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Organization and Reorganization</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">TuanChe Limited (the “Company”) was incorporated in the Cayman Islands on September 28, 2012. The Company is a holding company and conducts its business mainly through its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of VIEs (collectively referred to as the “Group”). The Group commenced operations through TuanChe Internet, a PRC company established by several PRC citizens in May 2012. TuanChe Internet holds an Internet Content Provider (“ICP”) license to operate Tuanche.com that provides internet information services to automobile manufacturers, car dealers and consumers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group is primarily engaged in the operation of providing auto shows, special promotion events services, referral service for a commercial bank, online marketing services and other related businesses in the People’s Republic of China (the “PRC” or “China”). The Group commenced its auto shows business from the fourth quarter of 2016. In June 2018, the Group commenced its virtual dealership business, marketing information services and demand-side platform services. In January 2019, the Group commenced its special promotion events business. In October 2019, the Group commenced its referral services in collaboration with a commercial bank. In the first quarter of 2020, the Group acquired Longye International Limited (“Longye”) and commenced a subscription and support service, and it also commenced its live streaming promotion events services and customer referral services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, the Company’s major subsidiaries, major VIEs and major subsidiaries of VIEs are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 24%; vertical-align: top"> </td> <td style="text-align: center; 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white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation</b></span></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>economic ownership</b></span></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanChe Information Limited (“TuanChe Information”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong, PRC 2012</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="white-space: nowrap; vertical-align: top; text-align: center"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanYuan Internet Technology (Beijing) Co., Ltd. (“TuanYuan”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2013</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="white-space: nowrap; vertical-align: top; text-align: center"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services, auto shows, special promotion events, online marketing services</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Longye International Limited (“Longye”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long Ye Information Technology Limited</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong, PRC 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Sangu Maolu Information Technology Co., Ltd. (“Sangu Maolu”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2019</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chema Technology (Beijing) Co., Ltd. (“Chema”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 24%"> </td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place and</b></span></td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of</b></span></td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 33%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>year of</b></span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>direct or indirect</b></span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major VIEs</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>economic ownership</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanChe Internet Information Service (Beijing) Co., Ltd. (“TuanChe Internet”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2012</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auto shows, special promotion events, online marketing services</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Drive New Media Co., Ltd. (“Drive New Media”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen, PRC 2013</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription and support services</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Internet Drive Technology Co., Ltd. (“Internet Drive Technology”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainashuke (Beijing) Technology Co., Ltd. (“Hainashuke”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 24%; vertical-align: top"> </td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place and</b></span></td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of</b></span></td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; width: 33%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>year of</b></span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>direct or indirect</b></span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; border-bottom: Black 1.5pt solid; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major subsidiaries of VIEs</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>economic ownership</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanChe (Beijing) Automobile Sales Service Co., Ltd. (“TuanChe Automobile”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2015</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remain dormant</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aikesipo Exhibition Display (Tianjin) Co., Ltd.</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin, PRC 2017</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auto shows</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Contractual arrangements with VIEs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">PRC laws and regulations place certain restrictions on foreign investment in value-added telecommunication service businesses. The Group conduct operations in the PRC partially through TuanChe Internet, Drive New Media, Internet Drive Technology and Hainashuke, which are variable interest entities, or VIEs, and their subsidiaries, collectively referred to as consolidated affiliated entities. The Group have entered into a series of contractual arrangements, through TuanYuan, Sangu Maolu and Chema, or its WFOEs, with each of its VIEs and their respective shareholders, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The contractual arrangements, as described in more detail below, collectively allow the Group to:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise effective control over each of consolidated affiliated entities;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">receive substantially all of the economic benefits of consolidated affiliated entities; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have an exclusive call option to purchase all or part of the equity interests in and/or assets of each of VIEs when and to the extent permitted by PRC laws.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of these contractual arrangements, the Company is the primary beneficiary of VIEs and subsidiaries of VIEs, and, therefore, has consolidated the financial results of VIEs and subsidiaries of VIEs in its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;-keep: true">Below is a summary of the currently effective contractual arrangements by and among VIEs, WFOEs and their respective shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i style="-sec-ix-redline:true;-keep: true"> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Exclusive Business Cooperation Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the exclusive business cooperation agreement between each of its VIEs and the applicable WFOE, the respective WFOE has the exclusive right to provide or designate any third party to provide, among other things, comprehensive business support, technical support and consulting services to VIEs. In exchange, VIEs pay service fees to the respective WFOE in an amount determined at such WFOE’s discretion. Without the prior written consent of the applicable WFOE, VIEs cannot accept any consulting and/or services provided by or establish similar cooperation relationship with any third party. Such WFOE owns the exclusive intellectual property rights created as a result of the performance of this agreement. The agreement shall remain effective unless unilaterally terminated by such WFOE with a written notice or pursuant to other provisions of the agreement, whereas VIEs do not have any right to unilaterally terminate the exclusive business cooperation agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Exclusive Call Option Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the exclusive call option agreement among the applicable WFOE, each of its VIEs and their respective shareholders, each of the shareholders of VIEs irrevocably granted such WFOE a right to purchase, or designate a third party to purchase, all or any part of their equity interests in VIEs at a purchase price equal to the lowest price permissible by the then-applicable PRC laws and regulations at such WFOE’s sole and absolute discretion to the extent permitted by PRC law. The shareholders of VIEs shall promptly give all considerations they received from the exercise of the options to WFOEs (as applicable). Without the applicable WFOE’s prior written consent, VIEs and their respective shareholders shall not enter into any major contract except for those entered in the daily business operations. Without the applicable WFOE’s prior written consent, VIEs and their respective shareholders shall not sell, transfer, license or otherwise dispose of any of VIEs’ assets or allow any encumbrance of any assets. VIEs shall not be dissolved or liquidated without the written consent by the applicable WFOE. This agreement shall remain in effect and VIEs do not have any right to unilaterally terminate the exclusive call option agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Equity Pledge Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the equity interest pledge agreement among the applicable WFOE, each of VIEs and their respective shareholders, VIEs’ shareholders pledged all of their equity of VIEs to WFOEs as security for performance of the obligations of VIEs and their respective shareholders under the exclusive call option agreement, the exclusive business cooperation agreement and the powers of attorney. If any of the specified events of default occurs, the respective WFOE may exercise the right to enforce the pledge immediately. Such WFOE may transfer all or any of its rights and obligations under the equity pledge agreement to its designee(s) at any time. The equity pledge agreement is binding on VIEs’ shareholders and their successors. The equity pledge agreement shall remain in effect and VIEs do not have any right to unilaterally terminate the equity interest pledge agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Powers of Attorney</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the powers of attorney executed by the shareholders of VIEs, each of them irrevocably authorized the applicable WFOE to act on their respective behalf as exclusive agent and attorney, with respect to all rights of shareholders concerning all the equity interest held by each of them in VIEs, including but not limited to the right to attend shareholder meetings on behalf of such shareholder, the right to exercise all shareholder rights and the voting rights (including the right to sell, transfer, pledge and dispose of all or a portion of the equity interests held by such shareholder), and the right to appoint legal representatives, directors, supervisors and chief executive officers and other senior management.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Spousal Consent Letters</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the spousal consent letters, each of the spouses of the individual shareholders of VIEs unconditionally and irrevocably agrees that the equity interest in VIEs held by and registered in the name of his or her respective spouse will be disposed of pursuant to the relevant equity pledge agreement, the exclusive call option agreement and the powers of attorney. In addition, each of them agrees not to assert any rights over the equity interest in VIEs held by his or her respective spouse. In addition, in the event that any of them obtains any equity interest in VIEs held by his or her respective spouse for any reason, such spouse agrees to be bound by similar obligations and agreed to enter into similar contractual arrangements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Risks in relation to the VIE structure</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A significant part of the Company’s business is conducted through the VIEs of the Group, of which the Company is the ultimate primary beneficiary. In the opinion of management, the contractual arrangements with the VIEs and the nominee shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. The nominee shareholders are also shareholders of the Group and have indicated they will not act contrary to the contractual arrangements. However, there are uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s ability to control the VIEs also depends on the Power of Attorney the shareholders have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes these Power of Attorney are legally enforceable but may not be as effective as direct equity ownership.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if the Group’s corporate structure or the contractual arrangements with the VIEs were found to be in violation of any existing or future PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoke the Group’s business and operating licenses</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require the Group to discontinue or restrict its operations;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrict the Group’s right to collect revenues;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">block the Group’s websites;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require the Group to restructure the operations, re-apply for the necessary licenses or relocate the Group’s businesses, staff and assets;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impose additional conditions or requirements with which the Group may not be able to comply; or</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of the Company’s management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group believes that the contractual arrangements among each of the VIEs, their respective shareholders and relevant wholly foreign owned enterprise are in compliance with PRC law and are legally enforceable. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. Management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On February 17, 2023, the Chinese Securities Regulatory Commission (“CSRC”) promulgated Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies (the “Overseas Listing Trial Measures”) and five relevant guidelines, which will become effective on March 31, 2023. At the press conference held for the Overseas Listing Trial Measures on the same day, officials from the CSRC clarified that, as for companies seeking overseas listing with contractual arrangements, the CSRC will solicit opinions from relevant regulatory authorities and complete the filing of the overseas listing of such companies if they duly meet the compliance requirements, and support the development and growth of these companies by enabling them to utilize two markets and two kinds of resources. If the Group’s PRC subsidiaries and the VIEs fail to complete the filing with the CSRC in a timely manner, or at all, for any future offering or any other capital raising activities, which are subject to the filings under the Overseas Listing Trial Measures, due to the Group’s contractual arrangements, the Group’s ability to raise or utilize funds could be materially and adversely affected, and the Group may even need to unwind the contractual arrangements or restructure the business operations to rectify the failure to complete the filings. However, given that the Overseas Listing Trial Measures were recently promulgated, there remains uncertainties as to their interpretation, application, and enforcement and how they will affect the Group’s operations and future financing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following combined financial information of the Group’s VIEs as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 were included in the accompanying consolidated financial statements of the Group as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">ASSETS</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true">Current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,172</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,987</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Amount due from the subsidiaries of the Group</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">117,489</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">123,349</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Other current assets</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">51,126</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">30,622</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">174,787</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">157,958</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Non-current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term investments</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,383</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,564</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Operating lease right-of-use assets, net</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,045</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">267</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,428</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,831</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL ASSETS</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">181,215</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">163,789</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current liabilities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Short term borrowings</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,169</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,487</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Accounts payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">818</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Advance from customers</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,986</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,921</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Salary and welfare benefits payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">21,803</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,017</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other taxes payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,119</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,851</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Short-term operating lease liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">652</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">659</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current portion of deferred revenue</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,345</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,216</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other current liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,508</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,654</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Account due to subsidiaries of the Group</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">266,679</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">250,341</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">313,079</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">294,984</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term borrowings</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,546</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term operating lease liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">605</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-215"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Non-current portion of deferred revenue</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">49</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,169</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,049</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL LIABILITIES</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">315,248</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">298,033</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">Net revenues</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">93,975</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">95,382</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">68,167</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net (loss)/income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(30,565</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">19,775</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(418</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">Net cash (used in)/generated from operating activities</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(22,124</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">2,483</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(15,357</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net cash generated from investing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,920</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-216">-</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-217">-</div></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net cash generated from/(used in) financing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,000</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,285</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">13,172</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net (decrease)/increase in cash, cash equivalent and restricted cash</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(15,204</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,198</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,185</td><td style="font-weight: bold; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with various contractual agreements, the Company has the power to direct the activities of the VIEs and subsidiaries of VIEs and can have assets transferred out of the VIEs. Therefore, the Company considers that there are no assets in the respective VIEs that can be used only to settle obligations of the respective VIEs, except for the registered capital of the VIEs amounting to approximately RMB40.1 million and RMB40.1 million as of December 31, 2022 and 2023, respectively. As the respective VIEs are incorporated as limited liability companies under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the respective VIEs. