What changed in this filing

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Item 1A. Risk Factors

2026-08-28 compared with 2025-11-19 · 39 added, 39 removed, 352 unchanged (18% of the section changed)

Investing in our common stock involves a high degree

Before you invest you should carefully review our Management’s Discussion and Analysis of Financial Condition and Results

of Operations set forth in Item 2 of Part I of this Quarterly Report on Form 10-Q, our consolidated financial statements and related notes

included in Item 1 of Part I of this Quarterly Report on Form 10-Q and our consolidated financial statements and related notes, as well

as our Management’s Discussion and Analysis of Financial Condition and Results of Operations and the other information in our Annual

Report on Form 10-K for the fiscal year ended December 31, 2024.

Readers should carefully review risks described in other documents we

file from time to time with the Securities and Exchange Commission.

If we are unable to comply with the applicable

continued listing requirements or standards of Nasdaq, there is a possibility that our common stock could be delisted.

At present, we

are not in compliance with certain Nasdaq continued listing requirements.

Should we be unable to regain compliance, our securities may

be subject to delisting, which could impact the market price and liquidity of our common stock and potentially limit our access to capital.

We have received a determination

from Nasdaq regarding potential delisting and, while we have effected a reverse stock split and timely appealed against such determination.

Investing in our common stock involves a high degree of risk.

Before you invest you should carefully review our Management’s Discussion and Analysis of Financial Condition and Results of Operations

set forth in Item 2 of Part I of this Quarterly Report on Form 10-Q, our consolidated financial statements and related notes included

in Item 1 of Part I of this Quarterly Report on Form 10-Q and our consolidated financial statements and related notes, as well as our

Management’s Discussion and Analysis of Financial Condition and Results of Operations and the other information in our Annual Report

on Form 10-K for the fiscal year ended December 31, 2025.

Readers should carefully review risks described in other documents we file from

time to time with the Securities and Exchange Commission.

If we are unable to comply with the applicable continued listing

requirements or standards of Nasdaq, there is a possibility that our common stock could be delisted.

At present, we are not in compliance

with certain Nasdaq continued listing requirements.

Should we be unable to regain compliance, our securities may be subject to delisting,

which could impact the market price and liquidity of our common stock and potentially limit our access to capital.

We have received a determination from

Nasdaq regarding potential delisting and, while we have effected a reverse stock split and timely appealed against such determination.

While these actions reflect our commitment to maintaining our listing, there can be no assurance that we will regain or maintain compliance

2 unchanged sentences

as well as our capital-raising efforts.

On November 4, 2025, we received a

letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that we had not regained

compliance with Nasdaq Listing Rule 5550(a)(2) (“Minimum Bid Price Requirement”) by the November 3, 2025 deadline.

our securities would be scheduled for trading suspension.

On November 7, 2025, we promptly appealed the Staff’s determination to

the Nasdaq Hearings Panel (the “Panel a hearing before the Panel has been scheduled on December 9, 2025.

We are actively evaluating a range

of available strategic and corporate actions that may assist in regaining compliance with the Minimum Bid Price Requirement.

the reverse stock split which we have already implemented, we also intend to enhance investor engagement and pursue operational improvements,

subject to board and shareholder approval.

While we are making every effort to

address the listing requirements, there can be no assurance that the Panel will determine that we have achieved compliance with Listing

Rule 5550(a)(2) within the prescribed period or that we will qualify for any additional compliance period that may be available or that

we will ultimately satisfy all applicable Nasdaq listing standards.

On November 4, 2025, we received a letter

from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that we had not regained compliance

with Nasdaq Listing Rule 5550(a)(2) (“Minimum Bid Price Requirement”) by the November 3, 2025 deadline.

As a result, our securities

would be scheduled for trading suspension.

On November 7, 2025, we promptly appealed the Staff’s determination to the Nasdaq Hearings

Panel (the “Panel”) a hearing before the Panel has been scheduled on December 9, 2025.

We are actively

evaluating a range of available strategic and corporate actions that may assist in regaining compliance with the Minimum Bid Price Requirement.

Apart from the reverse stock split which we have already implemented, we also intend to enhance investor engagement and pursue operational

improvements, subject to board and shareholder approval.

While we are making every effort to address

the listing requirements, there can be no assurance that the Panel will determine that we have achieved compliance with Listing Rule 5550(a)(2)

within the prescribed period or that we will qualify for any additional compliance period that may be available or that we will ultimately

satisfy all applicable Nasdaq listing standards.

If our common stock is delisted, it could result in:

4 unchanged sentences

• challenges in raising capital or issuing additional securities in the future.

There can also be no assurance that

the market price of the Company’s common stock will maintain the Minimum Bid Price Requirement.

There can also be no assurance that the market price of the

Company’s common stock will maintain the Minimum Bid Price Requirement.

The Chinese government exerts substantial

52 unchanged sentences

that the Company’s app be removed from smartphone app stores.

On July 5,2021, the Chinese cybersecurity regulator launched the same

investigation on two other Internet platforms, China’s Full Truck Alliance of Full Truck Alliance Co.

YMM) and Boss

of KANZHUN LIMITED (Nasdaq:

On July 5, 2021, the Chinese cybersecurity regulator launched the

same investigation on two other Internet platforms, China’s Full Truck Alliance of Full Truck Alliance Co.

Boss of KANZHUN LIMITED (Nasdaq:

On July 24, 2021, the General Office of the Communist Party of China Central Committee and the General

53 unchanged sentences

(1) 50% or more of any of the issuer’s operating revenue, total profit,

total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted

total assets or net assets as documented in its unaudited consolidated financial statements for the most recent fiscal year is accounted

for by domestic companies;

50 unchanged sentences

regarding the further interpretation and implementation of the Provisions on Confidentiality and Archives Administration.

As of the date of this annual report, we and our

As of the date of this report, we and our

PRC subsidiaries have obtain the requisite licenses and permits from the PRC government authorities that are material for the business

operations of our PRC subsidiaries.

In addition, as of the date of this annual report, we and our PRC subsidiaries are not required to

In addition, as of the date of this report, we and our PRC subsidiaries are not required to

obtain approval or permission from the CSRC or the CAC or any other entity that is required to approve our PRC subsidiaries’ operations

178 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors