit the bank to immediately call loans. There have been no breaches of the financial covenants of any interest-bearing bank borrowings during the years ended December 31, 2024 and 2025.

The Group monitors capital using gearing ratio. The following section sets out an analysis of the gearing ratio, being total liabilities divided by total assets, for each of the years presented.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Total liabilities | 1404778 | 1205246 |
| Total assets | 650644 | 312572 |
| Total liabilities to total assets ratio | 2.16 | 3.86 |

---

**3.3. Fair value estimation** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fair value hierarchy

The table below analyses the Group's financial instruments carried at fair value as of each financial position date by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorized into three levels within a fair value hierarchy as follows:

● Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

● Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2); and

● Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The following table presents the Group's financial instruments measured at fair value as at December 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **At December 31, 2024** | | | | |
| **Assets:** | | | | |
| Financial assets at fair value through profit or loss |  |  | 132352 | 132352 |
| Financial assets at fair value through other comprehensive income | 66642 |  |  | 66642 |
| **Liabilities:** |  |  |  |  |
| Financial liabilities at fair value through profit or loss |  |  | 241524 | 241524 |
| **At December 31, 2025** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  | 1291 | 1291 |
| Financial assets at fair value through other comprehensive income | 92396 |  |  | 92396 |
| **Liabilities:** |  |  |  |  |
| Financial liabilities at fair value through profit or loss |  |  | 22044 | 22044 |

---

During the year ended December 31, 2025, unrealized losses arising from financial instruments measured at fair value amounted to RMB149.8 million (2024: RMB4.9 million).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Level 3 financial instruments

If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. Specific valuation techniques used to value level 3 financial instruments include:

● The use of quoted market prices or investor quotes for similar instruments;

● The discounted cash flow model using unobservable inputs mainly including assumptions of expected future cash flows and discount rate;

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● The use of information of the latest round of financing, i.e. the recent transaction price or third-party pricing information; and

● A combination of observable and unobservable inputs, including risk-free rate, expected volatility, discount rate for lack of marketability, market multiples, etc.

As the Group's level 3 financial instruments are not traded in active markets, their fair values have been determined using applicable valuation techniques, such as market approach, Monte-Carlo simulation model and binomial tree model.

The following table summarizes the quantitative information about the significant unobservable inputs used in recurring level 3 fair value measurements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fair value at December 31,** | **Fair value at December 31,** | **Unobservable<br> inputs** | **Range of inputs at<br> December 31,** | **Range of inputs at<br> December 31,** | **Relationship of unobservable inputs to fair value** |
|  | **2024** | **2025** |  | **2024** | **2025** |  |
|  | **RMB'000** | **RMB'000** |  |  |  |  |
| Convertible bonds | 241524 |  | Expected volatility | &nbsp;&nbsp;&nbsp;Note 18 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;The higher the expected volatility, the lower the fair value |
| Warrants |  | 22044 | Expected volatility | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;Note 18 | &nbsp;&nbsp;&nbsp;The higher the expected volatility, the higher the fair value |

---

The carrying amounts of the Group's financial assets not carried at fair value, including cash and cash equivalents, trade receivables, other receivables and other financial assets, and financial liabilities not carried at fair value, including borrowings, trade payables and other payables, approximate their fair values due to the short maturities or the interest rates being close to the market interest rates.

**4.** **Significant accounting judgments, estimates and assumptions** 

The preparation of financial statements requires the use of accounting estimates which will seldom equal the actual results. Management needs to exercise judgment in applying the Group's accounting policies.

Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that might have a financial impact on the Group and that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Revenue recognition** 

The Group has determined that each membership benefit provided over the membership period and coupons for specific period are material rights that would need to be accounted for as separate performance obligations. Refer to Note 2.12 for details. Determining the transaction price allocated to each performance obligation based on its standalone selling price requires judgment and consideration of all relevant facts and circumstance. In the evaluation of standalone selling price, the Group considers the applicable market conditions and relevant Group-specific factors, including factors that were contemplated in membership agreement and coupon procurement agreements with the end-users and the estimated costs for specified number of cash coupons and incremental discounts.

The Group exercises significant judgment in determining how incentives offered to end-users (including discounts embedded in membership rights and coupon packages) are allocated between (i) reductions of revenue for the related charging service and (ii) selling and marketing expenses. For each transaction, the Group first records incentives as a reduction of revenue to the extent of the revenue generated from the same transaction, to the extent such amounts are considered consideration payable to a customer under IFRS 15. Any excess incentive amount that is not attributable to past or future contracts and is incurred for marketing purposes to acquire and retain active users on the platform is presented as selling and marketing expenses on a transaction-by-transaction basis. The excess incentive amounts reclassified to selling and marketing expenses amounted to RMB33.1 million (US$4.7 million), RMB75.2 million, and RMB224.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Determining whether the Group is acting as a principal or as an agent when a third-party is involved in the provision of certain services to its customers requires judgment and consideration of all relevant facts and circumstances. In evaluation of the Group's role as a principal or agent, the Group considers factors to determine whether the Group controls the specified goods or service before it is transferred to the customer including, but not limited to, the following: whether the Group (a) is primarily responsible for fulfilling the contract, (b) is subject to inventory risk, and (c) has discretion in establishing prices. Refer to Note 2.12 for details.

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**(b)** **Share-based payments** 

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. For the grant date fair value of the equity instruments granted, the Group uses binomial model and Monte-Carlo simulation model for the valuation. The models and assumptions used for estimating the fair value for share-based payment transactions are disclosed in Note 26.

**(c)** **Estimation of recoverability of uncollected input VAT invoice** 

The Group determines the recoverability of uncollected input VAT invoice, recorded in other current assets, by considering the historical collection experience of input VAT invoice from the charging station operators and other factors that may affect the operators' capability to issue input VAT invoice. The Group recognizes provision of uncollected input VAT amount as impairment losses, in cases such as there is indication of the operator to terminate cooperation or lose capability to issue input VAT invoice.

**(d)** **Measurement of ECLs for trade receivables and other receivables** 

A number of significant judgments are required in applying the accounting requirements for measuring ECLs, such as:

● Determining the segmentation of debtor groups;

● Selecting appropriate models and assumptions for the measurement of ECLs; and

● Establishing the relative probability weightings of forward-looking factors.

The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on aging for groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the financial position date about past events, current conditions and forecasts of future economic conditions.

At each financial position date, the observed historical default rates are reassessed and changes in the forward-looking information are considered. In addition, credit-impaired trade receivables with significant balances are assessed for ECLs individually. The provision of ECLs is sensitive to changes in estimates. Information about ECLs is disclosed in Note 7.

ECLs for other receivables are estimated by applying a loss rate approach with reference to the days past due for groupings of debtors with similar loss patterns. The loss rate is adjusted to reflect current conditions and forecasts of future economic conditions as appropriate.

The Group considers forward-looking information in measuring ECLs in accordance with IFRS 9. The calculation of ECLs incorporates forward-looking information through the use of publicly available economic data and forecasts based on assumptions and management's judgments and the use of probability weighted outcomes.

**(e)** **Measurement of fair value of financial instruments at FVTPL and FVTOCI** 

The Group classifies its financial assets and liabilities based on the business model for managing the assets and their contractual cash flow characteristics.

● **Financial instruments at FVTPL**: Financial instruments that do not meet the criteria for amortized cost or FVTOCI are measured at FVTPL. Any gains or losses arising from changes in fair value are recognized in profit or loss.

● **Financial instruments at FVTOCI**: For debt instruments, if the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling, it is measured at FVTOCI. For certain equity investments, the Group may make an irrevocable election at initial recognition to present subsequent changes in fair value in other comprehensive income.

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Estimating fair value of financial instruments at FVTPL and FVTOCI requires determination of the most appropriate valuation model, which depends on the nature of the instruments and the availability of observable market data. This estimate also requires determination of the most appropriate inputs to the valuation model, including but not limited to market interest rates, credit spreads, and liquidity discounts, and making assumptions about them. For instruments without active markets, the Group utilizes discounted cash flow models to estimate fair value at each financial position date. The assumptions and hierarchy levels used for estimating the fair value of these financial instruments are disclosed in Note 3.3.

**(f)** **Measurement of fair value of convertible bonds** 

Estimating fair value of convertible bonds requires determination of the most appropriate valuation model, which depends on the terms and conditions of the arrangement. This estimate also requires determination of the most appropriate inputs to the valuation model including stock price, volatility and dividend yield and making assumptions about them. For the fair value of the convertible bonds at the issue date and each financial position date, the Group uses binomial model for the valuation. The assumptions used for estimating the fair value of the convertible bonds are disclosed in Note 18.

**(g)** **Measurement and accounting of fair value of warrant liabilities** 

Warrants issued by the Group that do not meet the definition of an equity instrument are classified as derivative financial liabilities. Such warrants are initially recognized at fair value on the date of issuance and are subsequently re-measured at fair value at each reporting date. Any changes in fair value are recognized in profit or loss in the period in which they arise.

Estimating fair value of warrant liabilities requires determination of the most appropriate valuation model, which depends on the terms and conditions of the warrant agreements. This estimate also requires determination of the most appropriate inputs to the valuation model including the Company's stock price, expected volatility, risk-free interest rate and expected term, and making assumptions about them. For the fair value of the warrant liabilities at the issue date and each financial position date, the Group uses Binomial Tree model for the valuation. The assumptions used for estimating the fair value of the warrant liabilities are disclosed in Note 18.

**(h)** **Provisions for contingencies** 

The Company is subject to claims or proceedings that arise in the ordinary course of business, including disputes related to the corporate transactions. Pursuant to IAS 37, the Company records a provision for a liability when it is both probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be reliably estimated.

The assessment of whether a loss is probable and the estimation of the appropriate amount of provision require significant judgment by management. In making these determinations, management, in consultation with internal and external legal counsel, evaluates the merits of the claims, the current status of the proceedings, the applicable contractual terms, and the potential outcomes of legal executions.

As of December 31, 2025, the Company has recognized a provision for certain litigations as disclosed in Note 29. However, due to the inherent uncertainties of the judicial process, the final resolution of these matters may differ significantly from the amounts currently estimated. Such differences could have a material impact on the Company's consolidated financial position, results of operations, or cash flows in future periods.

**5.** **Discontinued operations** 

**(a)** **Description** 

Effective from August 31, 2024, the Group disposed of its entire ownership interest in Sinopower, a subsidiary engaged in the provision of solar energy solutions, to a wholly-owned subsidiary of Newlink. For the eight months ended August 31, 2024 and the year ended December 31, 2023, Sinopower is reported as a discontinued operation.

On September 30, 2024, the Group approved a plan to sell its ownership interest in certain subsidiaries engaged in the energy storage solutions business to a wholly-owned subsidiary of Newlink. As at December 31, 2024 and 2025, the associated assets and liabilities are consequently presented as held for sale. For the years ended December 31, 2024 and 2025, these subsidiaries are reported as a discontinued operation. As at April 10, 2026, the Group disposed of its entire energy storage solutions business to a wholly-owned subsidiary of Newlink.

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

Financial information relating to the above discontinued operations is set out below.

**(b)** **Financial performance and cash flow information** 

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Revenues | 93882 | 2826 |
| Cost of revenues | (85538) | (1444) |
| Operating expenses | (26598) | (26258) |
| Other (losses)/gains, net | (258) | 105 |
| Fair value changes of financial instruments at fair value through profit or loss | 61 |  |
| Finance costs | (2598) | (86) |
| Loss before income tax | (21049) | (24857) |
| Income tax | (1193) |  |
| Loss after income tax | (22242) | (24857) |
| Gain on sale of Sinopower after income tax | 15838 |  |
| **Loss from discontinued operations** | **(6404)** | **(24857)** |
| Attributable to: |  |  |
| Equity holders of the Company | (5154) | (22698) |
| Non-controlling interests | (1250) | (2159) |
| Other comprehensive income from discontinued operations |  |  |
| **Total comprehensive loss from discontinued operations** | **(6404)** | **(24857)** |
| Attributable to: |  |  |
| Equity holders of the Company | (5154) | (22698) |
| Non-controlling interests | (1250) | (2159) |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Net cash (used in)/generated from operating activities | (33377) | 11078 |
| Net cash generated from investing activities |  |  |
| Net cash generated from/(used in) financing activities | 4475 | (10098) |
| **Net (decrease)/increase in cash generated by the discontinued operations** | **(28902)** | **980** |

---

**(c)** **Assets and liabilities of disposal group classified as held for sale** 

The following assets and liabilities were reclassified as held for sale in relation to the discontinued operation as at 31 December 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| **Assets classified as held for sale** |  |  |
| Cash and cash equivalents | 89 | 1069 |
| Trade receivables, net | 34414 |  |
| Inventories | 1181 |  |
| Prepayments, other receivables and other assets, net | 19342 | 3079 |
| **Total assets of disposal group held for sale** | **55026** | **4148** |
| **Liabilities directly associated with assets classified as held for sale** |  |  |
| Borrowings | (10000) |  |
| Trade payables | (37666) | (6912) |
| Other payables and accruals | (2920) | (991) |
| **Total liabilities of disposal group held for sale** | **(50586)** | **(7903)** |

---

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**6.** **Cash and cash equivalents** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Cash on hand and at banks | 124413 | 80346 |
| Deposits held at licensed payment platforms | 2290 | 1877 |
|  | **126703** | **82223** |
| Included in cash and cash equivalents per balance sheet | 126614 | 81154 |
| Included in assets classified as held for sale | 89 | 1069 |

---

As of December 31, 2025, cash and cash equivalents located in Mainland China amounted to RMB81.7 million (2024: RMB125.6 million). Remittance of funds out of Mainland China is subject to relevant rules and regulations of foreign exchange control.

As of December 31, 2025, RMB1.1 million of cash at bank was held in accounts where the usage is restricted due to judicial freeze. As of December 31, 2024, RMB12.8 million of cash at bank was held in accounts where the usage is restricted to certain business purposes.

As of December 31, 2024 and 2025, ECLs for cash and cash equivalents were estimated to be immaterial.

**7.** **Trade receivables, net** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Trade receivables | 148057 | 104965 |
| Loss allowance | (69137) | (83251) |
|  | **78920** | **21714** |
| Included in trade receivables, net per balance sheet | 44506 | 21714 |
| Included in assets classified as held for sale | 34414 |  |

---

The following is an aging analysis of trade receivables presented based on the invoice date at the end of each reporting period, which approximated the respective revenue recognition date.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| 0 – 90 days | 21479 | 7945 |
| 91 – 180 days | 905 | 588 |
| 181 – 365 days | 45459 |  |
| 1 – 2 years | 25604 | 40143 |
| 2 – 3 years | 47720 | 12405 |
| Over 3 years | 6890 | 43884 |
|  | **148057** | **104965** |

---

The Group uses a provision matrix to calculate ECLs for trade receivables that result from transactions within the scope of IFRS 15. The provision rates are based on aging for groupings of various customer segments with similar loss patterns. The provision matrix is based on the historical default rates taking into consideration forward-looking information that is reasonable, supportable and available without undue costs and effort.

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

The movement in ECL allowance for trade receivables during the years indicated is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Opening loss allowance | 60513 | 63865 |
| Provision for loss allowance, net | 10341 | 14114 |
| Disposal of a subsidiary | (1717) |  |
| Reclassified as held for sale assets | (5272) | (15651) |
| **Closing loss allowance** | **63865** | **62328** |

---

The ECL allowance as of December 31, 2024 and 2025 was determined based on aging as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Within <br> 1 year** | **1-2<br> years** | **2-3<br> years** | **Over 3<br> years** |
| **At December 31, 2024** | | | | |
| Expected loss rate | 11.1% | 28.0% | 49.2% | 100.0% |
| Gross carrying amount (RMB'000) | 67843 | 21615 | 5992 | 329 |
| Loss allowance (RMB'000) | 7536 | 6047 | 2947 | 329 |
| **At December 31, 2025** |  |  |  |  |
| Expected loss rate | 4.9% | 33.9% | 61.7% | 100.0% |
| Gross carrying amount (RMB'000) | 8156 | 16567 | 7844 | 1280 |
| Loss allowance (RMB'000) | 398 | 5616 | 4839 | 1280 |

---

Besides from the above ECL allowance calculated using provision matrix, as of December 31, 2024 and 2025, loss allowance was fully made for specific trade receivables with gross amount of RMB52.3 million and RMB71.1 million, respectively, which were considered to be in default due to conditions indicating that the Group was unlikely to receive the outstanding contractual amounts.

**8.** **Inventories** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| Work in progress |  |  |  |  |
| Finished goods | |  | | 17 |
|  | | **—** | | **17** |

---

The movement in provision for losses on inventories during the years indicated is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Opening loss allowance | 14409 | 1181 |
| Reversal of losses, net | (10687) | (1181) |
| Disposal of subsidiaries | (2541) |  |
| **Closing loss allowance** | **1181** | **—** |
| Included in inventories per balance sheet |  |  |
| Included in assets classified as held for sale | 1181 |  |

---

**9.** **Prepayments, other receivables and other assets, net** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Prepayments to charging stations | 75018 | 44970 |
| Prepayments for chargers procurement | 8567 | 3223 |
| Prepayment for rental, facility and utilities | 48473 | 4040 |
| Miscellaneous prepayments | 3469 | 2264 |
| Value-added tax deductible | 52599 | 19292 |
| Amount due from related parties (Note 30) | 1206 |  |
| Others | 34187 | 35014 |
|  | **223519** | **108803** |
| Included in prepayments, other receivables and other assets, net per balance sheet | 204177 | 105724 |
| Included in assets classified as held for sale | 19342 | 3079 |

---

The credit quality of the financial assets included in prepayments, other receivables and other assets is considered to be "normal" when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be "doubtful".

ECLs for the financial assets included in prepayments, other receivables and other assets are estimated by applying a loss rate approach with reference to the days past due for groupings of debtors with similar loss patterns. The loss rate is adjusted to reflect current conditions and forecasts of future economic conditions as appropriate.

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As of December 31, 2024 and 2025, for financial assets included in prepayments, other receivables and other assets with no significant increase in credit risk since initial recognition (Stage 1 of credit risk), the 12-month ECLs were estimated to be immaterial. Loss allowance was fully made for prepayments, other receivables and other assets with a significant increase in credit risk since initial recognition (Stage 3 of credit risk) or considered to be in default, amounting to RMB108.6 million and RMB191.7 million as of December 31, 2024 and 2025, respectively.

As of December 31 2023, 2024 and 2025, loss allowance for prepayments, other receivables and other assets recognized in profit or loss amounted to RMB20.1 million and RMB73.1 million and RMB83.1 million, respectively.

**10.** **Financial instruments by category** 

The Group holds the following financial instruments:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| **Assets as per consolidated statements of financial position** |  |  |
| Financial assets measured at fair value |  |  |
| —Financial assets at fair value through profit or loss | 132352 | 1291 |
| —Financial assets at fair value through other comprehensive income | 66642 | 92396 |
|  | **198994** | **93687** |
| Financial assets measured at amortized cost |  |  |
| —Cash and cash equivalents | 126614 | 81154 |
| —Trade receivables | 44506 | 21714 |
| —Financial assets included in other receivables and deposits | 9261 | 10941 |
| —Other financial assets | 9129 |  |
|  | **189510** | **113809** |
|  | **388504** | **207496** |
| **Liabilities as per consolidated statements of financial position** |  |  |
| Financial liabilities measured at fair value |  |  |
| —Convertible bonds | 241524 |  |
| —Warrant |  | 22044 |
|  | **241524** | **22044** |
| Financial liabilities measured at amortized cost |  |  |
| —Borrowings | 824045 | 582724 |
| —Lease liabilities | 4552 | 2590 |
| —Trade payables | 104224 | 230832 |
| —Financial liabilities included in other payables and accruals | 137401 | 327138 |
|  | **1070222** | **1143284** |
|  | **1311746** | **1165328** |

---

**11.** **Leases** 

This note provides information for leases where the Group is a lessee.

**(a)** **Amounts recognized in the consolidated statements of financial position** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| **Right-of-use assets** |  |  |
| Office buildings | 250 | 2443 |
| Charging stations | 4554 | 351 |
|  | **4804** | **2794** |
| **Lease liabilities** |  |  |
| Current | 1254 | 1469 |
| Non-current | 3298 | 1121 |
|  | **4552** | **2590** |

---

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

The movement in the carrying amount of right-of-use assets during the years indicated is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Office<br> buildings** | **Charging<br> stations** | **Total** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| **Year ended December 31, 2024** | | | |
| Opening carrying amount | 12231 | 1795 | 14026 |
| Additions |  | 4025 | 4025 |
| Depreciation charge | (4870) | (1266) | (6136) |
| Disposals | (3950) |  | (3950) |
| Disposal of subsidiaries | (3161) |  | (3161) |
| **Closing carrying amount** | **250** | **4554** | **4804** |
| **At December 31, 2024** |  |  |  |
| Cost | 9368 | 14804 | 24172 |
| Accumulated depreciation | (9118) | (10250) | (19368) |
| **Carrying amount** | **250** | **4554** | **4804** |
| **Year ended December 31, 2025** |  |  |  |
| Opening carrying amount | 250 | 4554 | 4804 |
| Additions | 3258 |  | 3258 |
| Depreciation charge | (1065) | (581) | (1646) |
| Disposals |  | (3622) | (3622) |
| **Closing carrying amount** | **2443** | **351** | **2794** |
| **At December 31, 2025** |  |  |  |
| Cost | 12626 | 11182 | 23808 |
| Accumulated depreciation | (10183) | (10831) | (21014) |
| **Carrying amount** | **2443** | **351** | **2794** |

---

The movement in the carrying amount of lease liabilities during the years indicated is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Office<br> buildings** | **Charging<br> stations** | **Total** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| **Year ended December 31, 2024** | | | |
| Opening balance | 12413 | 1677 | 14090 |
| Additions |  | 4025 | 4025 |
| Interest expense recognized during the year | 427 | 137 | 564 |
| Payments | (4776) | (1287) | (6063) |
| Disposals | (4396) |  | (4396) |
| Disposal of subsidiaries | (3668) |  | (3668) |
| **Closing balance** | **—** | **4552** | **4552** |
| **Year ended December 31, 2025** |  |  |  |
| Opening balance |  | 4552 | 4552 |
| Additions | 3258 | **—** | 3258 |
| Interest expense recognized during the year | 70 | 22 | 92 |
| Payments | (1133) | (521) | (1654) |
| Disposals | **—** | (3658) | (3658) |
| **Closing balance** | **2195** | **395** | **2590** |

---

The weighted average interest rates of incremental borrowings applied to the calculation of lease liabilities were 4.18% and 4.40% per annum as of December 31, 2024 and 2025, respectively.

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

The maturity analysis of lease liabilities is disclosed in Note 3.1(b).

**(b)** **Amounts recognized in profit or loss and cash outflows** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Depreciation charge of right-of-use assets |  |  |  |
| —Office buildings | 5532 | 4870 | 1065 |
| —Charging stations | 2628 | 1266 | 581 |
| Interest expense (included in finance costs) | 783 | 564 | 92 |
| Expense relating to short-term leases not included in lease liabilities (included in cost of revenues, selling and marketing expenses, administrative expenses and research and development expenses) | 16732 | 19826 | 147 |
|  | **25675** | **26526** | **1885** |

---

The total cash outflows for leases in financing activities during the years indicated are as below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Principal element of lease payments | 7231 | 5499 | 1562 |
| Related interest paid | 714 | 564 | 92 |
|  | **7945** | **6063** | **1654** |

---

The total cash outflows for leases in operating activities during the years ended December 31, 2023, 2024 and 2025 amounted to RMB16.7 million, RMB19.8 million and RMB0.1 million, respectively.

**12.** **Financial assets measured at fair value** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| **Financial assets measured at FVTPL (i)** |  |  |
| Unlisted investments, current | 45 | 1291 |
| Unlisted investments, non-current | 132307 |  |
|  | **132352** | **1291** |
| **Financial assets measured at FVOCI, non-current (ii)** |  |  |
| Listed investments | 66642 | 92396 |
|  | **198994** | **93687** |

---

(i) The Group's unlisted investments without control or significant influence are measured at fair value through profit or loss as the Group has not elected to recognize fair value gains and losses through other comprehensive income.

(ii) The Group has elected to recognize fair value gains and losses of its investment in the publicly traded ordinary shares of a listed company without control or significant influence, through other comprehensive income. During the years ended December 31, 2024, the Group received cash dividends of RMB4.3 million from the listed investee company. No cash dividends were received from the listed investee company during the year ended December 31, 2025.

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

As at December 31, 2025, listed equity investments measured at fair value through other comprehensive income, represented the aforesaid publicly traded ordinary shares of a listed company, with a fair value of RMB92.4 million (2024: RMB66.6 million) were pledged as collateral to secure certain borrowings of the Group (Note 15). The Group is restricted from selling, re-pledging or otherwise disposing of the pledged shares until the relevant borrowings are fully repaid. The borrowings secured by the pledged shares have contractual maturity dates ranging from September 2027 to October 2027.

The pledged financial assets continue to be measured at fair value through other comprehensive income in accordance with the Group's accounting policy (Note 2.6). In the event of default, the lender has the right to sell or re-pledge the collateral. There were no other significant terms or conditions associated with the use of the collateral.