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Group is conducting certain businesses in the PRC through the VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is no VIE in the Group where the Company or any subsidiary has a variable interest but is not the primary beneficiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, the Company’s major subsidiaries, major VIEs and major subsidiaries of VIEs are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 24%; vertical-align: top"> </td> <td style="text-align: center; white-space: nowrap; width: 2%; vertical-align: bottom"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place and</b></span></td> <td style="text-align: center; white-space: nowrap; width: 2%; vertical-align: bottom"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of</b></span></td> <td style="text-align: center; white-space: nowrap; width: 2%; vertical-align: bottom"> </td> <td style="text-align: center; white-space: nowrap; width: 32%; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>year of</b></span></td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>direct or indirect</b></span></td> <td style="text-align: center; white-space: nowrap; vertical-align: bottom"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major Subsidiaries</b></span></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation</b></span></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>economic ownership</b></span></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanChe Information Limited (“TuanChe Information”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong, PRC 2012</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="white-space: nowrap; vertical-align: top; text-align: center"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanYuan Internet Technology (Beijing) Co., Ltd. (“TuanYuan”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2013</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="white-space: nowrap; vertical-align: top; text-align: center"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services, auto shows, special promotion events, online marketing services</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Longye International Limited (“Longye”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long Ye Information Technology Limited</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong, PRC 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Sangu Maolu Information Technology Co., Ltd. (“Sangu Maolu”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2019</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chema Technology (Beijing) Co., Ltd. (“Chema”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 24%"> </td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place and</b></span></td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of</b></span></td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 33%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>year of</b></span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>direct or indirect</b></span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major VIEs</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>economic ownership</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanChe Internet Information Service (Beijing) Co., Ltd. (“TuanChe Internet”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2012</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auto shows, special promotion events, online marketing services</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Drive New Media Co., Ltd. (“Drive New Media”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen, PRC 2013</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription and support services</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Internet Drive Technology Co., Ltd. (“Internet Drive Technology”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainashuke (Beijing) Technology Co., Ltd. (“Hainashuke”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2018</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical support and consulting services</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 24%; vertical-align: top"> </td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place and</b></span></td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of</b></span></td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; width: 33%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>year of</b></span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>direct or indirect</b></span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; border-bottom: Black 1.5pt solid; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major subsidiaries of VIEs</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>economic ownership</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanChe (Beijing) Automobile Sales Service Co., Ltd. (“TuanChe Automobile”)</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing, PRC 2015</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remain dormant</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aikesipo Exhibition Display (Tianjin) Co., Ltd.</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin, PRC 2017</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="text-align: center; white-space: nowrap; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auto shows</span></td></tr> </table> Hong Kong, PRC 2012 1 Investment holding Beijing, PRC 2013 1 Technical support and consulting services, auto shows, special promotion events, online marketing services Cayman Islands 2018 1 Investment holding Hong Kong, PRC 2018 1 Investment holding Beijing, PRC 2019 1 Technical support and consulting services Beijing, PRC 2018 1 Technical support and consulting services Beijing, PRC 2012 1 Auto shows, special promotion events, online marketing services Shenzhen, PRC 2013 1 Subscription and support services Beijing, PRC 2018 1 Technical support and consulting services Beijing, PRC 2018 1 Technical support and consulting services Beijing, PRC 2015 1 Remain dormant Tianjin, PRC 2017 1 Auto shows <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following combined financial information of the Group’s VIEs as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 were included in the accompanying consolidated financial statements of the Group as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">ASSETS</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true">Current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,172</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,987</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Amount due from the subsidiaries of the Group</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">117,489</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">123,349</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Other current assets</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">51,126</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">30,622</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">174,787</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">157,958</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Non-current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term investments</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,383</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,564</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Operating lease right-of-use assets, net</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,045</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">267</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,428</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,831</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL ASSETS</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">181,215</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">163,789</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current liabilities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Short term borrowings</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,169</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,487</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Accounts payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">818</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Advance from customers</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,986</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,921</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Salary and welfare benefits payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">21,803</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,017</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other taxes payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,119</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,851</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Short-term operating lease liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">652</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">659</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current portion of deferred revenue</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,345</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,216</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other current liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,508</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,654</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Account due to subsidiaries of the Group</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">266,679</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">250,341</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">313,079</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">294,984</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term borrowings</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,546</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term operating lease liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">605</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-215"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Non-current portion of deferred revenue</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">49</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,169</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,049</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL LIABILITIES</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">315,248</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">298,033</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">Net revenues</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">93,975</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">95,382</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">68,167</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net (loss)/income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(30,565</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">19,775</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(418</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">Net cash (used in)/generated from operating activities</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(22,124</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">2,483</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(15,357</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net cash generated from investing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,920</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-216">-</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-217">-</div></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net cash generated from/(used in) financing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,000</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,285</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">13,172</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net (decrease)/increase in cash, cash equivalent and restricted cash</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(15,204</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,198</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,185</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> 6172000 3987000 117489000 123349000 51126000 30622000 174787000 157958000 5383000 5564000 1045000 267000 6428000 5831000 181215000 163789000 1169000 14487000 818000 838000 2986000 3921000 21803000 15017000 15119000 3851000 652000 659000 1345000 1216000 2508000 4654000 266679000 250341000 313079000 294984000 1546000 3000000 605000 18000 49000 2169000 3049000 315248000 298033000 93975000 95382000 68167000 -30565000 19775000 -418000 -22124000 2483000 -15357000 2920000 4000000 -1285000 13172000 -15204000 1198000 -2185000 40100000 40100000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>2. Going Concern and impact of COVID-19 pandemic</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group has incurred recurring operating losses since its inception, including net losses of RMB101.9 million, RMB166.5 million and RMB83.0 million for the years ended December 31, 2021, 2022 and 2023, respectively. Net cash used in operating activities were RMB92.3 million, RMB109.7 million and RMB74.9 million for the years ended December 31, 2021, 2022 and 2023, respectively. Accumulated deficit was RMB1,233.1 million as of December 31, 2023. As of December 31, 2023, the Company had cash and cash equivalents of RMB9.6 million and wording capital deficit of RMB 24.8 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The COVID-19 pandemic, especially the high cancelation rate of planned offline auto shows due to COVID-19 negatively impacted the Group’s business operations for the years ended December 31, 2021 and 2022. In the year ended December 31, 2023, although the restrict regulation on the COVID-19 has been removed in mainland China, the Company has already been significant adversely impacted by the COVID-19 in the prior years. The Company has to recovery its business gradually by implementing the management plans. These conditions raise substantial doubt about the Group’s ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Historically, the Group has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Group’s ability to continue as a going concern is dependent on management’s ability to successfully execute its business plan which includes increasing the utilization rate of existed staffs and potential financing from public market or private placement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Group fails to achieve the goals, the Group may need additional financing to execute its business plan. If additional financing is required, the Group cannot predict whether this additional financing will be in the form of equity, debt, or another form, and the Group may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In the event that financing sources are not available, or that the Group is unsuccessful in increasing its gross profit margin and reducing operating losses, the Group may be unable to implement its current plans for expansion, repay debt obligations or respond to competitive pressures, any of which would have a material adverse effect on the Group’s business, financial condition and results of operations and would materially adversely affect its ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of such uncertainties.</p> -101900000 -166500000 -83000000 -92300000 -109700000 -74900000 -1233100000 9600000 24800000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Significant Accounting Policies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>a) Basis of presentation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>b) Reclassifications</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company changed the presentation of prepayment and other current assets, net and other current liabilities within its consolidated balance sheets retrospectively. Separate presentation of related party balances in prepayment and other current assets, net and other current liabilities. Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported balance sheets and do not represent a restatement of any previously reported financial results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>c) Principles of consolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs for which the Company is the primary beneficiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of the board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All transactions and balances among the Company, its subsidiaries, VIEs and subsidiaries of VIEs have been eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>d) Use of estimates</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The preparation of the Group’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the balance sheet date and reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but are not limited to determining the provision for accounts receivable, provision for prepayment and other current assets, assessment for valuation allowance of deferred tax assets, valuation and recognition of share-based compensation expenses, impairment assessment on goodwill and long-lived assets, long-term investments and valuation of warrant liabilities at fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>e) Functional currency and foreign currency translation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its overseas subsidiaries which incorporated in the Cayman Islands and Hong Kong is United States dollars (“US$”). The functional currency of the Group’s PRC entities is RMB.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the consolidated financial statements, the financial information of the Company and other entities located outside of the PRC have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, and expenses, gains and loss are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustments, and are shown as a component of other comprehensive income/(loss) in the consolidated statements of operations and comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and loss resulting from foreign exchange transactions are included in foreign exchange loss in the consolidated statements of operations and comprehensive loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>f) Convenience Translation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999 representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2023. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>g) Fair value measurements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group’s financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivable, prepayment and other current assets, long-term investments, short-term borrowings, accounts payable, other payables, guarantee liabilities and other liabilities of which the carrying values approximate their fair value due to their short term in nature and other liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair value of warrant liability was determined using the Black Scholes Model, with level 3 inputs (Note 22).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>h) Cash, cash equivalents and restricted cash</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cash and cash equivalents mainly represent cash on hand, demand deposits placed with large reputable banks in the United States of America or China, and highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase with terms of three months or less. As of December 31, 2022 and 2023, there were cash at bank and demand deposits with original terms of less than three months denominated in US dollars amounting to approximately US$8.8 million and US$0.4 million, respectively (equivalent to approximately RMB61.1 million and RMB3.0 million, respectively).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022 and 2023, the Group had approximately RMB12.7 million and RMB6.6 million cash and cash equivalents held by its PRC subsidiaries, VIEs and subsidiaries of VIEs, representing 18.2% and 68.5% of total cash and cash equivalents of the Group, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022 and 2023, the Company had a restricted cash balance approximately RMB6.9 million and RMB6.4 million, respectively, which are security deposits for the referral services in collaboration with a commercial bank and ancillary services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>i) Accounts and notes receivables, net</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The carrying value of accounts receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected. An allowance for doubtful accounts is recorded in the period when a loss is probable based on an assessment of specific evidence indicating collection is unlikely, historical bad debt rates, accounts aging, financial conditions of the customer and industry trends. The Group’s accounts receivable and other receivables are within the scope of ASC Topic 326. To estimate expected credit losses, the Group has identified the relevant risk characteristics of the receivables which include size and nature. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions and future economic conditions (external data and macroeconomic factors). This is assessed at each quarter based on the Group’s specific facts and circumstances. There have been no significant changes in the assumptions since adoption. Accounts receivable balances are written off against the allowance when they are determined to be uncollectible. Notes receivable represents notes receivable issued by reputable financial institutions that entitle the Group to receive the full face amount from the financial institutions at maturity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>j) Property, equipment and software, net</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using <span style="background-color: white">the straight-line method over the</span> following estimated useful lives:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; width: 65%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Category</b></p></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; vertical-align: bottom; width: 2%"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; width: 33%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life</b></span></td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and electronic equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years</span></td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shorter of expected lives of leasehold <br/> improvements and lease term</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property, equipment and software is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations and comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>k) Intangible assets, net</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade names</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7 years</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>l) Long-term investments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For equity investments which the Company does not have significant influence, and whose fair value is not readily determinable, the cost less impairment accounting is applied (“measurement alternative”). Gain or loss are realized when such investment is sold or when dividends are declared or payments are received.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Topic 323 <i>Investments-Equity Method and Joint Ventures</i>. The Company adjusts the carrying amount of equity method investment for its share of the income or loss of the investee and reports the recognized income or loss in the consolidated statements of operations and comprehensive loss. The Company’s share of the income or loss of an investee are based on the shares of common stock and in-substance common stock held by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company evaluates its equity investments for impairment at each reporting date, or more frequently if events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when determining whether an investment has been other-than-temporarily-impaired, include, but are not limited to, the length of the time and the extent to which the market value has been less than cost, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to retain the investment until the recovery of its cost.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>m) Goodwill</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Group’s goodwill at December 31, 2022 and 2023 was related to its acquisition of Longye in January 2020. In accordance with ASC 350, Goodwill and Other Intangible Assets, recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Goodwill is tested for impairment at the reporting unit level on an annual basis (December 31 for the Group) and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances include a significant change in stock prices, business environment, legal factors, financial performances, competition, or events affecting the reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The estimation of fair value of reporting unit using a discounted cash flow methodology also requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group’s business, estimation of the useful life over which cash flows will occur, and determination of the Group’s weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Management has determined that the Group has one reporting unit within the entity at which goodwill is monitored for internal management purposes. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. Management evaluated the recoverability of goodwill by performing a qualitative assessment before using the quantitative impairment test approach at the reporting unit level. <span style="-sec-ix-hidden: hidden-fact-219">Nil</span>, RMB69.9 million and <span style="-sec-ix-hidden: hidden-fact-220">nil</span> impairment loss was recognized for the years ended December 31, 2021, 2022 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Group reorganizes its reporting structure in a manner that changes the composition of its reporting units, goodwill is reassigned based on the relative fair value of each of the affected reporting units.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>n) Impairment of long-lived assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Long-lived assets or asset group, including intangible assets with finite lives, are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. The Group recognized <span style="-sec-ix-hidden: hidden-fact-221">nil</span>, RMB19.7 million and RMB1.5 million impairment charge related to long-lived assets for the years ended December 31, 2021, 2022 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>o) Revenue recognition</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services using the five steps defined under ASC Topic 606.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group determines revenue recognition through the following steps:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification of the contract, or contracts, with a customer;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification of the performance obligations in the contract;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determination of the transaction price;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">allocation of the transaction price to the performance obligations in the contract; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognition of revenue when, or as, the Group satisfies a performance obligation</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue is recognized upon transfer of control of promised goods or services to a customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue is recorded net of Value Added Tax (“VAT”) and related surcharges collected from customers, which are subsequently remitted to government authorities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Offline marketing services revenue</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Auto shows revenue</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group’s online website and offline infrastructure allow them to organize auto shows, which aim at facilitating transactions between consumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group charges a fixed admission fee per auto show event from its industry customers for arranging, decorating and providing booth space at auto shows. The Group has identified one performance obligation for the transaction - providing a decorated venue for auto dealers, automakers and automotive service providers, as the individual service promised in auto show contracts are not distinct individually. As the Group has control of the auto show services and discretion in establishing the price of auto show admission fee to auto dealers, automakers and other automotive service providers, it is considered to be a principal in accordance with ASC 606. The auto shows revenue is recognized on a straight-line basis over the period of the contract, which is usually from two days to four days, when the services are provided.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Special promotion events revenue</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group provides integrated services to support auto dealers’ own special promotion events during a specific period. The services include event planning and execution, marketing, training and onsite coaching, etc. The Group charges a fixed service fee per special promotion event. The Group has identified one performance obligation as the individual service promised in service contracts are not distinct individually. As the Group has control of the service and discretion in establishing the price of the fee to auto dealers, it is considered to be a principal in accordance with ASC 606. The special promotion events revenue is recognized on a straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Referral service for commercial bank revenue</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In October 2019, the Group commenced its auto loan referral services in collaboration with a commercial bank. The referral services provided to the bank include (i) referral services and (ii) periodic guarantee for the following time periods: (a) from the date of loan issuance by the commercial bank to the consumer to the date when the consumer’s vehicle mortgage registration is completed (the mortgage registration procedures should be completed within 120 days after the loan issuance) and (b) no overdue of more than 30 days for any of the first 3 monthly repayment. The referral service and periodic guarantee are two separate performance obligations that meet the criteria to be considered distinct, of which, referral services revenue is recognized at a point in time upon the delivery of the services and a guarantee liability is recorded at fair value at inception of the loans. Revenue from the periodic guarantee is recognized by a systematic and rational amortization method over the term of guarantee period. The Company has ceased the cooperation since April 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">One component of the transaction price is based on the loan performance of the following 12 months since the auto loans were released and the transaction price will be entitled to be received upon the loan performance meet specific criteria. The Group identified that one component as a variable consideration and the Group recognized the revenue when it is 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Online marketing services revenue</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group’s online marketing services revenue primarily include (i) live streaming promotion events services, (ii) customer referral services, (iii) marketing information services and (iv) demand-side platform services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group commenced its live streaming promotion events services from the first quarter of 2020, holding promotional events on the live streaming platform of Zhejiang Tmall Technology Co., Ltd. (“Tmall”), which aims at facilitating transactions between consumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group identified only one performance obligation that is to provide the industry customers with arranging, decorating and providing the platform for live show. The Group charges a fixed admission fee per live streaming promotion event from its industry customers. As the Group has control of the services and discretion in establishing the price of live streaming promotion admission fee to auto dealers, automakers and other automotive service providers, it is considered to be a principal in accordance with ASC 606. The live streaming promotion events services revenue is recognized on a straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Other revenue</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group also commenced its customer referral services from the first quarter of 2020 by referring its industry customers to Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu”) to use the membership services of a Baidu’s auto content distribution platform. The Group identified only one performance obligation that is to provide referral service to Baidu. The Group charges Baidu a fixed rate commission fee based on the membership fee amount for the services rendered. Revenue is recognized at point-in-time when the industry customers successfully register as a membership of Baidu’s auto content distribution platform.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the marketing information services, the Group generates consumers’ demand information through its online channels and provides to the industry customers upon consumers’ consent. The Group identified only one performance obligation that is to provide consumer’s demand information to the industry customers. The marketing information service fee is charged based on the quantity of consumers’ demand information delivered. Revenue is recognized at a point in time upon the delivery of such consumers’ demand information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On January 13, 2020, the Company completed the acquisition of Longye, a Software-as-a-Service (“SaaS”) company who mainly provides subscription and support services to industry customers, including auto dealers, automakers and automotive service providers, with access to cloud services, software licenses and related support and updates during the term of the arrangement. Cloud services allow industry customers to use the Group’s multi-tenant software without taking possession of the software. The Group identified the only one performance obligation that is to provide integrated cloud services to industry customers. The Group initially records the subscription and support services fee as deferred revenue upon receipt and then recognizes the revenue on a straight-line basis over the service period, which is usually from one year to five years. The subscription and support services revenue is recognized on a straight-line basis over the period of the contract when the services are provided.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Contract balances</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Contract liabilities primarily result from the timing difference between the Group’s satisfaction of performance obligation and the customers’ payment. Substantial all auto show revenue and SaaS revenue are recognized over time during the years ended December 31, 2021, 2022 and 2023. Contract liabilities included in advance from customers and deferred revenue in the Group’s consolidated balance sheets. The Group’s total unearned revenues were RMB5.1 million and RMB5.4 million as of December 31, 2022 and 2023, respectively. During the years ended December 31, 2021, 2022 and 2023, the Group recognized RMB23.7 million, RMB14.9 million and RMB5.0 million as revenue that was included in the balance of advance from customers and deferred revenue at January 1, 2021, 2022 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year which need to be recognized as assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>p) Cost of revenues</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Costs of revenues, consist primarily of rental costs for auto show venues, venue set-up costs, security costs and other direct costs. The cost of revenue also consists of sales lead information acquisition cost for online marketing services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>q) Research and development expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Research and development expenses mainly consist of payroll-related expenses incurred for the employees who develop and enhance the Group’s websites and platform of applications. The Group recognizes these expenses when incurred, unless they qualify for capitalization as software development costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>r) Selling and marketing expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Selling and marketing expenses consist primarily of advertising and promotional expenses, salaries and other compensation-related expenses for the Group’s sales and marketing personnel. Advertising and promotional expenses consist primarily of costs for the promotion of corporate image, online and offline events. The Group expenses all advertising and promotional expenses as incurred and classifies them under selling and marketing expenses. For the years ended December 31, 2021, 2022 and 2023, the advertising and promotional expenses were RMB140.1 million, RMB57.6 million and RMB98.5 million, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>s) Leases</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group accounts for lease under ASC 842 and has elected to utilize the short-term lease recognition exemption and, for those leases with a lease term of 12 months or less, the Group did not recognize operating lease right-of-use (“ROU”) assets or operating lease liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group determines if an arrangement is a lease and determines the classification of the lease, as either operating or finance, at commencement. The Group has operating leases for office spaces and venues for auto shows and has no finance leases as of December 31, 2022 and 2023. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the lease payments over the lease term at commencement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As the Group’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date, to determine the present value of lease payments. The incremental borrowing rate approximates the rate the Group would pay to borrow in the currency of the lease payments for the weighted-average life of the lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The operating lease ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives and initial direct costs incurred if any. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If there are lease agreements that contain both lease and non-lease components, they are accounted for separately based on their relative standalone price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>t) Share-based compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Share-based compensation expenses arise from share-based awards, including share options for the purchase of ordinary shares and restricted shares. The Company accounts for share-based awards granted to employees and nonemployee in accordance with ASC 718 <i>Compensation-Stock Compensation</i>. For share options for the purchase of ordinary shares granted to employees determined to be equity classified awards, the related share-based compensation expenses are recognized in the consolidated financial statements based on their grant date fair values which are calculated using the binomial option pricing model. The determination of the fair value is affected by the share price as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of the ordinary shares is assessed using the income approach/discounted cash flow method, with a discount for lack of marketability, given that the shares underlying the awards were not publicly traded at the time of grant. Since November 21, 2018, when the Company’s ordinary shares were public traded, the fair value of the ordinary shares was determined at the closing price of the shares on the grant date. Share-based compensation expenses are recorded net of actual forfeitures using straight-line method during the service period requirement, such that expenses are recorded only for those share-based awards that are expected to ultimately vest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;-keep: true">If a share-based award is modified after the grant date, the Group evaluates for such modifications in accordance with ASC 718 <i>Compensation-Stock Compensation, </i>additional compensation expenses are recognized in an amount equal to the excess of the fair value of the modified equity instrument over the fair value of the original equity instrument immediately before modification. The additional compensation expenses are recognized immediately on the date of modification or over the remaining requisite service period, depending on the vesting status of the award.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>u) Employer defined contribution</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s subsidiaries, VIEs and subsidiaries of VIEs incorporated in China participate in a government-mandated multi-employer defined contribution plan under which certain retirement, medical, housing and other welfare benefits are provided to employees. Chinese labor regulations require the Company’s Chinese subsidiaries, VIEs and subsidiaries of VIEs to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; hence, the Group has no further commitments beyond its monthly contribution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>v) Taxation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Income taxes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations and comprehensive loss in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Uncertain tax positions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheet and under other expenses in its consolidated statements of operations and comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions as of December 31, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>w) Net loss per share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Basic and diluted net loss per share is computed by dividing losses attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the years ended December 31, 2021, 2022 and 2023, the Group has 6,034,250, 3,573,750 and 3,880,000 ordinary shares issuable upon the vest of restricted shares as potentially dilutive ordinary shares and are excluded from the calculation for the three years, as their effects would be anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>x) Comprehensive loss</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Comprehensive loss is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Other comprehensive (loss)/income, as presented on the consolidated balance sheets, consists only of accumulated foreign currency translation adjustments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>y) Non-controlling interests</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiary which is not attributable, directly or indirectly, to the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of operations and comprehensive loss to distinguish the interests from that of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On March 1, 2022, the Group acquired all the remaining 45% equity interests from the non-controlling shareholders of a subsidiary. The acquisition of all the non-controlling interests is accounted for as an equity transaction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>z) Treasury stock</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account on the consolidated balance sheets. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in capital (up to the amount credited to the additional paid-in capital upon original issuance of the shares) and retained earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>aa) Segment reporting</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker identified as the Chief Executive Officer for making operating decisions, allocating resources and assessing performance as the source for determining the Group’s reportable segments. The Group’s CODM reviews consolidated results including revenue and operating income at a consolidated level. This resulted in only one operating and <span style="-sec-ix-hidden: hidden-fact-218">reportable</span> segment in the Group.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>bb) Warrant liability</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;-keep: true">In connection with the issuances of ordinary shares, the Group issued warrants to purchase ordinary shares. The Group evaluates the warrants under Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity. Warrants recorded as liabilities are recorded at their fair value and remeasured on each reporting date with change in estimated fair value of warrant liability in the consolidated statement of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>cc) Concentrations and Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Advertising and promotional service provider</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group relied on advertising and promotional service providers and their affiliates for advertising and promotional service to support its operations during the years ended December 31, 2021, 2022 and 2023. Total number of advertising and promotional service providers accounting for more than 10% is three, two and two for the years ended December 31, 2021, 2022 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Credit risk</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financial instruments that potentially subject the Group to the concentration of credit risk consist of cash and cash equivalents, restricted cash, accounts receivable and prepayment and other current assets. As of December 31, 2022 and 2023, all of the Group’s cash and cash equivalents, restricted cash were held in large reputable financial institutions located in the United States of America or China, which management consider being of high credit quality. Accounts receivable is typically unsecured and is derived from revenue earned from the Company’s businesses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Major customers</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There were three and two customers whose receivable balances exceeded 10% of the total accounts receivable balances of the Group as December 31, 2022 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There was one customer whose revenue accounted for 18.7% of the total revenue of the Group for the year ended December 31, 2021. There were two customers whose revenue accounted for 24.1% and 17.9% of the total revenue of the Group for the year ended December 31, 2022. There was one customer whose revenue accounted for 16.1% of the total revenue of the Group for the year ended December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>dd) Recently issued accounting pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group qualifies as an “emerging growth company”, or “EGC”, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Recently adopted accounting pronouncements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In November 2023, the FASB issued ASU 2023-07, which modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Group does not expect that the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In December 2023, the FASB issued ASU 2023-09 to improve its income tax disclosure requirements. Under the new guidance, public business entities must annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). The new standard is effective for fiscal years beginning after December 15, 2024. The Group is in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>a) Basis of presentation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>b) Reclassifications</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company changed the presentation of prepayment and other current assets, net and other current liabilities within its consolidated balance sheets retrospectively. Separate presentation of related party balances in prepayment and other current assets, net and other current liabilities. Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported balance sheets and do not represent a restatement of any previously reported financial results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>c) Principles of consolidation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs for which the Company is the primary beneficiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of the board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All transactions and balances among the Company, its subsidiaries, VIEs and subsidiaries of VIEs have been eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>d) Use of estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The preparation of the Group’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the balance sheet date and reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but are not limited to determining the provision for accounts receivable, provision for prepayment and other current assets, assessment for valuation allowance of deferred tax assets, valuation and recognition of share-based compensation expenses, impairment assessment on goodwill and long-lived assets, long-term investments and valuation of warrant liabilities at fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>e) Functional currency and foreign currency translation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its overseas subsidiaries which incorporated in the Cayman Islands and Hong Kong is United States dollars (“US$”). The functional currency of the Group’s PRC entities is RMB.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the consolidated financial statements, the financial information of the Company and other entities located outside of the PRC have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, and expenses, gains and loss are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustments, and are shown as a component of other comprehensive income/(loss) in the consolidated statements of operations and comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and loss resulting from foreign exchange transactions are included in foreign exchange loss in the consolidated statements of operations and comprehensive loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>f) Convenience Translation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999 representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2023. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate.</p> 1 7.0999 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>g) Fair value measurements</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group’s financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivable, prepayment and other current assets, long-term investments, short-term borrowings, accounts payable, other payables, guarantee liabilities and other liabilities of which the carrying values approximate their fair value due to their short term in nature and other liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair value of warrant liability was determined using the Black Scholes Model, with level 3 inputs (Note 22).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>h) Cash, cash equivalents and restricted cash</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cash and cash equivalents mainly represent cash on hand, demand deposits placed with large reputable banks in the United States of America or China, and highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase with terms of three months or less. As of December 31, 2022 and 2023, there were cash at bank and demand deposits with original terms of less than three months denominated in US dollars amounting to approximately US$8.8 million and US$0.4 million, respectively (equivalent to approximately RMB61.1 million and RMB3.0 million, respectively).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022 and 2023, the Group had approximately RMB12.7 million and RMB6.6 million cash and cash equivalents held by its PRC subsidiaries, VIEs and subsidiaries of VIEs, representing 18.2% and 68.5% of total cash and cash equivalents of the Group, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022 and 2023, the Company had a restricted cash balance approximately RMB6.9 million and RMB6.4 million, respectively, which are security deposits for the referral services in collaboration with a commercial bank and ancillary services.</p> 8800000 400000 61100000 3000000 12700000 6600000 0.182 0.685 6900000 6400000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>i) Accounts and notes receivables, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The carrying value of accounts receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected. An allowance for doubtful accounts is recorded in the period when a loss is probable based on an assessment of specific evidence indicating collection is unlikely, historical bad debt rates, accounts aging, financial conditions of the customer and industry trends. The Group’s accounts receivable and other receivables are within the scope of ASC Topic 326. To estimate expected credit losses, the Group has identified the relevant risk characteristics of the receivables which include size and nature. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions and future economic conditions (external data and macroeconomic factors). This is assessed at each quarter based on the Group’s specific facts and circumstances. There have been no significant changes in the assumptions since adoption. Accounts receivable balances are written off against the allowance when they are determined to be uncollectible. Notes receivable represents notes receivable issued by reputable financial institutions that entitle the Group to receive the full face amount from the financial institutions at maturity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>j) Property, equipment and software, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using <span style="background-color: white">the straight-line method over the</span> following estimated useful lives:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; width: 65%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Category</b></p></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; vertical-align: bottom; width: 2%"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; width: 33%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life</b></span></td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and electronic equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years</span></td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shorter of expected lives of leasehold <br/> improvements and lease term</span></td> </tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property, equipment and software is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations and comprehensive loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using <span style="background-color: white">the straight-line method over the</span> following estimated useful lives:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; width: 65%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Category</b></p></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; vertical-align: bottom; width: 2%"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; width: 33%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life</b></span></td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and electronic equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years</span></td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shorter of expected lives of leasehold <br/> improvements and lease term</span></td> </tr> </table> P3Y P10Y P5Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>k) Intangible assets, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade names</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7 years</span></td></tr> </table> The estimated useful life for the intangible assets is as follows:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td> <td style="padding-bottom: 1.5pt; white-space: nowrap; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade names</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7 years</span></td></tr> </table> P3Y P10Y P7Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>l) Long-term investments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For equity investments which the Company does not have significant influence, and whose fair value is not readily determinable, the cost less impairment accounting is applied (“measurement alternative”). Gain or loss are realized when such investment is sold or when dividends are declared or payments are received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Topic 323 <i>Investments-Equity Method and Joint Ventures</i>. The Company adjusts the carrying amount of equity method investment for its share of the income or loss of the investee and reports the recognized income or loss in the consolidated statements of operations and comprehensive loss. The Company’s share of the income or loss of an investee are based on the shares of common stock and in-substance common stock held by the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company evaluates its equity investments for impairment at each reporting date, or more frequently if events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when determining whether an investment has been other-than-temporarily-impaired, include, but are not limited to, the length of the time and the extent to which the market value has been less than cost, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to retain the investment until the recovery of its cost.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>m) Goodwill</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Group’s goodwill at December 31, 2022 and 2023 was related to its acquisition of Longye in January 2020. In accordance with ASC 350, Goodwill and Other Intangible Assets, recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Goodwill is tested for impairment at the reporting unit level on an annual basis (December 31 for the Group) and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances include a significant change in stock prices, business environment, legal factors, financial performances, competition, or events affecting the reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The estimation of fair value of reporting unit using a discounted cash flow methodology also requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group’s business, estimation of the useful life over which cash flows will occur, and determination of the Group’s weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Management has determined that the Group has one reporting unit within the entity at which goodwill is monitored for internal management purposes. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. Management evaluated the recoverability of goodwill by performing a qualitative assessment before using the quantitative impairment test approach at the reporting unit level. <span style="-sec-ix-hidden: hidden-fact-219">Nil</span>, RMB69.9 million and <span style="-sec-ix-hidden: hidden-fact-220">nil</span> impairment loss was recognized for the years ended December 31, 2021, 2022 and 2023, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Group reorganizes its reporting structure in a manner that changes the composition of its reporting units, goodwill is reassigned based on the relative fair value of each of the affected reporting units.</p> 69900000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>n) Impairment of long-lived assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Long-lived assets or asset group, including intangible assets with finite lives, are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. The Group recognized <span style="-sec-ix-hidden: hidden-fact-221">nil</span>, RMB19.7 million and RMB1.5 million impairment charge related to long-lived assets for the years ended December 31, 2021, 2022 and 2023, respectively.</p> 19700000 1500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>o) Revenue recognition</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services using the five steps defined under ASC Topic 606.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group determines revenue recognition through the following steps:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification of the contract, or contracts, with a customer;</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification of the performance obligations in the contract;</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determination of the transaction price;</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">allocation of the transaction price to the performance obligations in the contract; and</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="width: 24px; padding: 0.75pt"> </td> <td style="white-space: nowrap; vertical-align: top; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognition of revenue when, or as, the Group satisfies a performance obligation</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue is recognized upon transfer of control of promised goods or services to a customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue is recorded net of Value Added Tax (“VAT”) and related surcharges collected from customers, which are subsequently remitted to government authorities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Offline marketing services revenue</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Auto shows revenue</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group’s online website and offline infrastructure allow them to organize auto shows, which aim at facilitating transactions between consumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group charges a fixed admission fee per auto show event from its industry customers for arranging, decorating and providing booth space at auto shows. The Group has identified one performance obligation for the transaction - providing a decorated venue for auto dealers, automakers and automotive service providers, as the individual service promised in auto show contracts are not distinct individually. As the Group has control of the auto show services and discretion in establishing the price of auto show admission fee to auto dealers, automakers and other automotive service providers, it is considered to be a principal in accordance with ASC 606. The auto shows revenue is recognized on a straight-line basis over the period of the contract, which is usually from two days to four days, when the services are provided.