What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-04-11 compared with 2023-02-03 · 44 added, 20 removed, 482 unchanged (12% of the section changed)

155 unchanged sentences

cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant

We have also determined that we, and our

subsidiaries, are not currently required to obtain any permission approval or business licenses from the CSRC, the CAC or any other

regulatory authority in the PRC or in Hong Kong for our operations, the trading of our securities on the OTCQB and the offering of

our securities to foreign investors.

The business of our Hong Kong subsidiary, Pony HK is not subject to cybersecurity review with

the CAC, given that PRC laws on data protection and cybersecurity do not currently apply to Hong Kong.

Further, for our Shenzhen

subsidiary, Universe Travel, and to the extent that if we become subject to such PRC laws in the future, we do not believe we are

required to conduct a cybersecurity review because (i) we do not possess a large amount of personal information on more than one

million users in our business operations;

and (ii) data processed in our business does not have a bearing on national security and

thus may not be classified as core or important data by the authorities.

However, our operations could be adversely affected,

directly or indirectly, by future laws and regulations relating to our business or industry, if we inadvertently conclude that such

approvals or permissions are not required when they are, or applicable laws, regulations, or interpretations change and we are

required to obtain approvals or permissions in the future.

We may be subject to penalties and sanctions imposed by the PRC or Hong

Kong regulatory agencies, including the CSRC, if we fail to comply with such rules and regulations, which could adversely affect the

ability of the Company’s securities to continue to trade on the OTCQB, which may cause the value of our securities to

significantly decline or become worthless.

Our operations in China

are governed by PRC and Hong Kong laws and regulations.

As of the date of this annual report, our PRC and Hong Kong subsidiaries have

obtained all the requisite licenses and permits from the PRC and Hong Kong government authorities that are material for our business

operations in PRC and Hong Kong.

The following table provides details on the

licenses and permissions held by our Hong Kong and PRC subsidiaries:

License/Permission

Pony Limousine Services

Business Registration

Registrar of Companies

Hong Kong Special Administrative Region

28, 2022 - April 27, 2023

Universe Travel Culture

& Technology Ltd.

Business License

Administrative Examination

and Approval Bureau of Guangdong Shenzhen

2, 2019 - Long-term

As of the date of this report, as advised our PRC legal counsel, Beijing

Haotai Law Firm, none of our nor our subsidiaries are currently required to obtain any permission approval or business licenses from the

CSRC, the CAC, the trading of our securities on the OTCQB and the offering of our securities to foreign investors, or any other governmental

agency that is required to approve our or our subsidiaries’ operations.

The business of our Hong Kong subsidiary, Pony HK is not

subject to cybersecurity review with the CAC, given that PRC laws on data protection and cybersecurity do not currently apply to Hong

Further, for our Shenzhen subsidiary, Universe Travel, and to the extent that if we become subject to such PRC laws in the future.

As advised by our PRC counsel, we do not believe we are required to conduct a cybersecurity review because (i) we do not possess a large

amount of personal information on more than one million users in our business operations;

and (ii) data processed in our business does

not have a bearing on national security and thus may not be classified as core or important data by the authorities.

However, our operations

could be adversely affected, directly or indirectly, by future laws and regulations relating to our business or industry, if we inadvertently

conclude that such approvals or permissions are not required when they are, or applicable laws, regulations, or interpretations change

and we are required to obtain approvals or permissions in the future.

We may be subject to penalties and sanctions imposed by the PRC

or Hong Kong regulatory agencies, including the CSRC, if we fail to comply with such rules and regulations, which could adversely affect

the ability of the Company’s securities to continue to trade on the OTCQB, which may cause the value of our securities to significantly

decline or become worthless.

Given the uncertainties

of interpretation and implementation of laws and regulations and the enforcement practice of government authorities, we may be required

to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future.

For more detailed

information, see “Item 1A.

Risk Factors—Risks Related to Our Business—Risks Related to Doing Business in China”

There may be prominent risks associated with

325 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-K/A

Item 1. Business