**13.** **Property, plant and equipment, net** 

The movement in the carrying amount of property, plant and equipment during the years indicated is as follows:

---

| | |
|:---|:---|
|  | **Electronic<br> and office<br> equipment** |
|  | **RMB'000** |
| **At January 1, 2024** | |
| Cost | 6199 |
| Accumulated depreciation | (1821) |
| **Net carrying amount** | **4378** |
| **At January 1, 2024, net of accumulated depreciation** |  |
| Opening carrying amount | 4378 |
| Additions | 112 |
| Depreciation charge | (1579) |
| Disposals | (14) |
| Disposal of subsidiaries | (296) |
| **At December 31, 2024, net of accumulated depreciation** | **2601** |
| **At December 31, 2024** |  |
| Cost | 5831 |
| Accumulated depreciation | (3230) |
| **Net carrying amount** | **2601** |
| **At January 1, 2025** |  |
| Cost | 5831 |
| Accumulated depreciation | (3230) |
| **Net carrying amount** | **2601** |
| **Year ended December 31, 2025, net of accumulated depreciation** |  |
| Opening carrying amount | 2601 |
| Depreciation charge | (1336) |
| Disposals | (138) |
| **At December 31, 2025, net of accumulated depreciation** | **1127** |
| **At December 31, 2025** |  |
| Cost | 5693 |
| Accumulated depreciation | (4566) |
| **Carrying amount** | **1127** |

---

**14.** **Intangible assets, net** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Cost |  |  |
| —Software | 3717 | 3717 |
|  | 3717 | 3717 |
| Accumulated amortization | (1382) | (2125) |
| **Carrying amount** | **2335** | **1592** |

---

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

**15.** **Borrowings** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Borrowings, current | 772978 | 501763 |
| Borrowings, non-current | 51067 | 80961 |
| Borrowings reclassified as liabilities directly associated with the assets held for sale | 10000 |  |
| **Total borrowings** | **834045** | **582724** |

---

As of December 31, 2025, the interest rates of current borrowings, repayable within one year or on demand, ranged from 3.0% to 6.5% (2024: 4.2% to 6.2%) per annum.

As of December 31, 2025, the interest rate of non-current borrowings was 3% (2024: 3%) per annum.

The Group's borrowings were primarily denominated in RMB.

During the year ended December 31, 2025, the Group obtained new borrowing facilities amounting to RMB416.0 million (2024: RMB125.0 million). The Group's borrowings were mostly repayable in July 2026, partially in January and August 2026 and January 2027, some of which were guaranteed by subsidiaries of Newlink.

**16.** **Trade payables** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Payables for charging services | 73559 | 216132 |
| Payables for energy solutions | 68331 | 21612 |
|  | **141890** | **237744** |
| Included in trade payables per balance sheet | 104224 | 230832 |
| Included in liabilities relating to assets classified as held for sale | 37666 | 6912 |

---

The Group's trade payables are non-interest bearing and have an average term of three months.

**17.** **Other payables and accruals** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Contract liabilities | 32509 | 27513 |
| Employee benefits payable | 32074 | 33026 |
| Accrued expenses | 88311 | 142650 |
| Other taxes payable | 11022 | 3720 |
| Revenue-based financing | 2604 |  |
| Amount due to related parties (Note 30) | 3353 | 147221 |
| Others | 12098 | 5218 |
|  | **181971** | **359348** |
| Included in other payables and accruals per balance sheet | 179051 | 358357 |
| Included in liabilities relating to assets classified as held for sale | 2920 | 991 |

---

The Group's other payables are non-interest bearing and have an average term of three months.

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

Details of contract liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Advances from customers for charging service discount packages | 13955 | 14313 |
| Advances from platform users | 11669 | 9256 |
| Advances from customers for energy solutions | 6501 | 2371 |
| Others | 384 | 1573 |
|  | **32509** | **27513** |
| Included in other payables and accruals per balance sheet | 30644 | 27508 |
| Included in liabilities relating to assets classified as held for sale | 1865 | 5 |

---

Advances received from customers for charging service discount packages mainly arise from sales of VIP membership and coupons.

During the years ended December 31, 2025 and 2024, revenue recognized that was included in the contract liability balance at the beginning of the year amounted to RMB29.7 million and RMB54.1 million, respectively.

The Group has elected the practical expedient not to disclose the remaining performance obligations for its contracts with customers because the duration of the Group's contracts with customers was expected to be one year or less.

Other taxes payable primarily represents value-added tax ("VAT") and related surcharges and PRC individual income tax of employees withheld by the Group.

**18.** **Financial liabilities at fair value through profit or loss** 

On July 6, 2023 and September 5, 2023, the Company issued convertible bonds to LMR Multi-Strategy Master Fund Limited ("LMR") with a principal amount of US$30,000,000 which is due and mandatorily convertible to the Company's ADSs on July 3, 2024 (the "July 2023 LMR Convertible Note"), and a principal amount of US$40,000,000 which is due on September 2, 2024 (the "September 2023 LMR Convertible Note"), respectively. For the outstanding principal amount of convertible bonds, the Company would issue payment in kind note to LMR at the end of each quarter, the amount of which is calculated at 5% per annum with reference to the principal amount of convertible bonds outstanding during the relevant quarter. Such convertible bonds and payment in kind notes are convertible to the Company's ADSs, at certain variable price determined with reference to the market price of the Company's ADSs prevailing shortly prior to the conversion. In the event that the entire principal amount of the July 2023 LMR Convertible Note is fully converted prior to its maturity date of July 3, 2024, the Company agreed to further issue and sell, and LMR agrees to purchase, an additional note in the principal amount of US$25,000,000 at the issue price of US$25,000,000 with substantially similar terms as the July 2023 LMR Convertible Note.

These convertible bonds were initially measured at fair value and subsequently carried at fair value through profit or loss pursuant to the Company's election to apply the fair value option.

On October 4, 2024, the Company entered into a convertible note exchange agreement (the "Convertible Note Exchange Agreement") with LMR, under which LMR agreed to deliver to the Company for cancellation and termination of the US$35.5 million aggregate outstanding amount of the July 2023 LMR Convertible Note and the September 2023 LMR Convertible Note. In exchange, the Company issued to LMR a convertible note (the "New Note") in the principal amount of US$35.0 million and agreed to pay US$0.5 million to LMR in cash.

In 2025, the Company did not fully perform its payment obligations under the New Note in accordance with the original terms. As a result, on June 4, 2025, the Company entered into a deed of settlement (the "Deed of Settlement") with LMR and certain other parties, pursuant to which the parties agreed to comprehensively settle the disputes arising from the New Note and related interest and cash consideration. Under the Deed of Settlement, the Company made an initial repayment of US$1.5 million and agreed to repay an aggregate amount of US$15.0 million to LMR in twenty-four monthly instalments commencing from June 25, 2025.

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

As part of the Deed of Settlement, the Company also agreed to issue to LMR a warrant, exercisable at any time up to the tenth anniversary of the effective date of the Deed of Settlement, entitling LMR to acquire certain number of the Company's Class A ordinary shares if certain market capitalization thresholds of the Company are met. Following the execution of the Deed of Settlement and the Company's compliance with its obligations thereunder, LMR agreed to withdraw the winding-up petition filed in the Cayman Islands and to discontinue related arbitration and other enforcement proceedings against the Company. The New Note was derecognized and replaced by the new financial liabilities arising from the Deed of Settlement in 2025 in accordance with IFRS 9. Based on the comparison between the carrying amount of the New Note immediately before the Deed of Settlement and the fair value of the new financial liabilities and warrant issued, the Company recognized a gain of RMB2.4 million on derecognition of the New Note in other gains/losses.

The movement in the fair value of convertible bonds during the years indicated is set out below:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| Opening balance | 272684 | 241524 |
| New issuance | 251594 |  |
| Own-credit risk portion of fair value changes |  | (121652) |
| Other fair value changes | (426) | (23007) |
| Conversion to shares (Note 19(i)) | (29785) |  |
| Notes matured | (255458) |  |
| Gain on extinguishment |  | (2450) |
| Settlement via issuance of warrants |  | (3594) |
| Settlement via new instalment borrowing |  | (78174) |
| Repayment of convertible bonds |  | (12652) |
| Exchange differences | 2915 | 5 |
| **Closing balance** | **241524** |  |

---

The fair value of the convertible bonds was determined using the binomial option valuation model. The inputs to the valuation model as of December 31, 2024 are set out below:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** |
| Expected volatility |  | 73.64% |
| Risk-free interest rate |  | 4.20% |
| Bond maturity |  | 0.76 |
| Weighted average share price | US$ | 2.00 |

---

The movement in the fair value of warrants during the year indicated is set out below:

---

| | |
|:---|:---|
|  | **As of<br> December 31,**<br>**2025** |
|  | **RMB'000** |
| Opening balance |  |
| Issuance of warrants upon restructuring of convertible bonds | 3594 |
| Fair value changes | 18740 |
| Exchange differences | (290) |
| **Closing balance** | **22044** |

---

The inputs to the valuation model of warrants as of December 31, 2025 are set out below:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,** | **As of <br> December 31,** |
|  | **2025** | **2025** |
| Volatility |  | 72.64% |
| Risk-free rate |  | 4.13% |
| Time to maturity (year) |  | 9.43 years |
| Market capitalization | US$ | 35.7 million |

---

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

**19.** **Share capital and additional paid in capital** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> ordinary<br> shares** | **Nominal value of ordinary<br> shares** | **Share<br> capital** | **Subscription receivable** | **Treasury shares** | **Warrant outstanding** | **Additional<br> paid-in capital** | **Total** |
|  | | **US$** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **At January 1, 2024** | **2455202303** | **24552023** | **165183** | **(4696)** |  |  | **7196341** | **7356828** |
| Issuance of shares, net (ii) | 47619050 | 476191 | 3380 |  |  | 29587 | 1145 | 34112 |
| Share-based compensation from ESOP (Note 26) |  |  |  |  |  |  | 161231 | 161231 |
| Share-based compensation from controlling shareholder ESOP (Note 26) |  |  |  |  |  |  | (810) | (810) |
| Conversion of convertible bonds to shares (i) | 27888690 | 278887 | 1982 |  |  |  | 27803 | 29785 |
| Exercise of options | 226848352 | 2268483 | 16133 |  |  |  | (8159) | 7974 |
| Capital contributions from non-controlling shareholders |  |  |  |  |  |  | 12133 | 12133 |
| Repurchase of own shares | (63358000) | (633580) |  |  | (6862) |  |  | (6862) |
| **At December 31, 2024** | **2694200395** | **26942004** | **186678** | **(4696)** | **(6862)** | **29587** | **7389684** | **7594391** |
| **At January 1, 2025** | **2694200395** | **26942004** | **186678** | **(4696)** | **(6862)** | **29587** | **7389684** | **7594391** |
| Issuance of shares, net (ii) | 31018781200 | 32455588 | 232977 | (133667) |  |  | 33209 | 132519 |
| Share-based payments from the Company (Note 26) |  |  |  |  |  |  | (18239) | (18239) |
| Share-based payments from the controlling shareholder (Note 26) |  |  |  |  |  |  | 734 | 734 |
| Exercise of options | 63615000 | 636150 | 4557 |  |  |  | (4500) | 57 |
| Shares cancellation | (2708) | (27) | —<br> \* |  |  |  | —<br> \* |  |
| Reduction of par value(iii) |  | (59999938) | (423973) |  | 6861 |  | 417112 |  |
| **At December 31, 2025** | **33776593887** | **33777** | **239** | **(138363)** | **(1)** | **29587** | **7818000** | **7709462** |

---

\* Representing an amount with an absolute value of less than RMB1,000 (including negative amounts).

(i) During the year ended December 31, 2024, the Company issued 27,888,690 Class A ordinary shares upon the conversion of certain convertible bonds issued to LMR in aggregate (Note 18).

(ii) In March 2024, the Company issued to certain institutional investors 47,619,050 Class A ordinary shares together with warrants to purchase up to 47,619,050 Class A ordinary shares through a private placement for a total net proceeds of approximately RMB34.1 million, after deducting commissions and other offering expenses. The warrants were exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date. The Company also issued warrants to initially purchase up to 2,380,950 Class A ordinary shares to a financial advisor in connection with this registered direct offering.

During the first quarter of 2025, the Company issued an aggregate of 9,992,998 ADSs (at an ADS to ordinary share ratio of 1:200) of Class A ordinary shares to certain institutional investors pursuant to share subscription facility agreements.

In March 2025, the Company issued an aggregate of 3,000,000 ADSs (at an ADS to ordinary share ratio of 1:200) of Class A ordinary shares to certain institutional investors under a securities purchase agreement.

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

In April 2025, the Company issued 700,000 ADSs (at an ADS to ordinary share ratio of 1:800) of Class A ordinary shares under its at-the-market (ATM) offering program.

In June 2025, the Company issued 68,181,600 Class A ordinary shares to a service provider in exchange for services rendered.

In September 2025, the Company authorized and issued 16,000,000 Class D ordinary shares to Newlink Envision Limited, a wholly-owned subsidiary of Newlink.

In November 2025, the Company issued an aggregate of 27,776,000,000 Class A ordinary shares, consisting of 12,800,000,000 shares to two subsidiaries of Newlink, for which no cash consideration was received as of December 31, 2025, and 14,976,000,000 shares to certain institutional investors.