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Special promotion events revenue</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group provides integrated services to support auto dealers’ own special promotion events during a specific period. The services include event planning and execution, marketing, training and onsite coaching, etc. The Group charges a fixed service fee per special promotion event. The Group has identified one performance obligation as the individual service promised in service contracts are not distinct individually. As the Group has control of the service and discretion in establishing the price of the fee to auto dealers, it is considered to be a principal in accordance with ASC 606. The special promotion events revenue is recognized on a straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Referral service for commercial bank revenue</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In October 2019, the Group commenced its auto loan referral services in collaboration with a commercial bank. The referral services provided to the bank include (i) referral services and (ii) periodic guarantee for the following time periods: (a) from the date of loan issuance by the commercial bank to the consumer to the date when the consumer’s vehicle mortgage registration is completed (the mortgage registration procedures should be completed within 120 days after the loan issuance) and (b) no overdue of more than 30 days for any of the first 3 monthly repayment. The referral service and periodic guarantee are two separate performance obligations that meet the criteria to be considered distinct, of which, referral services revenue is recognized at a point in time upon the delivery of the services and a guarantee liability is recorded at fair value at inception of the loans. Revenue from the periodic guarantee is recognized by a systematic and rational amortization method over the term of guarantee period. The Company has ceased the cooperation since April 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">One component of the transaction price is based on the loan performance of the following 12 months since the auto loans were released and the transaction price will be entitled to be received upon the loan performance meet specific criteria. The Group identified that one component as a variable consideration and the Group recognized the revenue when it is 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Online marketing services revenue</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group’s online marketing services revenue primarily include (i) live streaming promotion events services, (ii) customer referral services, (iii) marketing information services and (iv) demand-side platform services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group commenced its live streaming promotion events services from the first quarter of 2020, holding promotional events on the live streaming platform of Zhejiang Tmall Technology Co., Ltd. (“Tmall”), which aims at facilitating transactions between consumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group identified only one performance obligation that is to provide the industry customers with arranging, decorating and providing the platform for live show. The Group charges a fixed admission fee per live streaming promotion event from its industry customers. As the Group has control of the services and discretion in establishing the price of live streaming promotion admission fee to auto dealers, automakers and other automotive service providers, it is considered to be a principal in accordance with ASC 606. The live streaming promotion events services revenue is recognized on a straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Other revenue</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group also commenced its customer referral services from the first quarter of 2020 by referring its industry customers to Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu”) to use the membership services of a Baidu’s auto content distribution platform. The Group identified only one performance obligation that is to provide referral service to Baidu. The Group charges Baidu a fixed rate commission fee based on the membership fee amount for the services rendered. Revenue is recognized at point-in-time when the industry customers successfully register as a membership of Baidu’s auto content distribution platform.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the marketing information services, the Group generates consumers’ demand information through its online channels and provides to the industry customers upon consumers’ consent. The Group identified only one performance obligation that is to provide consumer’s demand information to the industry customers. The marketing information service fee is charged based on the quantity of consumers’ demand information delivered. Revenue is recognized at a point in time upon the delivery of such consumers’ demand information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On January 13, 2020, the Company completed the acquisition of Longye, a Software-as-a-Service (“SaaS”) company who mainly provides subscription and support services to industry customers, including auto dealers, automakers and automotive service providers, with access to cloud services, software licenses and related support and updates during the term of the arrangement. Cloud services allow industry customers to use the Group’s multi-tenant software without taking possession of the software. The Group identified the only one performance obligation that is to provide integrated cloud services to industry customers. The Group initially records the subscription and support services fee as deferred revenue upon receipt and then recognizes the revenue on a straight-line basis over the service period, which is usually from one year to five years. The subscription and support services revenue is recognized on a straight-line basis over the period of the contract when the services are provided.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Contract balances</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Contract liabilities primarily result from the timing difference between the Group’s satisfaction of performance obligation and the customers’ payment. Substantial all auto show revenue and SaaS revenue are recognized over time during the years ended December 31, 2021, 2022 and 2023. Contract liabilities included in advance from customers and deferred revenue in the Group’s consolidated balance sheets. The Group’s total unearned revenues were RMB5.1 million and RMB5.4 million as of December 31, 2022 and 2023, respectively. During the years ended December 31, 2021, 2022 and 2023, the Group recognized RMB23.7 million, RMB14.9 million and RMB5.0 million as revenue that was included in the balance of advance from customers and deferred revenue at January 1, 2021, 2022 and 2023, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year which need to be recognized as assets.</p> 5100000 5400000 23700000 14900000 5000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>p) Cost of revenues</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Costs of revenues, consist primarily of rental costs for auto show venues, venue set-up costs, security costs and other direct costs. The cost of revenue also consists of sales lead information acquisition cost for online marketing services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>q) Research and development expenses</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Research and development expenses mainly consist of payroll-related expenses incurred for the employees who develop and enhance the Group’s websites and platform of applications. The Group recognizes these expenses when incurred, unless they qualify for capitalization as software development costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>r) Selling and marketing expenses</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Selling and marketing expenses consist primarily of advertising and promotional expenses, salaries and other compensation-related expenses for the Group’s sales and marketing personnel. Advertising and promotional expenses consist primarily of costs for the promotion of corporate image, online and offline events. The Group expenses all advertising and promotional expenses as incurred and classifies them under selling and marketing expenses. For the years ended December 31, 2021, 2022 and 2023, the advertising and promotional expenses were RMB140.1 million, RMB57.6 million and RMB98.5 million, respectively.</p> 140100000 57600000 98500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>s) Leases</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group accounts for lease under ASC 842 and has elected to utilize the short-term lease recognition exemption and, for those leases with a lease term of 12 months or less, the Group did not recognize operating lease right-of-use (“ROU”) assets or operating lease liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group determines if an arrangement is a lease and determines the classification of the lease, as either operating or finance, at commencement. The Group has operating leases for office spaces and venues for auto shows and has no finance leases as of December 31, 2022 and 2023. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the lease payments over the lease term at commencement date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As the Group’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date, to determine the present value of lease payments. The incremental borrowing rate approximates the rate the Group would pay to borrow in the currency of the lease payments for the weighted-average life of the lease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The operating lease ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives and initial direct costs incurred if any. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If there are lease agreements that contain both lease and non-lease components, they are accounted for separately based on their relative standalone price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>t) Share-based compensation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Share-based compensation expenses arise from share-based awards, including share options for the purchase of ordinary shares and restricted shares. The Company accounts for share-based awards granted to employees and nonemployee in accordance with ASC 718 <i>Compensation-Stock Compensation</i>. For share options for the purchase of ordinary shares granted to employees determined to be equity classified awards, the related share-based compensation expenses are recognized in the consolidated financial statements based on their grant date fair values which are calculated using the binomial option pricing model. The determination of the fair value is affected by the share price as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of the ordinary shares is assessed using the income approach/discounted cash flow method, with a discount for lack of marketability, given that the shares underlying the awards were not publicly traded at the time of grant. Since November 21, 2018, when the Company’s ordinary shares were public traded, the fair value of the ordinary shares was determined at the closing price of the shares on the grant date. Share-based compensation expenses are recorded net of actual forfeitures using straight-line method during the service period requirement, such that expenses are recorded only for those share-based awards that are expected to ultimately vest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;-keep: true">If a share-based award is modified after the grant date, the Group evaluates for such modifications in accordance with ASC 718 <i>Compensation-Stock Compensation, </i>additional compensation expenses are recognized in an amount equal to the excess of the fair value of the modified equity instrument over the fair value of the original equity instrument immediately before modification. The additional compensation expenses are recognized immediately on the date of modification or over the remaining requisite service period, depending on the vesting status of the award.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>u) Employer defined contribution</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s subsidiaries, VIEs and subsidiaries of VIEs incorporated in China participate in a government-mandated multi-employer defined contribution plan under which certain retirement, medical, housing and other welfare benefits are provided to employees. Chinese labor regulations require the Company’s Chinese subsidiaries, VIEs and subsidiaries of VIEs to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; hence, the Group has no further commitments beyond its monthly contribution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>v) Taxation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Income taxes</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations and comprehensive loss in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Uncertain tax positions</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheet and under other expenses in its consolidated statements of operations and comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions as of December 31, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>w) Net loss per share</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Basic and diluted net loss per share is computed by dividing losses attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the years ended December 31, 2021, 2022 and 2023, the Group has 6,034,250, 3,573,750 and 3,880,000 ordinary shares issuable upon the vest of restricted shares as potentially dilutive ordinary shares and are excluded from the calculation for the three years, as their effects would be anti-dilutive.</p> 6034250 3573750 3880000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>x) Comprehensive loss</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Comprehensive loss is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Other comprehensive (loss)/income, as presented on the consolidated balance sheets, consists only of accumulated foreign currency translation adjustments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>y) Non-controlling interests</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiary which is not attributable, directly or indirectly, to the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of operations and comprehensive loss to distinguish the interests from that of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On March 1, 2022, the Group acquired all the remaining 45% equity interests from the non-controlling shareholders of a subsidiary. The acquisition of all the non-controlling interests is accounted for as an equity transaction.</p> 0.45 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>z) Treasury stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account on the consolidated balance sheets. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in capital (up to the amount credited to the additional paid-in capital upon original issuance of the shares) and retained earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>aa) Segment reporting</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker identified as the Chief Executive Officer for making operating decisions, allocating resources and assessing performance as the source for determining the Group’s reportable segments. The Group’s CODM reviews consolidated results including revenue and operating income at a consolidated level. This resulted in only one operating and <span style="-sec-ix-hidden: hidden-fact-218">reportable</span> segment in the Group.</p> 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>bb) Warrant liability</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;-keep: true">In connection with the issuances of ordinary shares, the Group issued warrants to purchase ordinary shares. The Group evaluates the warrants under Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity. Warrants recorded as liabilities are recorded at their fair value and remeasured on each reporting date with change in estimated fair value of warrant liability in the consolidated statement of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>cc) Concentrations and Risks</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Advertising and promotional service provider</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group relied on advertising and promotional service providers and their affiliates for advertising and promotional service to support its operations during the years ended December 31, 2021, 2022 and 2023. Total number of advertising and promotional service providers accounting for more than 10% is three, two and two for the years ended December 31, 2021, 2022 and 2023, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Credit risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financial instruments that potentially subject the Group to the concentration of credit risk consist of cash and cash equivalents, restricted cash, accounts receivable and prepayment and other current assets. As of December 31, 2022 and 2023, all of the Group’s cash and cash equivalents, restricted cash were held in large reputable financial institutions located in the United States of America or China, which management consider being of high credit quality. Accounts receivable is typically unsecured and is derived from revenue earned from the Company’s businesses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Major customers</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There were three and two customers whose receivable balances exceeded 10% of the total accounts receivable balances of the Group as December 31, 2022 and 2023, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There was one customer whose revenue accounted for 18.7% of the total revenue of the Group for the year ended December 31, 2021. There were two customers whose revenue accounted for 24.1% and 17.9% of the total revenue of the Group for the year ended December 31, 2022. There was one customer whose revenue accounted for 16.1% of the total revenue of the Group for the year ended December 31, 2023.</p> 0.10 0.10 0.187 0.241 0.179 0.161 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>dd) Recently issued accounting pronouncements</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group qualifies as an “emerging growth company”, or “EGC”, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Recently adopted accounting pronouncements</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In November 2023, the FASB issued ASU 2023-07, which modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Group does not expect that the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In December 2023, the FASB issued ASU 2023-09 to improve its income tax disclosure requirements. Under the new guidance, public business entities must annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). The new standard is effective for fiscal years beginning after December 15, 2024. The Group is in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4. Goodwill</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table presents the Group’s goodwill as of the respective balance sheet dates:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Goodwill</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">115,414</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">115,414</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: impairment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(69,853</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(69,853</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Goodwill, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,561</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,561</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group recognized <span style="-sec-ix-hidden: hidden-fact-222">nil</span>, RMB69.9 million and <span style="-sec-ix-hidden: hidden-fact-223">nil</span> impairment loss in 2021, 2022 and 2023, respectively, as the carrying value of the reporting unit is in excess of its fair value for the year ended December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table presents the Group’s goodwill as of the respective balance sheet dates:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Goodwill</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">115,414</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">115,414</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: impairment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(69,853</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(69,853</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Goodwill, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,561</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,561</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 115414000 115414000 69853000 69853000 45561000 45561000 69900000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5. Accounts and notes receivables, net</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounts and notes receivables are consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Notes receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">505</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">242</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,845</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(31,381</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(32,019</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">49,969</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">28,891</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets out movements of the allowance for doubtful accounts for the years ended December 31, 2021, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Balance at the beginning of the year</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">23,298</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">34,969</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">31,381</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Additions/(reversal)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,671</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(892</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,408</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Write-off</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-224"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(2,696</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(770</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Balance at the end of the year</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">34,969</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">31,381</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">32,019</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounts and notes receivables are consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Notes receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">505</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">242</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,845</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(31,381</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(32,019</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">49,969</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">28,891</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 505000 242000 80845000 60668000 31381000 32019000 49969000 28891000 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Balance at the beginning of the