**20.** **Revenues** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Charging services revenues | 129434 | 169093 | 118816 |
| Energy solutions revenues | 100545 | 25516 | 765 |
| New initiatives revenues | 3384 | 6367 | 5558 |
|  | **233363** | **200976** | **125139** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| **Timing of revenue recognition** |  |  |  |
| Goods and services transferred at a point in time | 145641 | 190203 | 124729 |
| Goods and services transferred over time | 87722 | 10773 | 410 |
|  | **233363** | **200976** | **125139** |

---

**21.** **Operating costs and expenses by nature** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Employee benefits expense | 640764 | 304121 | 42381 |
| Professional service fees | 141938 | 157768 | 49213 |
| Market incentives for charging services | 231121 | 113224 | 123556 |
| Rental, facility and utilities | 26088 | 32650 | 1932 |
| Cost of charging services revenues | 21167 | 28447 | 514 |
| Cost of energy solutions revenues | 86528 | 27605 | 258 |
| Promotion and advertising expenses | 39862 | 22384 | 7332 |
| Traveling, entertainment and general office expenses | 24850 | 16739 | 10185 |
| Depreciation of right-of-use assets | 7440 | 5265 | 1646 |
| Depreciation of property, plant and equipment | 947 | 1480 | 1336 |
| Amortization of intangible assets | 472 | 743 | 743 |
| Bandwidth and server custody expenses | 3585 | 2155 | 205 |
| Payment processing costs | 1067 | 1063 | 799 |
| Net impairment losses on receivables, prepayments and other financial assets | 73816 | 300921 | 81558 |
| Provision for losses on inventories, net | 3296 |  |  |
| Others | 9712 | 14367 | 75759 |
| **Total operating costs and expenses** | **1312653** | **1028932** | **397417** |

---

**22.** **Other gains, net** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Other income | 24416 | 22730 | 10499 |
| Other expenses | (333) | (1802) | (4015) |
|  | **24083** | **20928** | **6484** |

---

Other income mainly comprises interest income, investment income, exchange gains and losses and gains on derecognition of convertible bonds issued. A significant component of other income for the year ended December 31, 2025, specifically recognized within "Other gains, net", arose from a major debt restructuring event.

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

**23.** **Finance costs** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Interest expense from borrowings | 30467 | 37613 | 32475 |
| Interest expense from lease liabilities | 688 | 400 | 92 |
| Others | 697 | 1825 |  |
|  | **31852** | **39838** | **32567** |

---

**24.** **Taxation** 

(a) Income
 tax expense

Income tax expense is recognized based on management's best knowledge of the income tax rates expected for the financial year.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Cayman
 Islands

The Company is incorporated as an exempted company with limited liability under the Companies Act of the Cayman Islands and is not subject to tax on income or capital gains. Additionally, the Cayman Islands do not impose a withholding tax on payments of dividends to shareholders. The Cayman Islands are not party to any double tax treaties applicable to any payments made by or to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hong
 Kong Profits Tax

Entities incorporated in Hong Kong are subject to Hong Kong Profits Tax at a rate of 16.5% for assessable profits earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) PRC
 Enterprise Income Tax ("EIT")

The Group's operations in the PRC are subject to EIT at a statutory tax rate of 25% for assessable profits for the years ended December 31, 2024 and 2025, based on the existing legislation, interpretation and practices in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Withholding
 tax in Mainland China ("WHT")

Distribution of profits to foreign investors earned by companies in Mainland China since January 1, 2008 is subject to WHT at a rate of 5% or 10%, depending on the country of incorporation of the foreign investors.

The Group did not plan to require its subsidiaries in Mainland China to distribute their retained earnings in the foreseeable future. Accordingly, no deferred tax liabilities in respect of WHT on undistributed earnings were recognized as of December 31, 2024 and 2025.

The income tax expense of the Group during the years ended December 31, 2023, 2024 and 2025 is analyzed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Current income tax | 2980 | (16307) |  |
| Deferred income tax | 806 | (1650) |  |
| **Income tax expense/(credit)** | **3786** | **(17957)** |  |
| Attributable to: |  |  |  |
| Continuing operations | 3308 | (19150) |  |
| Discontinued operations | 478 | 1193 |  |

---

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

The income tax on the Group's loss before income tax differs from the theoretical amount that would arise using the statutory tax rates:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Loss before income tax from continuing operations | (1290722) | (927188) | (425110) |
| Loss before income tax from discontinued operations | (12642) | (5211) | (24857) |
| **Loss before income tax including discontinued operations** | **(1303364)** | **(932399)** | **(449967)** |
| Tax calculated at statutory income tax rate of 25% in Mainland China | (325841) | (233100) | (112492) |
| Tax effects of: |  |  |  |
| Differing tax rates in different jurisdictions | 65790 | 77346 | 56082 |
| Expenses not deductible for income tax purposes | 122634 | 89191 | 7308 |
| Deductible temporary differences not recognized | 23771 | 24449 | 27499 |
| Tax losses not recognized | 140493 | 24792 | 24323 |
| Utilization of deductible temporary differences previously not recognized | (17657) |  |  |
| Utilization of tax losses previously not recognized | (1660) | (635) | (2720) |
| Tax exemptions | (456) |  |  |
| Others | (3288) |  |  |
| **Income tax expense/(benefit)** | **3786** | **(17957)** |  |

---

(b) Deferred
 tax assets

As of December 31, 2025, unrecognized tax losses carried forward amounted to RMB1,163.8 million (2024: RMB1,117.3 million), most of which are expired in one to five years. As of December 31, 2025, unrecognized deductible temporary differences amounted to RMB293.1 million (2024: RMB186.2 million).

**25.** **Loss per share** 

(a) Basic
 loss per share

Basic loss per share for the years ended December 31, 2023, 2024 and 2025 are calculated by dividing net loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the respective year.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
| Net loss from continuing operations attributable to equity holders of the Company (RMB'000) | 1294030 | 908330 | 416257 |
| Weighted average number of ordinary shares in issue | 2259760407 | 2630750526 | 9734338690 |
| Basic loss per share (RMB per share) | 0.57 | 0.35 | 0.04 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
| Net loss from discontinued operations attributable to equity holders of the Company (RMB'000) | 12883 | 5154 | 22698 |
| Weighted average number of ordinary shares in issue | 2259760407 | 2630750526 | 9734338690 |
| Basic loss per share (RMB per share) | 0.01 | 0.00 \* | 0.00 \* |

---

\* Representing amount less than RMB0.01.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
| Net loss attributable to equity holders of the Company (RMB'000) | 1306913 | 913484 | 438955 |
| Weighted average number of ordinary shares in issue | 2259760407 | 2630750526 | 9734338690 |
| Basic loss per share (RMB per share) | 0.58 | 0.35 | 0.05 |

---

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

(b) Diluted
 loss per share

Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. During the years ended December 31, 2024 and 2025, the Company had no dilutive potential ordinary shares as the effect of all potential ordinary shares are determined to be anti-dilutive.

The computations of basic and diluted loss per Class A, Class B and Class C ordinary share are the same as they have the same rights to participate in profits and are all treated as ordinary shares on an as converted basis.

**26.** **Share-based payments** 

2022 Share Incentive Plan

In January 2022, the Board of Directors of Dada approved the Dada Share Incentive Plan (the "2022 Share Incentive Plan"), which has a term of 10 years. Under the 2022 Share Incentive Plan, Dada reserved options to its eligible employees, directors and officers for the purchase of Dada's 224,665,915 ordinary shares in aggregate. The exercise price of such options is US$0.000003 to US$0.3 per share.

During the year ended December 31, 2022, the Company granted certain share options under the 2022 Share Incentive Plan. Most of those share options granted under the 2022 Share Incentive Plan were to be vested over 3 to 5 years. The contractual term of those share options is 10 years. The fair value of the share options was determined using the binomial option valuation model. The binomial model requires the input of a few key assumptions. For expected volatility, the Company made reference to the Company's own listed share price and historical volatility of several comparable companies due to its short history of being listed.

On March 18, 2022, the Board of Directors of Dada approved certain grants to two of the Group's directors and executive officers of share options with vesting condition that 50% will vest subject to completion of the Merger, and with market conditions that 25% and 25% will vest, respectively, when the market capitalization of the equity securities of the Company after the consummation of the Merger equals or exceeds two targeted market capitalization over a period of pre-agreed consecutive trading days, respectively. The fair value of the share options granted subject to market conditions is estimated at the date of grant using a Monte-Carlo simulation model, taking into account the terms and conditions on which the share options were granted. As the grant has a variable vesting period due to the market conditions, share-based compensation expense is recognized based on an estimated expected vesting period of 9.13 years and 9.53 years, respectively, consistent with the assumptions used in the Monte-Carlo simulation model.

In February and March 2022, certain employees resigned and joined Anji Datacom. The Group agreed that all unvested options of those employees became immediately vested upon resignation. The Group expensed all unvested options upon the accelerated vesting in the consolidated statements of profit or loss and other comprehensive income.

On June 10, 2022, the Company assumed the then-effective 2022 Share Incentive Plan. Each option to purchase the ordinary shares of Dada that was outstanding immediately prior to June 10, 2022, whether vested or unvested, was converted into an option to purchase a number of Class A ordinary shares of the Company at a conversion ratio of 32.951 in accordance with the Merger. In September 2022, the 2022 Share Incentive Plan was replaced with further explanation below.

The New 2022 Share Incentive Plan

In September 2022, the Board of Directors of NaaS approved the New 2022 Share Incentive Plan of NaaS (the "New 2022 Share Incentive Plan") to replace the 2022 Share Incentive Plan. The New 2022 Share Incentive Plan has a term of 10 years. The maximum number of Class A ordinary shares available to be issued under the New 2022 Share Incentive Plan is initially 249,770,760 and will be increased on the first day of each fiscal year from January 1, 2023 by an amount equal to 1% of the total number of shares issued and outstanding on the last day of the immediately preceding fiscal year, unless otherwise decided by the Board of Directors of the Company. The exercise price for such options is US$0.0001 to US$0.3 per share.

In June 2023, the Board of Directors of NaaS approved the Amended and Restated New 2022 Share Incentive Plan, pursuant to which the maximum number of Class A ordinary shares of the Company available to be issued under the Amended and Restated New 2022 Share Incentive Plan will be initially 413,921,180, plus commencing no earlier than January 1, 2024, an increase on the first day of each fiscal year, a number equal to 1% of the then total number of shares issued and outstanding on an as converted and fully-diluted basis on the last day of the immediately preceding fiscal year, unless otherwise decided by the Board of Directors of the Company.

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

In December 2023, the Board of Directors of NaaS approved the Second Amended and Restated New 2022 Share Incentive Plan, pursuant to which the maximum number of Class A ordinary shares of the Company available to be issued under the Amended and Restated New 2022 Share Incentive Plan will be initially 490,563,333, plus commencing no earlier than January 1, 2024, an increase on the first day of each fiscal year, a number equal to 1% of the then total number of shares issued and outstanding on an as converted and fully-diluted basis on the last day of the immediately preceding fiscal year, unless otherwise decided by the Board of Directors of the Company.

In May 2024, the Board of Directors of NaaS approved the Third Amended and Restated New 2022 Share Incentive Plan, pursuant to which the maximum number of Class A ordinary shares of the Company available to be issued under the Amended and Restated New 2022 Share Incentive Plan will be initially 644,746,682, plus commencing no earlier than January 1, 2025, an increase on the first day of each fiscal year, a number equal to 1% of the then total number of shares issued and outstanding on an as converted and fully-diluted basis on the last day of the immediately preceding fiscal year, unless otherwise decided by the Board of Directors of the Company.

In August 2024, the Board of Directors of NaaS approved the Fourth Amended and Restated New 2022 Share Incentive Plan, pursuant to which the maximum number of Class A ordinary shares of the Company available to be issued under the Amended and Restated New 2022 Share Incentive Plan will be initially 779,385,082, plus commencing no earlier than January 1, 2025, an increase on the first day of each fiscal year, a number equal to 1% of the then total number of shares issued and outstanding on an as converted and fully-diluted basis on the last day of the immediately preceding fiscal year, unless otherwise decided by the Board of Directors of the Company.

Outstanding awards under the 2022 Share Incentive Plan remained valid and were governed by, and counted towards the total number of shares available under the New 2022 Share Incentive Plan. The Company reserved options to its eligible employees, directors and officers for the purchase of the Company's 224,665,915 Class A ordinary shares in aggregate. The Company granted 195,763,865 share options under the New 2022 Share Incentive Plan to the original grantees as the replacement awards for the 2022 Share Incentive Plan. Such replacement was accounted for as a modification of share options. The incremental cost immediately before and after the replacement was immaterial.

During the period from September 29, 2022 to December 31, 2022, the Company granted additional share options under the New 2022 Share Incentive Plan. Most of the share options granted under the 2022 Share Incentive Plan were to be vested over 3 to 5 years. The contractual term of those share options is 10 years.

During the years ended December 31, 2023, 2024 and 2025, the Company granted 7,656,590, 74,161,000 and 2,253,600 shares to certain suppliers in lieu of cash payment, respectively.

During the year ended December 31, 2023, share-based compensation from ESOP included RMB186.1 million arose from modification of the terms of certain share options granted during the year ended December 31, 2022.

During the year ended December 31, 2024, share-based compensation from ESOP included RMB0.6 million arose from modification of the terms of certain share options granted in during the years ended December 31, 2023 and 2024.

During the year ended December 31, 2025, share-based compensation from ESOP included RMB0.01 million arose from modification of the terms of certain share options granted in during the years ended December 31, 2024 and 2025.

There were no cash settlement alternatives for employees, and the Group did not have a past practice of cash settlement for those awards. The Group's awards were accounted for as equity awards.

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

The following table illustrates the number and weighted average exercise prices of, and movement in the New 2022 Share Incentive Plan during the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> options** | **Weighted<br> average<br> exercise<br> prices** |
|  | | **US$** |
| **Outstanding as of December 31, 2023** | **333518082** | **0.04** |
| Granted | 378054660 | 0.00 \* |
| Forfeited | (147021300) | 0.02 |
| Exercised | (226848352) | 0.04 |
| **Outstanding as of December 31, 2024** | **337703090** | **0.03** |
| **Exercisable as of December 31, 2024** | **191253800** | **0.01** |

---

\* Representing amount less than US$0.01.