year</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">23,298</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">34,969</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">31,381</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Additions/(reversal)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,671</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(892</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,408</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Write-off</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-224"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(2,696</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(770</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Balance at the end of the year</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">34,969</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">31,381</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">32,019</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 23298000 34969000 31381000 11671000 -892000 1408000 2696000 770000 34969000 31381000 32019000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6. Prepayment and other current assets, net</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a summary of prepayments and other current assets:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Deductible VAT</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,625</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">382</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Deposits</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">7,984</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,592</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Receivables due from third-party online payment platforms</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,197</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">640</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Staff advances</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,336</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,111</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Prepaid promotion expenses</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">40,295</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-225"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Receivable from borrowers for the guarantee payment to commercial bank</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,857</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">18,218</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-keep: true">Others</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,047</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">12,318</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Less: provisions for prepayment and other current assets</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(31,733</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(23,275</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Total prepayment and other current assets, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">46,608</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,986</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group recognized provisions for prepayment and other current assets of RMB6,125, RMB9,035 and RMB3,360 in 2021, 2022 and 2023, respectively. The Group reversed provisions for prepayment and other current assets of <span style="-sec-ix-hidden: hidden-fact-226">nil</span>, <span style="-sec-ix-hidden: hidden-fact-227">nil</span> and RMB11,818 in 2021, 2022 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a summary of prepayments and other current assets:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Deductible VAT</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,625</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">382</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Deposits</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">7,984</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,592</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Receivables due from third-party online payment platforms</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,197</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">640</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Staff advances</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,336</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,111</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Prepaid promotion expenses</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">40,295</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-225"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Receivable from borrowers for the guarantee payment to commercial bank</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,857</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">18,218</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-keep: true">Others</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,047</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">12,318</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Less: provisions for prepayment and other current assets</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(31,733</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(23,275</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Total prepayment and other current assets, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">46,608</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,986</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 1625000 382000 7984000 6592000 1197000 640000 1336000 1111000 40295000 14857000 18218000 11047000 12318000 31733000 23275000 46608000 15986000 6125000 9035000 3360000 11818000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7. Property, equipment and software, net</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following is a summary of property, equipment and software, net:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Furniture and electronic equipment</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,617</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,531</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Vehicles</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">222</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">222</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-keep: true">Software</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,466</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,466</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Leasehold improvement</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,669</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,669</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Total property, equipment and software</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,974</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,888</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Less: accumulated depreciation and amortization</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,862</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,776</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">impairment</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,112</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,112</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Property, equipment and software, net</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-228"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-229"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation expenses of property, equipment and software were RMB3,317, RMB2,140 and <span style="-sec-ix-hidden: hidden-fact-230">nil</span> for the years ended December 31, 2021, 2022 and 2023, respectively. Impairment of property, equipment and software were <span style="-sec-ix-hidden: hidden-fact-231">nil</span>, RMB1,112 and <span style="-sec-ix-hidden: hidden-fact-232">nil</span> for the years ended December 31, 2021, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following is a summary of property, equipment and software, net:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Furniture and electronic equipment</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,617</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,531</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Vehicles</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">222</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">222</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-keep: true">Software</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,466</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,466</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Leasehold improvement</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,669</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,669</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Total property, equipment and software</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,974</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,888</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Less: accumulated depreciation and amortization</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,862</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,776</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">impairment</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,112</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,112</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Property, equipment and software, net</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-228"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-229"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 5617000 5531000 222000 222000 1466000 1466000 4669000 4669000 11974000 11888000 10862000 10776000 1112000 1112000 3317000 2140000 1112000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8. Intangible assets, net</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the Group’s intangible assets with definite lives as of the respective balance sheet dates:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Customer relationships</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,300</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,300</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Trade names</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,822</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,822</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Developed technology</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">17,833</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">17,833</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Total Intangible assets</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25,955</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25,955</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Less: accumulated amortization</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,341</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,341</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">impairment</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(15,614</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(15,614</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Intangible assets, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-233"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-234"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Amortization expense was RMB4,128, RMB2,097 and <span style="-sec-ix-hidden: hidden-fact-235">nil</span> for the years ended December 31, 2021, 2022 and 2023, respectively. Impairment of intangible assets were <span style="-sec-ix-hidden: hidden-fact-236">nil</span>, RMB 15,614 and <span style="-sec-ix-hidden: hidden-fact-237">nil</span> for the years ended December 31, 2021, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the Group’s intangible assets with definite lives as of the respective balance sheet dates:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Customer relationships</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,300</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,300</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Trade names</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,822</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,822</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Developed technology</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">17,833</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">17,833</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Total Intangible assets</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25,955</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25,955</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Less: accumulated amortization</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,341</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,341</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">impairment</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(15,614</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(15,614</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Intangible assets, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-233"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-234"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 3300000 3300000 4822000 4822000 17833000 17833000 25955000 25955000 -10341000 -10341000 15614000 15614000 4128000 2097000 15614000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9. Long- term investments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022 and 2023, long-term investments include equity investments in privately held companies. The following table presents the Group’s long-term investments as of the respective balance sheet dates:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Equity method investments:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Three Drivers Culture Media Co., Limited (“STDC”) ⁽¹⁾</span></td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">5,383</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">5,564</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,383</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,564</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notes:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(1) On September 3, 2018, TuanChe Internet invested RMB4,000 in cash for a 40% equity interest in STDC that operates a car media business. On June 30, 2021, the Group made additional investment of RMB2,250 and the ownership in STDC increased to 49%. The Group applies the equity method of accounting to the investment in STDC, over which it has significant influence but does not own a majority equity interest or otherwise control. As of December 31, 2022 and 2023, the carrying value of equity investment for using equity method were RMB5,383 and RMB5,564, respectively. For the years ended December 31, 2021, 2022 and 2023, the change in profit and loss of equity investment for using equity method were profit of RMB258, RMB26 and RMB181, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022 and 2023, long-term investments include equity investments in privately held companies. The following table presents the Group’s long-term investments as of the respective balance sheet dates:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Equity method investments:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Three Drivers Culture Media Co., Limited (“STDC”) ⁽¹⁾</span></td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">5,383</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">5,564</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,383</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,564</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(1) On September 3, 2018, TuanChe Internet invested RMB4,000 in cash for a 40% equity interest in STDC that operates a car media business. On June 30, 2021, the Group made additional investment of RMB2,250 and the ownership in STDC increased to 49%. The Group applies the equity method of accounting to the investment in STDC, over which it has significant influence but does not own a majority equity interest or otherwise control. As of December 31, 2022 and 2023, the carrying value of equity investment for using equity method were RMB5,383 and RMB5,564, respectively. For the years ended December 31, 2021, 2022 and 2023, the change in profit and loss of equity investment for using equity method were profit of RMB258, RMB26 and RMB181, respectively.</p> 5383000 5564000 5383000 5564000 4000000 0.40 2250000 0.49 5383000 5564000 258000 26000 181000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10. Taxation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>a) Income taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Cayman Islands</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company in the Cayman Islands to their shareholders, no Cayman Islands withholding tax will be imposed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Hong Kong</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Commencing from the year of assessment 2018/2019, the first HK$2.0 million of profits earned by the Group’s subsidiaries incorporated in Hong Kong will be taxed at half the current tax rate (i.e., 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax rate. Payments of dividends by the subsidiary to the Company are not subject to withholding tax in Hong Kong. The Ordinance only allows one entity within a group of “connected entities” to be eligible for the two-tier tax rate benefit. Under the Ordinance, it is an entity’s election to nominate an entity that will be subject to the two-tier profits tax rate on its Profits Tax Return. The election is irrevocable. TuanChe Information elected the two-tier profits tax rate for its tax years of 2022 and 2023. TuanChe Information applies the two-tier profits tax rate for its provision for current income and deferred taxes. Other HK subsidiaries of the Company elected 16.5% tax rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>China</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Effective from January 1, 2008, the PRC’s statutory income tax rate is 25%. The Company’s PRC subsidiaries are subject to income tax at the statutory rate of 25% except for TuanChe Internet, Tuan Yuan and Drive New Media. TuanChe Internet and Tuan Yuan have been renewed as a “High and New Technology Enterprise” (“HNTE”) in 2021 for a period of 3 years, are subject to a preferential income tax rate of 15% from 2021 to 2023. Drive New Media, has been confirmed as a “High and New Technology Enterprise” (“HNTE”) in 2019 for a period of 3 years and renewed in 2022, is subject to a preferential income tax rate of 15% from 2019 to 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Loss before provision for income taxes is attributable to the following geographic locations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the year ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">PRC</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(163,018</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(79,805</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Foreign</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,923</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,166</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total loss before income taxes</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(171,941</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(82,971</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Income tax (benefit) expense consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the year ended</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current income tax expenses</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-238"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-239"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-240"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Deferred income tax benefit</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-241"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5,451</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-242"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-243"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5,451</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-244"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents a reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2021, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the year ended</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Statutory income tax rate of the PRC</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Permanent differences*</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2.6</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(12.1</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1.2</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in valuation allowance</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(18.0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10.1</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(19.8</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Effect of preferential tax rate</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8.2</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Effect of different tax rates in other jurisdictions (offshore entities)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1.4</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1.3</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(0.9</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in impairment of intangible assets</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-245"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3.2</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-246"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Others</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-247"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-248"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-249"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effective income tax rate</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-250"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3.2</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-251"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Permanent differences in 2022 are mainly due to non-deductible impairment charges.