---

| | | |
|:---|:---|:---|
|  | **Number of options** | **Weighted average**<br> **exercise prices** |
|  | | **US$** |
| **Outstanding as of December 31, 2024** | **337703090** | **0.03** |
| Granted | 129094400 | 0.00 \* |
| Forfeited | (107946800) | 0.08 |
| Exercised | (63615000) | 0.00 \* |
| **Outstanding as of December 31, 2025** | **295235690** | **0.01** |
| **Exercisable as of December 31, 2025** | **251020800** | **0.01** |

---

\* Representing amount less than US$0.01.

The fair value of the share options was determined using the binomial valuation model. The inputs to the valuation model as of December 31, 2024 and 2025 are set out below:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
| Weighted average fair value at the measurement date | US$0.01 | US$0.00\* |
| Expected volatility | 71.93%-73.45% | 70.36%-71.55% |
| Risk-free interest rate | 3.74%-4.48% | 4.12%-4.58% |
| Expected life of share options (years) | 9.88 | 9.90 |
| Weighted average share price | US$0.13 | US$0.01 |

---

\* Representing amount less than US$0.01.

The weighted average remaining contractual life of the share options outstanding as of December 31, 2025 was 8.0 years (2024: 8.5 years). The weighted average fair value of options granted during the year ended December 31, 2025 was US$0.01 (2024: US$0.07).

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

Newlink 2020 Share Incentive Plan

Newlink granted share options under Newlink 2020 Share Incentive Plan to certain employees associated with the Group's charging services business, who were subsequently transferred to the Group. The Group, as the entity receiving services, accounted for such transaction as equity-settled share-based payments as the Group does not have the obligation to settle. In February and March 2022, certain employees resigned and joined Anji Datacom. Newlink agreed that all unvested options of those employees became immediately vested upon resignation. The Group expensed all unvested options upon the accelerated vesting in the consolidated statements of profit or loss and other comprehensive income.

The following table illustrates the number and weighted average exercise prices of, and movement in, the Newlink 2020 Share Incentive Plan during the years ended December 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
|  | **Number of options** | **Weighted average exercise prices** | **Number of options** | **Weighted average exercise prices** |
|  | | **US$** | | **US$** |
| **Outstanding as of January 1** | **3248246** | **0.00** **\*** | **2832839** | **0.00** **\*** |
| Granted |  | N/A |  | N/A |
| Forfeited | (415407) | 0.20 | (4348) | 0.20 |
| Exercised |  | N/A |  | N/A |
| **Outstanding as of December 31** | **2832839** | **0.00** **\*** | **2828491**  | **0.00** **\*** |
| **Exercisable as of December 31** | **2742781** | **0.00** **\*** | **2819755** | **0.00** **\*** |

---

\* Representing amount less than US$0.01.

The weighted average remaining contractual life of the share options outstanding as of December 31, 2025 was 5.8 years (2024: 6.8 years).

For the years ended December 31, 2023, 2024 and 2025, the Group allocated share-based compensation expense as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Cost of revenues | 8895 | 6661 |  |
| Selling and marketing expenses | 63766 | 25835 | (1646) |
| Administrative expenses | 316762 | 117474 | (17667) |
| Research and development expenses | 9653 | 10451 | 1808 |
|  | **399076** | **160421** | **(17505)** |

---

**27.** **Cash flow information** 

The table below analyses movement in the Group's financial liabilities for the years indicated, including both cash and non-cash changes:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Borrowings** | **Interest payable** | **Lease liabilities** | **Convertible bonds** | **Revenue-based financing** | **Total** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
|  | **(Note 15)** | | **(Note 11)** | **(Note 18)** | | |
| **At January 1, 2024** | **754774** | **1078** | **14090** | **272684** | **21628** | **1064254** |
| Changes from financing cash flows | 86236 | (39940) | (6063) |  | (20849) | 19384 |
| New leases |  |  | 4025 |  |  | 4025 |
| Interest expense |  | 40047 | 564 |  | 1825 | 42436 |
| Changes in fair values |  |  |  | (426) |  | (426) |
| Conversion of convertible bonds to shares |  |  |  | (29785) |  | (29785) |
| New issuance of convertible bonds |  |  |  | 251594 |  | 251594 |
| Maturity of convertible bonds |  |  |  | (255458) |  | (255458) |
| Disposals |  |  | (4396) |  |  | (4396) |
| Disposal of subsidiaries | (6965) |  | (3668) |  |  | (10633) |
| Reclassified as liabilities relating to assets classified as held for sale (Note 5) | (10000) |  |  |  |  | (10000) |
| Exchange differences |  |  |  | 2915 |  | 2915 |
| **At December 31, 2024** | **824045** | **1185** | **4552** | **241524** | **2604** | **1073910** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Borrowings** | **Interest payable** | **Lease liabilities** | **Convertible bonds** | **Revenue-based financing** | **Total** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
|  | **(Note 15)** | | **(Note 11)** | **(Note 18)** | | |
| **At January 1, 2025** | **824045** | **1185** | **4552** | **241524** | **2604** | **1073910** |
| Liabilities relating to assets classified as held for sale at January 1, 2025 | 10000 |  |  |  |  | 10000 |
| Changes from financing cash flows | (326542) | (32784) | (1654) | (12652) | (2604) | (376236) |
| New leases |  |  | 3258 |  |  | 3258 |
| Interest expenses |  | 32561 | 92 |  |  | 32653 |
| Changes in fair values |  |  |  | (144659) |  | (144659) |
| Settled by issuance of warrants |  |  |  | (3594) |  | (3594) |
| Settled by new borrowings | 78174 |  |  | (78174) |  |  |
| Gain on extinguishment of convertible bonds |  |  |  | (2450) |  | (2450) |
| Disposals |  |  | (3658) |  |  | (3658) |
| Foreign exchange movement | (2953) |  |  | 5 |  | (2948) |
| **At December 31, 2025** | **582724** | **962** | **2590** | **—** | **—** | **586276** |

---

**28.** **Commitments** 

The future aggregate minimum lease payments under short-term leases exempted to be recognized as lease liabilities are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| Within one year |  | 4618 |  | 97 |  | 26 |

---

**29.** **Provision and contingencies** 

During the year ended December 31, 2025, certain claims and proceedings were initiated against the Group in relation to activities pertaining to the Group's ordinary business and corporate actions occurred in the past. The directors of the Company considered the merits of such claims and proceedings, as well as the Group's basis of defense and legal advice to determine the potential outcome of each contingent matter. Based on management's assessment of information available, provision for losses of RMB70.9 million was recorded as at December 31, 2025 in connection with such contingencies (2024: RMB5.4 million).

**30.** **Related party transactions** 

(a) Relationship with related parties

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Group** |
| Newlink | Controlling Shareholder |
| Huzhou Zhidianlaile New Energy Technology Co., Ltd. | Significantly influenced by the Group |
| Shenzhen Yuanwanghechu Technology Co., Ltd.\* | Significantly influenced by the Controlling Shareholder |

---

\* Shenzhen Yuanwanghechu Technology Co., Ltd. ("Shenzhen Yuanwanghechu") was a related party of the Company as of December 31, 2024, as it was an investee of a subsidiary of the Controlling Shareholder. In October 2025, the subsidiary of the Controlling Shareholder completed its divestment from Shenzhen Yuanwanghechu. Consequently, Shenzhen Yuanwanghechu ceased to be a related party of the Company and is no longer classified as such as of December 31, 2025.

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

(b) Contribution
 from Controlling Shareholder

During the year ended December 31, 2025, Newlink paid a total of RMB13.4 million (2024: RMB24.9 million) on behalf of the Group, including (i) RMB0.8 million (2024: RMB7.3 million) of payroll and non-payroll labor expense; (ii) RMB1.0 million (2024: RMB2.5 million) of rental fees; and (iii) RMB11.6 million (2024: RMB15.1 million) of other expenses, which were reflected in the consolidated statements of profit or loss and other comprehensive income.

(c) Share-based
 compensation from controlling shareholder ESOP

Newlink granted share options under Newlink 2020 Share Incentive Plan to certain employees associated with the Group's charging services business, who were subsequently transferred to the Group. For the years ended December 31, 2024 and 2025, share-based compensation expense was credited to profit or loss for RMB0.8 million and debited to profit or loss for RMB0.7 million, with a corresponding increase and decrease in additional paid-in capital, respectively. See Note 19 for further details.

(d) Other
 transactions with related parties

The following table provides the amount of energy solution revenues including discontinued operations arising from the transactions entered into with related parties in the ordinary course of the Group's business during the years indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Shenzhen Yuanwanghechu Technology Co., Ltd. | 74460 | 400 |  |
| Huzhou Zhidianlaile New Energy Technology Co., Ltd. | 690 | 65 | 87 |
|  | **75150** | **465** | **87** |

---

(e) Balances with related parties

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** |
| **Included in amount due from related parties (Note 9)** |  |  |
| Shenzhen Yuanwanghechu Technology Co., Ltd. | 1206 |  |
| **Included in amount due to related parties as other payables and accruals (Note 17)** |  |  |
| Newlink (i) | 3284 | 147005 |
| Huzhou Zhidianlaile New Energy Technology Co., Ltd. | 69 | 216 |
|  | **3353** | **147221** |

---

(i) The
 balance due to Newlink is unsecured, non-interest bearing, and repayable on demand.

(f) Key
 management personal compensation

The following table sets forth the compensation information of the Group's directors and executive officers for the years ended December 31, 2023, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB'000** | **RMB'000** | **RMB'000** |
| Short-term employee benefits | 7468 | 4488 | 3309 |
| Share-based compensation | 229542 | 23034 | 5377 |
|  | **237010** | **27522** | **8686** |

---

**31.** **Event occurring after the reporting period** 

The following significant events occurred after December 31, 2025:

On April 10, 2026, the Group disposed of its unlisted investments, which were classified as current financial assets measured at fair value through profit or loss, at an aggregate disposal value of US$184,000. A fair value loss of RMB127.9 million was recognized in the consolidated statements of profit or loss and other comprehensive income for the year ended December 31, 2025.

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

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.**

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our currently effective memorandum and articles of association provide that we shall indemnify our directors, secretary, assistant secretary, or other officers and the personal representatives of the same (each an indemnified person) against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such indemnified person, other than by reason of such indemnified person's own dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such indemnified person in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.

We have entered into indemnification agreements with each of our directors and executive officers, the form of which is filed as Exhibit 10.3. Under these agreements, we may agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company.

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

**ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.**

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

From January 1, 2023 through December 31, 2025, we granted to our executive officers, directors, employees and consultants additional share options to purchase 705,643,750 Class A ordinary shares with average per share exercise prices of $0.005 under our New 2022 Share Incentive Plan adopted in September 2022. During the same period, there is a total of 338,927,220 Class A ordinary shares sold under the same program due to the exercise of share options.

On March 31, 2025, in connection with a securities purchase agreement dated March 31, 2025, we issued 1,875,000 ADSs underlying the 2025 Warrants to the 2025 Warrant Holders in a registered direct offering. On March 6, 2026, we entered into Amendments to the 2025 Warrants with the 2025 Warrant Holders to amend the exercise price to US$2.2 per ADS to reflect the latest par value and ADS ratio of the Company's Class A ordinary shares, subject to terms and conditions of the 2025 Warrant Amendments. As of the date of this registration statement, 468,750 ADSs are issuable upon exercise of the 2025 Warrants, which are being registered pursuant to this registration statement.

On June 9, 2025, we issued an aggregate of 68,181,600 Class A ordinary shares to BTC Inc. in connection with the procurement of services, representing partial non-cash consideration with a total equity value of US$112,500.

On August 8, 2025, we issued to LMR Multi-Strategy Master Fund Limited ("LMR"), an affiliate of LMR Partners Limited a warrant to purchase our Class A ordinary shares (the "LMR Warrant") pursuant to a Deed of Settlement dated June 4, 2025. The LMR Warrant entitles LMR, at any time from the date on which our market capitalization, calculated based on the volume-weighted average price over 20 consecutive trading days, reaches at least US$90 million, until June 4, 2035, to subscribe for a number of our Class A ordinary shares representing 10% of our total issued share capital on such initial exercise date. The LMR Warrant is exercisable in whole but not in part, with the aggregate exercise price to be satisfied by the waiver and cancellation of certain indebtedness owed by us to LMR under the rescheduling documents referred to in the Deed of Settlement dated June 4, 2025, excluding the rescheduled payments thereunder.

On September 4, 2025, we issued 16,000,000 Class D ordinary shares to Newlink Envision Limited.

On November 4, 2025, in connection with the 2025 PIPE Agreements, we issued 27,776,000,000 Class A ordinary shares to the 2025 PIPE Investors in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering. On February 27, 2026, we entered into the 2025 PIPE Supplementary Agreements with the 2025 PIPE Investors to repurchase and reissue the shares issued under the 2025 PIPE Agreements, subject to terms and conditions of the 2025 PIPE Supplementary Agreements. Such Class A ordinary shares are being registered pursuant to this registration statement.

On March 6, 2026, in connection with the 2026 Securities Purchase Agreement, we issued (i) a total of our 4,800,000,000 Class A ordinary shares, at a price of US$0.0006875 per Class A ordinary share and (ii) the 2026 Warrants to purchase up to US$3,300,000 of our Class A ordinary shares at an exercise price of US$0.0006875 per share to Comane International Group Ltd. and Wu Tang global corporation Limited.

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

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**

(a) Exhibits

See Exhibit Index beginning on page <u>II-3</u> of this registration statement.

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

We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosure of material information regarding material contractual provisions is required to make the statements in this registration statement not misleading.

(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

**ITEM 9. UNDERTAKINGS.**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 purposes of determining any liability under the Securities Act, the information omitted from
 the form of prospectus filed as part of this registration statement in reliance upon Rule
 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1)
 or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
 statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 the purpose of determining any liability under the Securities Act, each post-effective amendment
 that contains a form of prospectus shall be deemed to be a new registration statement relating
 to the securities offered therein, and the offering of such securities at that time shall
 be deemed to be the initial bona fide offering thereof.

The undersigned registrant hereby undertakes to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering.

For the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf of
 the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;(3) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

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

**NaaS Technology Inc.**

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Document** |
| 3.1 | [Fourth Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 3.1 of our Current Report on Form 6-K (File No. 001-38235) filed with the SEC on March 6, 2026)](http://www.sec.gov/Archives/edgar/data/1712178/000118518526000795/naastechex3-1.htm) |
| 3.2 | [Notice of Ordinary Resolution issued by the Registrar of the Companies in the Cayman Islands on September 2, 2025 (incorporated by reference to Exhibit 3.1 of our Current Report on Form 6-K (File No. 001-38235) filed with the SEC on September 8, 2025)](http://www.sec.gov/Archives/edgar/data/1712178/000110465925088283/tm2525505d1_ex3-1.htm) |
| 3.3 | [Certificate of Designation for Class D Ordinary Shares of NaaS Technology Inc. (incorporated by reference to Exhibit 3.2 of our Current Report on Form 6-K (File No. 001-38235) filed with the SEC on September 8, 2025)](http://www.sec.gov/Archives/edgar/data/1712178/000110465925088283/tm2525505d1_ex3-2.htm) |
| 4.1 | [Form of Registrant's Specimen American Depositary Receipt (included in Exhibit 4.3)](http://www.sec.gov/Archives/edgar/data/1712178/000095017022019041/naas-ex4_3.htm) |
| 4.2 | [Registrant's Specimen Certificate for Class A ordinary shares (incorporated by reference to Exhibit 2.2 of our Annual Report on Form 20-F (File No. 001-38235) filed with the SEC on June 16, 2022)](http://www.sec.gov/Archives/edgar/data/1712178/000119312522175584/d344670dex22.htm) |
| 4.3 | [Deposit Agreement by the Registrant, the depositary and owners and holders of the ADSs (incorporated by reference to Exhibit 4.3 from our registration statement on Form S-8 filed publicly with the SEC on September 29, 2022)](http://www.sec.gov/Archives/edgar/data/1712178/000095017022019041/naas-ex4_3.htm) |
| 4.4 | [Form of Amendment No. 1 to Deposit Agreement dated April 11, 2025 by the Registrant, the depositary and owners and holders of the ADS (incorporated by reference to Exhibit (a)(2) to the post-effective amendment No. 2 to Form F-6 filed publicly with the SEC on April 11, 2025)](http://www.sec.gov/Archives/edgar/data/1474274/000119380525000458/e664379_ex99-a2.htm) |
| 4.5 | [Form of Amendment No. 2 to Deposit Agreement dated July 14, 2025 by the Registrant, the depositary and owners and holders of the ADS (incorporated by reference to Exhibit (a)(2) to the post-effective amendment No. 3 to Form F-6 filed publicly with the SEC on July 14, 2025)](http://www.sec.gov/Archives/edgar/data/1474274/000119380525001010/e664692_ex99-a3.htm) |
| 4.6 | [Form of Warrant issued to the purchasers pursuant to the Securities Purchase Agreement (incorporated by reference to Exhibit 4.6 to our Current Report on Form 6-K filed with the SEC on March 13, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000119312524066440/d788263dex46.htm) |
| 4.7 | [Promissory note executed by China Newlink Holding Limited in favor of Dada Auto, dated as of August 30, 2024 (incorporated by reference to Exhibit 10.3 to our Current Report on Form 6-K filed with the SEC on October 4, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000110465924106251/tm2423513d1_ex10-3.htm) |
| 4.8 | [Form of Warrant (incorporated by reference to Exhibit 99.2 to our Current Report on form 6-K filed with the SEC on April 1, 2025)](http://www.sec.gov/Archives/edgar/data/1712178/000110465925030625/tm2511050d1_ex99-2.htm) |
| 4.9 | [Form of Amendment to Warrant to Purchase Ordinary Shares Represented by American Depository Shares (incorporated by reference to Exhibit 4.1 of our Current Report on Form 6-K (File No. 001-38235) filed with the SEC on March 6, 2026)](http://www.sec.gov/Archives/edgar/data/1712178/000118518526000795/naastechex4-1.htm) |
| 4.10 | [Form of 2026 Warrants (incorporated by reference to Exhibit 4.2 of our Current Report on Form 6-K (File No. 001-38235) filed with the SEC on March 6, 2026)](http://www.sec.gov/Archives/edgar/data/1712178/000118518526000795/naastechex4-2.htm) |
| 5.1\* | [Opinion of Travers Thorp Alberga regarding the validity of the ordinary shares being registered and certain Cayman Islands tax matters](naastechex5-1.htm) |
| 8.1\* | [Opinion of Travers Thorp Alberga regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](naastechex5-1.htm) |
| 8.2\* | [Opinion of Jingtian & Gongcheng regarding certain PRC tax matters (included in Exhibit 99.2)](naastechex99-2.htm) |
| 10.1 | [Registration Rights Agreement, dated June 10, 2022, by and between the Registrant and Bain Capital RISE Education IV Cayman Limited (incorporated by reference to Exhibit 4.8 of our shell company report on Form 20-F (File No. 001-38235) filed with the SEC on June 16, 2022)](http://www.sec.gov/Archives/edgar/data/1712178/000119312522175584/d344670dex48.htm) |

---

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

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Document** |
| 10.2 | [Fourth Amended and Restated New 2022 Share Incentive Plan (incorporated herein by reference to Exhibit 99.1 to our Current Report on Form 6-K filed with the SEC on August 26, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000110465924092852/tm2422635d2_ex99-1.htm) |
| 10.3 | [Form of Indemnification Agreement (incorporated by reference to Exhibit 4.10 of our shell company report on Form 20-F (File No. 001-38235) filed with the SEC on June 16, 2022)](http://www.sec.gov/Archives/edgar/data/1712178/000119312522175584/d344670dex410.htm) |
| 10.4 | [Form of Employment Agreement (incorporated by reference to Exhibit 4.11 of our shell company report on Form 20-F (File No. 001-38235) filed with the SEC on June 16, 2022)](http://www.sec.gov/Archives/edgar/data/1712178/000119312522175584/d344670dex411.htm) |
| 10.5 | [English Translation of Business Cooperation Agreement, dated March 31, 2022 by and between Zhejiang Anji Zhidian Holding Co. Ltd. and Zhejiang Anji Jiayu Big Data Technology Service Co. Ltd. (incorporated by reference to Exhibit 4.17 to the shell company report on Form 20-F (File No. 001-38235), filed with the Securities and Exchange Commission on June 16 2022)](http://www.sec.gov/Archives/edgar/data/1712178/000119312522175584/d344670dex417.htm) |
| 10.6 | [English Translation of Data Service Agreement, dated February 15, 2023, by and between Zhejiang Anji Zhidian Holding Co., Ltd. and Zhejiang Anji Jiayu Big Data Technology Service Co., Ltd. (incorporated by reference to Exhibit 4.18 to Amendment No. 1 to the shell company report on Form 20-F (File No. 001-38235), filed with the Securities and Exchange Commission on March 27, 2023)](http://www.sec.gov/Archives/edgar/data/1712178/000095017023009985/naas-ex4_18.htm) |
| 10.7 | [English Translation of Charging Business Cooperation Agreement, dated February 15, 2023, by and between Zhejiang Anji Zhidian Holding Co., Ltd. and Zhejiang Anji Jiayu Big Data Technology Service Co., Ltd. (incorporated by reference to Exhibit 4.19 to Amendment No. 1 to the shell company report on Form 20-F (File No. 001-38235), filed with the Securities and Exchange Commission on March 27, 2023)](http://www.sec.gov/Archives/edgar/data/1712178/000095017023009985/naas-ex4_19.htm) |
| 10.8 | [Convertible Note Purchase Agreement, dated June 29, 2023, by and between the Registrant and LMR Multi-Strategy Master Fund Limited (incorporated by reference to Exhibit 99.1 to our Current Report on Form 6-K filed with the SEC on July 28, 2023)](http://www.sec.gov/Archives/edgar/data/1712178/000119312523197696/d465415dex991.htm) |
| 10.9 | [Form of Share Subscription Agreement, by and between the Registrant and each investor in the registered direct offering completed on May 30, 2023 and a schedule of all executed agreements adopting the same form (incorporated by reference to Exhibit 4.9 to our Annual Report on Form 20-F (File No. 001-38235) filed with the SEC on May 9, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000119312524134831/d782872dex49.htm) |
| 10.10 | [Share Purchase Agreement, dated August 22, 2023, by and among Goldcup 33660 AB, a wholly-owned subsidiary of NaaS Technology Inc., and existing shareholders of Charge Amps AB (incorporated by reference to Exhibit 99.1 to our Current Report on Form 6-K filed with the SEC on August 31, 2023).](http://www.sec.gov/Archives/edgar/data/1712178/000119312523226357/d612020dex991.htm) |
| 10.11 | [Convertible Note Purchase Agreement, dated August 31, 2023, by and between the Registrant and LMR Multi-Strategy Master Fund Limited (incorporated by reference to Exhibit 99.2 to our Current Report on Form 6-K filed with the SEC on August 31, 2023)](http://www.sec.gov/Archives/edgar/data/1712178/000119312523226357/d612020dex992.htm) |
| 10.12 | [Form of Share Subscription Agreement, by and between the Registrant and each investor in the registered direct offering completed on November 24, 2023 and a schedule of all executed agreements adopting the same form (incorporated by reference to Exhibit 4.12 to our Annual Report on Form 20-F (File No. 001-38235) filed with the SEC on May 9, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000119312524134831/d782872dex412.htm) |
| 10.13 | [Securities Purchase Agreement, by and between the Registrant and certain investors in the registered direct offering completed on March 15, 2024 (incorporated by reference to Exhibit 4.13 to our Annual Report on Form 20-F (File No. 001-38235) filed with the SEC on May 9, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000119312524134831/d782872dex413.htm) |

---

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

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| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Document** |
| 10.14 | [Sales Agreement by and between the Registrant and A.G.P./Alliance Global Partners, dated September 9, 2024 (incorporated by reference to Exhibit 1.1 to our Current Report on Form 6-K filed with the SEC on September 10, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000110465924098580/tm2423513d3_ex1-1.htm) |
| 10.15 | [Convertible Note Exchange Agreement by and between the Registrant and LMR Multi-Strategy Master Fund Limited dated as of October 4, 2024 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 6-K filed with the SEC on October 4, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000110465924106251/tm2423513d1_ex10-1.htm) |
| 10.16 | [Share Purchase Agreement by and between Dada Auto, China Newlink Holding Limited and Sinopower Holdings International Co. Limited, dated as of August 30, 2024 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 6-K filed with the SEC on October 4, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000110465924106251/tm2423513d1_ex10-2.htm) |
| 10.17 | [Share Subscription Facility Agreement by and between the Registrant and TopLiquidity Management Limited dated as of December 16, 2024 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 6-K filed with the SEC on December 16, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000110465924128930/tm2430633d1_ex10-1.htm) |
| 10.18 | [Form of Share Subscription Facility Agreement (incorporated by reference to Exhibit 10.1 to our Current Report on Form 6-K filed with the SEC on December 23, 2024)](http://www.sec.gov/Archives/edgar/data/1712178/000110465924131325/tm2431867d1_ex10-1.htm) |
| 10.19 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 99.1 to our Current Report on form 6-K filed with the SEC on April 1, 2025)](http://www.sec.gov/Archives/edgar/data/1712178/000110465925030625/tm2511050d1_ex99-1.htm) |
| 10.20 | [Form of Share Subscription Agreement (incorporated by reference to Exhibit 10.1 to our Current Report on form 6-K filed with the SEC on November 5, 2025)](http://www.sec.gov/Archives/edgar/data/1712178/000110465925107049/tm2530197d1_ex10-1.htm) |
| 10.21 | [Form of Supplementary Agreement to Share Subscription Agreement dated February 27, 2026 (incorporated by reference to Exhibit 10.1 of our Current Report on Form 6-K (File No. 001-38235) filed with the SEC on March 6, 2026)](http://www.sec.gov/Archives/edgar/data/1712178/000118518526000795/naastechex10-1.htm) |
| 10.22 | [Form of Securities Purchase Agreement dated March 6, 2026 (incorporated by reference to Exhibit 10.2 of our Current Report on Form 6-K (File No. 001-38235) filed with the SEC on March 6, 2026)](http://www.sec.gov/Archives/edgar/data/1712178/000118518526000795/naastechex10-2.htm) |
| 21.1 | [List of Principal Subsidiaries of the Registrant (incorporated by reference to Exhibit 8.1 of our Annual Report on Form 20-F (File No. 001-38235) filed with the SEC on July 9, 2025)](http://www.sec.gov/Archives/edgar/data/1712178/000141057825001444/naas-20241231xex8d1.htm) |
| 23.1\* | [Consent of Enrome LLP](naastechex23-1.htm) |
| 23.2\* | [Consent of Guangdong Prouden CPAs GP](naastechex23-2.htm) |
| 23.3\* | [Consent of Travers Thorp Alberga (included in Exhibit 5.1)](naastechex5-1.htm) |
| 23.4\* | [Consent of Jingtian & Gongcheng (included in Exhibit 99.2)](naastechex99-2.htm) |
| 24.1✝ | [Powers of Attorney](http://www.sec.gov/Archives/edgar/data/1712178/000118518526000842/naastechf1012826.htm#p_001) |
| 99.1 | [Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 from our registration statement on Form F-1 (File No. 333-220587) filed publicly with the SEC on September 22, 2017)](http://www.sec.gov/Archives/edgar/data/1712178/000119312517291482/d414107dex991.htm) |
| 99.2\* | [Opinion of Jingtian & Gongcheng regarding certain PRC law matters](naastechex99-2.htm) |
| 101.INS\* | Inline XBRL Instance Document—this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (embedded within the Exhibit 101 Inline XBRL document set) |
| 107† | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/1712178/000118518526000842/naastechex-fee.htm) |

---

\* Filed herewith

✝ Previously filed

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Beijing, China, on April 24, 2026.

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| | | |
|:---|:---|:---|
| **NaaS Technology Inc.** | **NaaS Technology Inc.** | **NaaS Technology Inc.** |
| By: | /s/ Steven Sim | /s/ Steven Sim |
|  | Name: | Steven Sim |
|  | Title: | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on April 24, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| \*<br> Zhen Dai | Chairman of the Board of Directors |
| \*<br> Yang Wang | Director and Chief Executive Officer<br> (Principal Executive Officer) |
| /s/ Steven Sim<br> Steven Sim | Chief Financial Officer<br> (Principal Financial and Accounting Officer) |
| \*<br> Weilin Sun | Independent Director |
| \*<br> Wei Zhang | Independent Director |
| \*<br> Xiaoli Liu | Independent Director |

---

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| | |
|:---|:---|
| \*By: | /s/ Steven Sim |
|  | Steven Sim |
|  | *Attorney-in-fact* |

---

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

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of NaaS Technology Inc. has signed this registration statement or amendment thereto in New York, New York on April 24, 2026.

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| | | |
|:---|:---|:---|
| Authorized U.S. Representative | Authorized U.S. Representative | Authorized U.S. Representative |
| **Cogency Global Inc.** | **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

Direct: +852 2801 6066 <br> Cell: +852 6621 8994 <br> E-mail: rthorp@traversthorpalberga.com

**NaaS Technology Inc.**

Newlink Center, Area G,

Building 7, Huitong Times Square,

No.1 Yaojiayuan South Road,

Chaoyang District,

Beijing, China

24 April 2026

Dear Sirs

**NaaS Technology Inc.**

We have acted as Cayman Islands legal advisers to **NaaS Technology Inc.** (the "**Company**") in connection with the Company's registration statement on Form F-1A, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933 (the "**Act**"), as amended (the "**Registration Statement**"), related to the sale by certain shareholders of the Company of (i) up to 32,576,000,000 Class A ordinary shares, par value US$0.000001 per share of the Company (the "**Placement Shares**") issued to certain investors pursuant to a share subscription agreement dated 4 November 2025, as supplemented and modified by a certain supplementary agreement dated 27 February 2026 and a share subscription agreement dated 6 March 2026 (the "**Share Subscription Agreement**"), (ii) up to 4,800,000,000 Class A ordinary shares of the Company (the "**Warrant Shares**") issuable upon exercise of the warrants issued to certain investors pursuant to the Share Subscription Agreement, and (iii) up to 468,750 American depositary shares of the Company (the "**Warrant ADSs**", together with the Placement Shares and the Warrant Shares, the "**Shares**") issuable upon exercise of the warrants issued to certain investors pursuant to a securities purchase agreement dated 31 March 2025, as supplemented and modified by certain warrant amendments dated 6 March 2026 (the "**Securities Purchase Agreement**"). This opinion is given in accordance with the terms of the Legal Matters section of the Registration Statement.

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| | |
|:---|:---|
| **1** | **Documents Reviewed** |

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For the purposes of this opinion, we have reviewed originals, copies, drafts or conformed copies of the documents listed in Schedule 1 to this opinion, being all of the documents necessary to form our opinion. Defined terms shall have the meanings set out in Schedule 1 or in the Registration Statement.

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| **2** | **Assumptions** |

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The following opinions are given only as to and based on circumstances and matters of fact existing at the date hereof and as to the laws of the Cayman Islands as the same are in force at the date hereof. In giving this opinion, we have relied upon the completeness and accuracy (and assumed the continuing completeness and accuracy as at the date hereof) of the Director's Certificate, as to matters of fact, without further verification and have assumed that copy documents or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals. We have also relied upon the assumptions set out in Schedule 2 to this opinion, which we have not independently verified.

![](ex5-1_002.jpg)

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|:---|:---|
| **3** | **Opinions** |

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Based upon, and subject to, the foregoing assumptions, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;3.1 the
Company has been duly incorporated and is validly existing and in good standing under the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;3.2 the
issue and allotment of the Shares have been duly authorised and when allotted, issued and paid for as contemplated in the Registration
Statement and the Agreements, the Shares will be legally issued and allotted, fully paid and non-assessable. In this opinion the phrase
"non-assessable" means, with respect to Shares in the Company, that a shareholder shall not, solely by virtue of its status
as a shareholder, be liable for additional assessments or calls on the Shares by the Company or its creditors (except in exceptional
circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances
in which a court may be prepared to pierce or lift the corporate veil). As a matter of Cayman law, a share is only issued when it has
been entered in the register of members (shareholders); and

&nbsp;&nbsp;&nbsp;&nbsp;3.3 the
statements under the caption "Taxation" in the prospectus forming part of the Registration Statement, to the extent that
they constitute statements of Cayman Islands law, are accurate in all material respects and such statements constitute our opinion.

We hereby consent to the prospectus discussion of this opinion, to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "Enforceability of Civil Liabilities", "Taxation" and "Legal Matters" and elsewhere in the prospectus included in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

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| |
|:---|
| Yours sincerely, |
| /s/ TRAVERS THORP ALBERGA |
| **TRAVERS THORP ALBERGA** |

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**SCHEDULE 1**

**List of Documents Reviewed**

1 The certificate of incorporation, the certificate of incorporation on change of name and the certificate of incorporation on change of name of the Company dated 16 July 2013, 16 June 2017 and 10 June 2022 respectively;

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|:---|:---|
| 2 | the fourth amended and restated memorandum and articles of association of the Company as adopted by a special resolution passed on 23 January 2026 and became effective on 29 January 2026 (the "**M&A**"); |

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|:---|:---|
| 3 | a certificate from a Director of the Company addressed to this firm (the "**Director's Certificate**"); |

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4 the Registration Statement;

5 a certificate of good standing relating to the Company dated 4 March 2026 issued by the Cayman Islands Registrar of Companies;

6 the Share Subscription Agreement; and

7 the Securities Purchase Agreement.

(Items 6 and 7 above are together, the "**Agreements**")

**SCHEDULE 2**

**Assumptions**

We have relied upon the following assumptions, which we have not independently verified:

1 The M&A remain in full force and effect and are unamended.

2 The Resolutions were signed by all the directors or all the shareholders, as the case may be, in the manner prescribed in the memorandum and articles of association applicable at the time of passing the Resolutions.

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| 3 | The shareholders of the Company have not restricted or limited the powers of the directors in any way. There is no contractual or other prohibition (other than as arising under Cayman Islands law) binding on the Company prohibiting it from performing its obligations under the corporate governance practices described or provided for (as the case may be) in the exhibits to the IPO Board Resolutions. |

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4 The Resolutions were duly adopted, are in full force and effect at the date hereof and have not been amended, varied or revoked in any respect.

5 The directors of the Company at the date of the Resolutions and at the date hereof were and are those individual(s) that signed the IPO Board Resolutions.

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| 6 | The minute book and corporate records of the Company as maintained at its registered office in the Cayman Islands and made available to you are complete and accurate in all material respects, and all minutes and resolutions filed therein represent a complete and accurate record of all meetings of the shareholders and directors (or any committee thereof) (duly convened in accordance with the then current articles of association of the Company) and all resolutions passed at the meetings, or passed by written consent as the case may be. |

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7 Each director considers the transactions contemplated by the Registration Statement to be of commercial benefit to the Company and has acted bona fide in the best interests of the Company, and for a proper purpose of the Company, in relation to the transactions the subject of the Opinion.

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|:---|:---|
| 8 | To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction. Nor have the directors or shareholders taken any steps to have the Company struck off or placed in liquidation, nor have any steps been taken to wind up the Company. Nor has any receiver been appointed over any of the Company's property or assets. |

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9 The Company is not a central bank, monetary authority or other sovereign entity of any state.

**NaaS Technology Inc.**

Harbour Place, 2nd Floor, North Wing 103 South Church Street

P.O. Box 472, George Town Grand Cayman KY1-1106

Cayman Islands

April 24, 2026

To: Travers Thorp Alberga <br> 3605-06 Two Lippo Centre <br> 89 Queensway <br> Admiralty, Hong Kong

Dear Sirs

**NaaS Technology Inc. (the "Company")**

I, WANG Yang, being a director of the Company, am aware that you are being asked to provide a legal opinion (the "**Opinion**") in relation to certain aspects of Cayman Islands law. Capitalised terms used in this certificate have the meaning given to them in the Opinion. I hereby certify that:

1 The M&A remain in full force and effect and are unamended.

2 The Agreements have been executed and delivered on behalf of the Company in accordance with the relevant memorandum and articles at the time such Agreement was entered into and remain in full force and effect and are unamended.

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|:---|:---|
| 3 | The shareholders of the Company have not restricted or limited the powers of the directors in any way. There is no contractual or other prohibition (other than as arising under Cayman Islands law) binding on the Company prohibiting it from entering into and performing its obligations under any relevant agreement for Securities. |

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| 4 | There is nothing contained in the minute book or the corporate records of the Company (which we have not inspected other than the documents listed in Schedule 1 to the opinion) which would or might affect the opinions. |

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| 5 | To the best of my knowledge and belief, having made the due inquiry, and other than the legal proceedings disclosed in the Registration Statement, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction. Nor have the directors or shareholders taken any steps to have the Company struck off or placed in liquidation, nor have any steps been taken to wind up the Company. Nor has any receiver been appointed over any of the Company's property or assets. |

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I confirm that you may continue to rely on this Certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you personally (Attn.: Mr. Richard Thorp) to the contrary.

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|:---|:---|
| Signature: | /s/ WANG Yang |
|  | Name: |
|  | Director |

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## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference of our report dated July 9, 2025 in this registration statement on Form F-1/Amendment (the "Registration Statement") with respect to the consolidated financial statements of NaaS Technology Inc. and its subsidiaries as of and for the years ended December 31, 2024 and 2023 and related prospectus of NaaS Technology Inc. filed with the Securities and Exchange Commission.

We also consent to the reference to our Firm under the caption "Experts" in the Registration Statement.

/s/ Enrome LLP

Singapore

April 24, 2026

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|:---|:---|:---|
| **Enrome** **LLP** | 143 Cecil Street #19-03/04<br> GB Building Singapore 069542 | admin@enrome-group.com www.enrome-group.com |

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## Exhibit 23.2

**Exhibit 23.2**

![](ex23-2_001.jpg)

<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT</u>

We consent to the inclusion in this Registration Statement of NaaS Technology Inc. on the Amendment No. 1 to Form F-1 (File No. 333-294212) of our report dated April 17, 2026, which includes an explanatory paragraph as to the Group's ability to continue as a going concern, with respect to our audit of the consolidated financial statements of NaaS Technology Inc. and its subsidiaries as of December 31, 2025 and for the year then ended appearing in the Prospectus, which is part of this Registration Statement. We also consent to the reference to our firm under the heading "Experts" in such Prospectus.

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|:---|
| /s/ Guangdong Prouden CPAs GP |
| Guangdong Prouden CPAs GP<br> Guangzhou, China |
| April 24, 2026 |

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## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China

Telephone: (86-10) 5809-1000 Facsimile: (86-10) 5809-1100

April 24, 2026

**To: Naas Technology Inc.**

Dear Sir/Madam,

We are qualified lawyers of the People's Republic of China (the "**PRC**", for the purpose of issuing this opinion, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan) and as such are qualified to issue this opinion with respect to all laws, regulations, rules, judicial interpretations and other legislations of the PRC effective and publicly available as of the date hereof (hereinafter referred to as the "**PRC Laws**"). We have acted as your PRC legal counsel in connection with the proposed offering (the "**Offering**") of a certain number of Class A ordinary shares, including in the form of American Depositary Shares (the "**ADSs**"), preferred shares, warrants to purchase Class A ordinary shares (the "**Ordinary Shares**") of Naas Technology Inc. (the "**Company**").

A. Documents
and Assumptions

In rendering this opinion, we have reviewed the Company's Registration Statement (as defined below) and other documents (collectively the "**Documents**"). In addition, we have examined the originals or copies certified or otherwise identified to our satisfaction of the Documents as we have considered necessary or advisable for the purpose of rendering this opinion. Where certain facts were not independently established by us, we have relied upon certificates or statements issued or made by competent national, provincial or local governmental regulatory or administrative authority, agency or commission in the PRC having jurisdiction over the relevant PRC Entities, the Company and appropriate representatives of the Company. In delivering this opinion, we have made the following assumptions:

(a) Except
as stated herein, each of the Documents is legal, valid, binding and enforceable in accordance with its respective governing laws in
any and all respects; each of the parties to the Documents, other than the PRC Entities, (i) if a legal person or other entity, is duly
organized and is validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation, (ii) if an
individual, has full capacity for civil conduct; each of them, other than the PRC Entities, has full power and authority to execute,
deliver and perform its, her or his obligations under the documents to which it, she or he is a party in accordance with the laws of
its jurisdiction of organization and/or the laws that it, she or he is subject to;

(b) that
the Documents submitted to us still exist, remain in full force and effect up to the date of this opinion and have not been revoked,
amended, varied, cancelled or superseded by some other document or agreement or action; and no revocation or termination has occurred,
with respect to any of the Documents after they were submitted to us for the purposes of this opinion;

(c) the
laws of jurisdictions other than the PRC which may be applicable to the execution, delivery, performance or enforcement of the documents
are complied with；

(d) that
all Documents submitted to us as originals are authentic and as copies conform to their respective originals and that the signatures,
seals and chops on the Documents submitted to us are genuine, each signature on behalf of a party thereto is that of a person duly authorized
by such party to execute the same;

(e) that
all Documents have been validly authorized, executed or delivered by all of the entities thereto other than the PRC Entities and such
entities to the Documents have full power and authority to enter into, and have duly executed and delivered such Documents;

(f) all
requested Documents have been provided to us and all factual statements made to us by the Company and the PRC Entities in connection
with this opinion, including but not limited to factual statements set forth in the Documents, are true, correct and complete;

(g) that
all consents, licenses, permits, approvals, exemptions or authorizations required of or by, and any required registrations or filings
with, any governmental authority or regulatory body of any jurisdiction other than the PRC in connection with the transactions contemplated
under all Documents submitted to us have been obtained or made, and are in full force and effect as of the date thereof;

(h) all
explanations and interpretations provided by government officials duly reflect the official position of the relevant Governmental Agencies
and are complete, true and correct;

(i) all
Governmental Authorizations (as defined below) and other official statements and documentation obtained by the Company or any PRC Entity
from any Government Agency have been obtained by lawful means in due course, and the Documents provided to us conform with those documents
submitted to Government Agencies for such purposes; and

In giving this opinion, we have assumed and have not verified the accuracy as to financial or auditing matters of each document we have reviewed, and have relied upon opinions or reports issued by overseas legal advisers, auditors and reporting accountants of the Company. For the avoidance of doubt, we render no opinion as to and are not responsible for: (a) financial, appraisal or accounting matters; and (b) review of technical or environmental issues. This opinion is rendered on the basis of the PRC Laws effective as at the date hereof and there is no assurance that any of the PRC Laws will not be changed, amended, superseded or replaced in the immediate future or in the longer term with or without retroactive effect. The PRC Laws involve uncertainties in their interpretation and implementation, which are subject to the discretion of the Governmental Agencies or the PRC courts.

B. Definitions

In addition to the terms defined in the context of this opinion, the following capitalized terms used in this opinion shall have the meanings ascribed to them as follows:

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|:---|:---|
| "**CSRC**" | means the China Securities Regulatory Commission. |
| **"Government Agencies"** | **means any and all competent government authorities, agencies, courts, arbitration commissions, or regulatory bodies of the PRC or any province, autonomous region, city or other administrative division of the PRC, and "Government Agency" means any of them.** |
| **"Governmental Authorizations"** | **means any approvals, consents, permits, authorizations, exemptions, waivers, endorsements, annual inspections, qualifications and licenses from, and any filings and registrations with, any Government Agency as required by PRC Laws.** |
| "**M&A Rules**" | means the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, which were jointly promulgated on August 8, 2006 by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, CSRC and the State Administration of Foreign Exchange, became effective on September 8, 2006 and were amended on June 22, 2009. |
| "**PRC Entities**" | means the entities listed in [**Annex I]** hereto, and "**PRC Entity**" means any of them. |
| "**PRC Laws**" | means any and all laws, regulations, statues, rules, decrees, notices, and supreme court's judicial interpretations currently in force and publicly available in the PRC as of the date hereof. |
| **"WFOE"** | means Zhejiang Anji Zhidian Holdings Co., Ltd. (浙江安吉智电控股有限公司). |

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|:---|:---|
| **"Historical VIE Agreements"** | **means the documents as set forth in [Annex II] hereto which were terminated on April 5, 2022.** |
| **"Historical VIE Entity"** | means Kuaidian Power (Beijing) New Energy Technology Co., Ltd. (快电动力（北京）新能源科技有限公司). |

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C. Opinions

Based on the foregoing and subject to the qualifications, assumptions and limitations stated herein, we are of the opinions that on the date hereof:

(1) *Organization Structure.* Except as disclosed in the Registration Statement, (a) the ownership structure of the PRC Entities as set forth in the
Registration Statement, both currently and immediately after giving effect to this Offering, will not result in any violation of PRC
Laws currently in effect; (b) the contractual arrangements under the Historical VIE Agreements, during the period from the date of execution
until the date of termination, were valid, binding and enforceable, and did not contravene (i) the articles of association and business
licenses of the PRC Entities that are parties to any of the VIE Agreements, or (ii) any applicable PRC laws and regulations.

(2) *M&A Rules*. Based on our understanding of the explicit provisions under PRC Laws, except as disclosed in the Registration Statement, and
assuming no offer, issuance or sale of the ADSs has been or will be made directly or indirectly within the PRC, a prior approval from
the CSRC is not required for the Offering. However, there are substantial uncertainties regarding the interpretation and application
of the M&A Rules, other PRC Laws and future PRC laws and regulations, and there can be no assurance that any Governmental Agency
will not take a view that is contrary to or otherwise different from our opinions stated herein.

(3) *Taxation*.
The statements made in the Registration Statement under the sections entitled "Taxation—Mainland China", "People's
Republic of China Taxation" with respect to the PRC tax laws and regulations or interpretations, are correct and accurate in all
material respects.

(4) *Enforceability of Civil Procedures*. There is uncertainty as to whether the PRC courts would (i) recognize or enforce judgments of United States
courts obtained against the Company or the directors or officers of the Company predicated upon the civil liability provisions of the
securities laws of the United States or any state in the United States, or (ii) entertain original actions brought in each respective
jurisdiction against the Company or the directors or officers of the Company predicated upon the securities laws of the United States
or any state in the United States. The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures
Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of PRC Civil Procedures Law based either
on treaties between China and the country where the judgment is made or on reciprocity between jurisdictions. China does not have any
treaties or other form of written reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition
and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign
judgment against a company or its directors and officers if they decide that the judgment violates the basic principles of PRC Laws or
national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a
judgment rendered by a court in the United States or the Cayman Islands.

(5) *PRC Laws*. The statements set forth in the Registration Statement under the sections entitled "Prospectus Summary", "Risk
Factors", "Regulation", "Enforceability of Civil Liabilities", "Legal Matters" to the extent
that they describe or summarize matters of PRC Laws, are correct and accurate in all material respects, and nothing has come to our attention,
insofar as PRC Laws are concerned, that causes us to believe that there is any omission from such statements which causes such statements
misleading in any material respect.

The foregoing opinions are strictly limited to matters of the PRC Laws. We assume no responsibility to advise you of facts, circumstances, events or developments that may be brought to our attention in future and that may alter, affect or modify the opinions expressed herein. We have not investigated, and we do not express or imply any opinion whatsoever with respect to the laws of any other jurisdiction, and we have assumed that no such other laws would affect the opinions stated herein.

This opinions expressed above are subject to the following qualifications:

(1) Our
opinions are strictly limited to PRC Laws of general application on the date hereof. We have made no investigation of, and do not express
or imply any views on, the laws of any jurisdiction other than the PRC, and we have assumed that no such other laws would affect our
opinions expressed above.

(2) PRC
Laws referred to herein are laws and regulations publicly available and currently in force on the date hereof and there is no guarantee
that any of such laws and regulations, or the interpretation or enforcement thereof, will not be changed, amended or revoked in the future
with or without retrospective effect.

(3) Our
opinions are subject to (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws in the
PRC affecting creditors' rights generally, and (ii) possible judicial or administrative actions or any PRC Laws affecting creditors'
rights.

(4) Our
opinions are subject to the effects of (i) certain legal or statutory principles affecting the enforceability of contractual rights generally
under the concepts of public interests, social ethics, national security, good faith, fair dealing, and applicable statutes of limitation;
(ii) any circumstance in connection with the formulation, execution or performance of any legal documents that would be deemed materially
mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful form; (iii) judicial discretion
with respect to the availability of specific performance, injunctive relief, remedies or defenses, or the calculation of damages; and
(iv) the discretion of any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

(5) This
opinion is issued based on our understanding of PRC Laws. For matters not explicitly provided under PRC Laws, the interpretation, implementation
and application of the specific requirements under PRC Laws, as well as their application to and effect on the legality, binding effect
and enforceability of certain contracts, are subject to the final discretion of competent PRC legislative, administrative and judicial
authorities. Under PRC Laws, foreign investment is restricted in certain industries. The interpretation and implementation of these laws
and regulations, and their application to and effect on the legality, binding effect and enforceability of contracts such as the VIE
Agreements and transactions contemplated by the VIE Agreements, are subject to the discretion of the competent Government Agency.

(6) The
term "enforceable" or "enforceability" as used in this opinion means that the obligations assumed by the relevant
obligors under the relevant Documents are of a type which the courts of the PRC may enforce. It does not mean that those obligations
will necessarily be enforced in all circumstances in accordance with their respective terms and/or additional terms that may be imposed
by the courts. As used in this opinion, the expression "to the best of our knowledge after due and reasonable inquiry" or
similar language with reference to matters of fact refers to the current, actual knowledge of the attorneys of this firm who have worked
on matters for the Company in connection with the Offering and the transactions contemplated thereby. We may rely, as to matters of fact
(but not as to legal conclusions), to the extent we deem proper, on certificates and confirmations of responsible officers of the Company,
the PRC Entities and Governmental Agencies.

(7) Except
as stated herein, we have not undertaken any independent investigation, search or other verification action to determine the existence
or absence of any fact or to prepare this opinion, and no inference as to our knowledge of the existence or absence of any fact should
be drawn from our representation of the Company or the PRC Entities or the rendering of this opinion.

(8) This
opinion is intended to be used in the context which is specifically referred to herein; each paragraph shall be construed as a whole
and no part shall be extracted and referred to independently.

(9) We
assume no responsibility to advise you of facts, circumstances, events or developments that may be brought to our attention in future
and that may alter, affect or modify the opinions expressed herein.

This opinion is rendered to you and is intended to be used in the context which is specifically referred to herein; each paragraph shall be construed as a whole and no part shall be extracted and referred to independently. This opinion is not to be used, circulated, quoted or otherwise referred to for any other purpose other than as required by law or regulation and in connection with this Offering, or relied upon by anyone else without our prior written consent.

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| |
|:---|
| Yours faithfully, |
| /s/ Jingtian & Gongcheng |
| Jingtian & Gongcheng |

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**Annex I**

**List of PRC Entities**

1. Zhejiang
Anji Intelligent Electronics Holdings Co., Ltd. (浙江安吉智电控股有限公司)

2. Kuaidian
 Power (Beijing) New Energy Technology Co., Ltd. (快电动力（北京）新能源科技有限公司)

3. Cosmo Light (Anji) New Energy Technology Development Co., Ltd.
(宙晖（安吉）新能源科技开发有限公司)

4. Qingdao
Intelligent Electronics Holding Co., Ltd. (青岛智电智行控股有限公司)

**Annex II**

**Historical VIE Agreements**

1. Exclusive
Business Cooperation Agreement, entered into by and between WFOE and Historical VIE Entity on January 5, 2022;

2. Exclusive
Purchase Option Agreement, entered into by and among WFOE, Historical VIE Entity, ZHENG Linyi and LI Zhuang on January 5, 2022;

3. Share
Pledge Agreement, entered into by and among WFOE, Historical VIE Entity, ZHENG Linyi and LI Zhuang on January 5, 2022;

4. Authorization
Agreement, entered into by and among WFOE, Historical VIE Entity, ZHENG Linyi and LI Zhuang on January 5, 2022;

5. Powers
of Attorney, executed by ZHENG Linyi on November January 5, 2022;

6. Powers
of Attorney, executed by LI Zhuang on January 5, 2022.