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>b) Deferred tax assets and liabilities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December 31, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true">Deferred tax assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Advertising expense in excess of deduction limit</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">58,723</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">64,678</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Accrued expense and other payables</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,101</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,257</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Allowance for doubtful accounts</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">9,541</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">10,039</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net operating tax loss carry forwards</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">73,423</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">81,539</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Total deferred tax assets</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">145,788</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">159,513</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Less: valuation allowance</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(145,788</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(159,513</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Net deferred tax assets</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-252"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-253"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group does not believe that sufficient positive evidence exists to conclude that the recoverability of the above deferred tax assets of all entities of the Group is more likely than not to be realized. The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. Under the applicable accounting standards, management has considered the Group’s history of losses and concluded that it is more likely than not that the Group will not generate future taxable income prior to the expiration of the majority of net operating losses. Accordingly, as of December 31, 2021, 2022 and 2023, a RMB134,534, RMB145,788 and RMB159,513 valuation allowance has been established respectively. Consequently, the Group has provided full valuation allowances on the related deferred tax assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The movements of the valuation allowance are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/>  2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/>  2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/>  2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true">Deferred tax assets valuation allowance movement:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Balance at the beginning of the year</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">120,703</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">134,534</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">145,788</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Allowance made during the year</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">18,271</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">16,910</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">16,392</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Reduction due to unrealized NOLs and adjustments</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5,656</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(2,667</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Decrease due to disposal of subsidiaries</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(4,440</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-255"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-256"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Balance at end of year</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">134,534</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">145,788</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">159,513</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022 and 2023, certain entities of the Group had PRC net operating tax loss carry forwards of RMB333,677 and RMB369,363 respectively. As of December 31, 2022, and 2023, the Company had Hong Kong losses of RMB327 and RMB330 respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, net operating tax loss carry forwards in PRC is expected to expire is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Loss expiring in 2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">29,847</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss expiring in 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss expiring in 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,188</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss expiring in 2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,089</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss expiring in 2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,894</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss expiring in 2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,922</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss expiring in 2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,553</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss expiring in 2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,947</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss expiring in 2032</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,256</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Loss expiring in 2033 and after</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,390</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">369,363</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">According to PRC tax regulations, the PRC enterprise net operating loss can generally carry forward for no longer than five years, and HNTE’s net operating losses can be carried forward for no more than 10 years, starting from the year subsequent to the year in which the loss was incurred. Carryback of losses is not permitted. The Group will re-apply for the HNTE certificate when the prior certificate expires in the foreseeable future. The cumulative net operating tax loss in PRC of RMB369,363 can be carried forward for five to ten years, to offset future net profits for income tax purpose. The net operating tax loss will start to expire from 2024 if they are not used. The operating tax loss of RMB330 in Hong Kong can be carried forward without expiration date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c) Withholding income tax</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The enterprise income tax (“EIT”) Law also imposes a withholding income tax of 10% on dividends distributed by a foreign-invested entity (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate that may be lowered to 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The State Administration of Taxation (“SAT”) further promulgated Circular 601 on October 27, 2009, which provides that tax treaty benefits will be denied to “conduit” or shell companies without business substance and that a beneficial ownership analysis will be used based on a “substance-over-form” principle to determine whether or not to grant the tax treaty benefits. Further, the SAT promulgated the Notice on Issues Related to the “Beneficial Owner” in Tax Treaties in February 2018, which requires the “beneficial owner” to have ownership and the right to dispose of the income or the rights and properties giving rise to the income and generally engage in substantive business activities and sets forth certain detailed factors in determining the “beneficial owner” status.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022 and 2023, the Company did not record any such withholding tax of its subsidiaries, VIEs and subsidiaries of VIEs in the PRC as they are still in accumulated deficit position.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s operating subsidiaries in PRC are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB 100,000 ($15,488). In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d) Uncertain tax position</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2022 and 2023, the Group did not have any unrecognized uncertain tax positions and the Group does not believe that its unrecognized tax benefits will change over the next twelve months. For the years ended December 31, 2022 and 2023, the Company did not incur any interest and penalties related to potential underpaid income tax expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, the tax years ended December 31, 2018 through 2022 for the Group’s subsidiaries in the PRC and the VIEs are generally subject to examination by the PRC tax authorities. The tax years ended December 31, 2017 through 2022 for the Group’s subsidiaries in Hong Kong are generally subject to examination by the Hong Kong tax authorities.</p> 2000000 0.0825 0.165 0.165 0.25 0.25 P3Y 0.15 P3Y 0.15 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Loss before provision for income taxes is attributable to the following geographic locations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the year ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">PRC</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(163,018</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(79,805</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Foreign</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,923</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,166</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total loss before income taxes</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(171,941</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(82,971</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr> </table> -163018000 -79805000 -8923000 -3166000 -171941000 -82971000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Income tax (benefit) expense consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the year ended</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current income tax expenses</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-238"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-239"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-240"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Deferred income tax benefit</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-241"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5,451</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-242"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-243"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5,451</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-244"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> -5451000 -5451000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents a reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2021, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the year ended</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Statutory income tax rate of the PRC</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Permanent differences*</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2.6</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(12.1</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1.2</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in valuation allowance</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(18.0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10.1</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(19.8</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Effect of preferential tax rate</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8.2</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Effect of different tax rates in other jurisdictions (offshore entities)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1.4</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1.3</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(0.9</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in impairment of intangible assets</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-245"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3.2</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-246"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Others</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-247"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-248"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-249"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effective income tax rate</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-250"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3.2</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-251"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Permanent differences in 2022 are mainly due to non-deductible impairment charges.</td> </tr></table> 0.25 0.25 0.25 0.026 -0.121 0.012 -0.18 -0.101 -0.198 0.082 0.015 0.055 -0.014 -0.013 -0.009 -0.032 -0.032 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December 31, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true">Deferred tax assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Advertising expense in excess of deduction limit</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">58,723</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">64,678</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Accrued expense and other payables</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,101</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,257</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Allowance for doubtful accounts</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">9,541</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">10,039</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net operating tax loss carry forwards</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">73,423</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">81,539</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Total deferred tax assets</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">145,788</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">159,513</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Less: valuation allowance</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(145,788</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(159,513</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Net deferred tax assets</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-252"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-253"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 58723000 64678000 4101000 3257000 9541000 10039000 73423000 81539000 145788000 159513000 145788000 159513000 134534000 145788000 159513000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The movements of the valuation allowance are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/>  2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/>  2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/>  2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true">Deferred tax assets valuation allowance movement:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Balance at the beginning of the year</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">120,703</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">134,534</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">145,788</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Allowance made during the year</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">18,271</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">16,910</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">16,392</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Reduction due to unrealized NOLs and adjustments</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5,656</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(2,667</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Decrease due to disposal of subsidiaries</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(4,440</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-255"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-256"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Balance at end of year</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">134,534</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">145,788</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">159,513</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 120703000 134534000 145788000 18271000 16910000 16392000 -5656000 -2667000 -4440000 134534000 145788000 159513000 333677000 369363000 327000 330000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, net operating tax loss carry forwards in PRC is expected to expire is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Loss expiring in 2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">29,847</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss expiring in 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss expiring in 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,188</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss expiring in 2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,089</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss expiring in 2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,894</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss expiring in 2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,922</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss expiring in 2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,553</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss expiring in 2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,947</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss expiring in 2032</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,256</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Loss expiring in 2033 and after</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,390</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">369,363</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 29847000 33277000 46188000 73089000 30894000 32922000 39553000 53947000 24256000 5390000 369363000 P5Y 369363000 P10Y 330000 0.10 0.05 0.25 P3Y P5Y 100000000 -15488000 P10Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>11. Other taxes payable</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following is a summary of other taxes payable as of December 31, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Withholding individual income taxes for employees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">8,593</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,999</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,512</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,186</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">622</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">24,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">12,203</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following is a summary of other taxes payable as of December 31, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Withholding individual income taxes for employees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">8,593</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,999</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,512</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,186</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">622</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">24,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">12,203</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 8593000 6999000 15512000 5186000 622000 18000 24727000 12203000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>12. Leases</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group has operating leases for office spaces and venues for auto shows the Group utilizes under lease arrangements. As of December 31, 2023, the Group recognized the following items related to operating leases in its consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Operating lease right-of-use assets</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">10,238</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">   1,442</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,532</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(638</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,706</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,090</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(576</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,099</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(859</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The lease expenses for the years ended December 31, 2021, 2022 and 2023 were RMB41,377, RMB16,677 and RMB25,139, respectively, which were included in the cost of revenues for auto venue rental and operating expenses. Cash paid for long-term operating lease were RMB6,007, RMB5,569 and RMB4,498 in the years ended December 31, 2021, 2022 and 2023. Impairment loss of operating lease right-of-use assets were <span style="-sec-ix-hidden: hidden-fact-261">nil</span>, RMB3,017 and RMB1,515 for the years ended December 31, 2021, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A summary of maturity of operating lease liabilities under the Group’s non-cancellable operating leases for office spaces and venues for auto shows as of December 31, 2023 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">December 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">December 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">2024</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,447</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">626</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">2025</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,179</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">448</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">2026</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,179</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">448</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">2027</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-257"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-258"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">2028</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-259"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-260"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total lease payments</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">10,805</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,522</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Less: imputed interest</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(616</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(87</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">10,189</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,435</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current portion</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(4,090</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(576</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true">Non-current portion</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(6,099</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(859</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, the Group’s weighted-average remaining lease term was 2.88 years, and weighted-average discount rate was 4.75%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, the Group does not have any significant operating or finance leases that have not yet commenced. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group has operating leases for office spaces and venues for auto shows the Group utilizes under lease arrangements. As of December 31, 2023, the Group recognized the following items related to operating leases in its consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Operating lease right-of-use assets</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">10,238</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">   1,442</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,532</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(638</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,706</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,090</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(576</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,099</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(859</td><td style="text-align: left">)</td></tr> </table> 10238000 1442000 4532000 638000 5706000 804000 4090000 576000 6099000 859000 41377000 16677000 25139000 6007000 5569000 4498000 3017000 1515000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A summary of maturity of operating lease liabilities under the Group’s non-cancellable operating leases for office spaces and venues for auto shows as of December 31, 2023 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">December 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">December 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">2024</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,447</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">626</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">2025</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,179</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">448</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">2026</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,179</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">448</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">2027</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-257"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-258"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">2028</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-259"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-260"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total lease payments</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">10,805</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,522</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Less: imputed interest</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(616</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(87</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">10,189</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,435</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current portion</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(4,090</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(576</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true">Non-current portion</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(6,099</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(859</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> </table> 4447000 626000 3179000 448000 3179000 448000 10805000 1522000 616000 87000 10189000 1435000 4090000 576000 6099000 859000 P2Y10M17D 0.0475 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>13. Short-term borrowings</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2022, the Group had RMB3.2 million of short-term borrowings which were obtained in 2022. The borrowings as of December 31, 2022 were fully repaid in 2023. As of December 31, 2023, the Group had RMB15.7 million of short-term borrowings and RMB15.2 million of which were obtained in 2023. The interest expenses were RMB182, RMB162 and RMB313 for the years ended December 31, 2021, 2022 and 2023.The interest was payable on a monthly or quarterly basis and the principal was due upon maturity, as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Term loan</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Principal amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest rate per annum</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Name of bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%">Loan 1</td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">2024-04-17</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 51%; text-align: left">Industrial &amp;Commercial Bank of China (“ICBC”)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 2</td><td> </td> <td style="text-align: center">2024-05-08</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.80</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Industrial &amp;Commercial Bank of China (“ICBC”)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Loan 3</td><td> </td> <td style="text-align: center">2024-06-12</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.05</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">China CITIC Bank</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 4</td><td> </td> <td style="text-align: center">2024-06-15</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Bank of Beijing Zhongguancun Branch</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Loan 5</td><td> </td> <td style="text-align: center">2024-06-12</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.25</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Bank of Beijing Zhongguancun Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 6</td><td> </td> <td style="text-align: center">2024-09-07</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Jiangsu Bank Co., Ltd. Beijing Branch</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Loan 7</td><td> </td> <td style="text-align: center">2024-10-27</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">China Minsheng Bank Co., Ltd. Beijing Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 8</td><td> </td> <td style="text-align: center">2024-06-21</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">487</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Shenzhen Qianhai Weizhong Bank corporation</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Loan 9</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2024-07-07</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3.70</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; padding-bottom: 1.5pt">Industrial and Commercial Bank of China Limited Shenzhen Futian Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,687</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, the loan 1 and 2 are guaranteed by two third parties, and the loan 5 and 6 are guaranteed by CEO, Mr. Wen.</p> 3200000 15700000 15200000 The interest expenses were RMB182, RMB162 and RMB313 for the years ended December 31, 2021, 2022 and 2023.The interest was payable on a monthly or quarterly basis and the principal was due upon maturity, as follows:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Term loan</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Principal amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest rate per annum</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Name of bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%">Loan 1</td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">2024-04-17</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 51%; text-align: left">Industrial &amp;Commercial Bank of China (“ICBC”)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 2</td><td> </td> <td style="text-align: center">2024-05-08</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.80</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Industrial &amp;Commercial Bank of China (“ICBC”)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Loan 3</td><td> </td> <td style="text-align: center">2024-06-12</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.05</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">China CITIC Bank</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 4</td><td> </td> <td style="text-align: center">2024-06-15</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Bank of Beijing Zhongguancun Branch</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Loan 5</td><td> </td> <td style="text-align: center">2024-06-12</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.25</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Bank of Beijing Zhongguancun Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 6</td><td> </td> <td style="text-align: center">2024-09-07</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Jiangsu Bank Co., Ltd. Beijing Branch</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Loan 7</td><td> </td> <td style="text-align: center">2024-10-27</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">China Minsheng Bank Co., Ltd. Beijing Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 8</td><td> </td> <td style="text-align: center">2024-06-21</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">487</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Shenzhen Qianhai Weizhong Bank corporation</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Loan 9</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2024-07-07</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3.70</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; padding-bottom: 1.5pt">Industrial and Commercial Bank of China Limited Shenzhen Futian Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,687</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> 182000000 162000000 313000000 2024-04-17 1200000 0.03 2024-05-08 1000000 0.028 2024-06-12 3000000 0.0405 2024-06-15 2000000 0.0402 2024-06-12 2000000 0.0425 2024-09-07 2000000 0.044 2024-10-27 3000000 0.04 2024-06-21 487000 0.054 2024-07-07 1000000 0.037 15687000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>14. Other current liabilities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a summary of other current liabilities as of December 31, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Professional service fee</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,391</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,319</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Advertising expense payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,703</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Promotional expense payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,099</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,862</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,308</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,582</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">23,691</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">20,466</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a summary of other current liabilities as of December 31, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Professional service fee</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,391</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,319</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Advertising expense payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,703</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Promotional expense payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,099</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,862</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,308</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,582</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">23,691</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">20,466</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 9391000 6319000 5893000 2703000 1099000 5862000 7308000 5582000 23691000 20466000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>15. Long-term borrowings</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December 31, 2023, the Group had RMB3.0 million of long-term borrowings. The interest was payable on a monthly basis and the principal was due upon maturity. The interest expenses were <span style="-sec-ix-hidden: hidden-fact-262">nil</span>, RMB52 and RMB24 for the years ended December 31, 2021, 2022 and 2023 as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Term loan</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Principal amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest rate per annum</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Name of bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%">Loan 1</td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">2025-09-27</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 50%; text-align: left">Bank of China Limited Beijing Xuanwu Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December 31, 2023, the loan 1 is guaranteed by a third party.</p> 3000000 The interest expenses were <span style="-sec-ix-hidden: hidden-fact-262">nil</span>, RMB52 and RMB24 for the years ended December 31, 2021, 2022 and 2023 as follows:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Term loan</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Principal amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest rate per annum</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Name of bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%">Loan 1</td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">2025-09-27</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 50%; text-align: left">Bank of China Limited Beijing Xuanwu Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td></tr> </table> 52000 24000 2025-09-27 3000000 0.0345 Bank of China Limited Beijing Xuanwu Branch 3000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>16. Employee Benefits</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the Group’s employee welfare benefits expenses for the years ended December 31, 2021, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the year ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Medical and welfare defined contribution plan</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21,075</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,172</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">11,688</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other employee benefits</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">915</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">87</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">45</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">21,990</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,259</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">11,733</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the Group’s employee welfare benefits expenses for the years ended December 31, 2021, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the year ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Medical and welfare defined contribution plan</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21,075</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,172</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">11,688</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other employee benefits</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">915</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">87</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">45</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">21,990</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,259</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">11,733</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 21075000 16172000 11688000 915000 87000 45000 21990000 16259000 11733000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>17. Share-based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Description of stock option plan and Share option replacement</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In July 2012, the Group permits the grant of options of the Company to relevant directors, officers, other employees and consultants of the Company. Option awards are granted with an exercise price determined by the Board of Directors. Those option awards generally vest over a period of four years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group recognizes share-based compensation expenses in the consolidated statements of operations and comprehensive loss based on awards ultimately expected to vest, after considering actual forfeitures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has replaced these share options with restricted shares for all employees and nonemployees on June 15, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June 2018, the directors of the Company (the “Directors”) approved the TuanChe Limited Share Incentive Plan (the “Share Incentive Plan”). Under the Share Incentive Plan, 38,723,321 ordinary shares were issued to Best Cars for the restricted share awards at consideration of <span style="-sec-ix-hidden: hidden-fact-264">nil</span>. Meanwhile, the incentive share options granted to employees and nonemployees of the Company were replaced by the restricted shares. As a result of the Share Incentive Plan, on June 15, 2018, a total of 15,473,653 share options of the Company were replaced by 13,740,480 restricted shares. The restricted shares awards are subject to the original vesting schedule of the replaced share options. The Company has recognized the incremental expenses immediately for those vested share options, the unvested portion will be recognized as expenses over the remaining vesting periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For years ended December 31, 2021, 2022 and 2023, the Company has granted 1,390,000, 1,500,000 and 20,900,000 restricted shares to its employees. The total fair value of RMB1.4 million, RMB2.2 million and RMB5.4 million for those granted restricted shares will be recognized as expenses over the vesting periods of <span style="-sec-ix-hidden: hidden-fact-263">nil</span> to 4 years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A summary of the restricted shares activities is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of <br/> restricted<br/> shares</b></span></td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted-<br/> Average<br/> Grant-Date<br/> Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold">Outstanding as of December 31, 2021</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">6,034,250</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">0.527</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.209</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(312,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.431</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,648,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.474</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Outstanding as of December 31, 2022</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,573,750</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">0.457</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.037</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20,593,750</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.087</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Outstanding as of December 31, 2023</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,880,000</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">0.155</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized by the Group for the restricted shares granted were RMB9.8 million, RMB10.3 million and RMB9.5 million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2023, there was RMB2.3 million of unrecognized share-based compensation expenses related to the restricted shares granted. That expenses are expected to be recognized over a weighted-average period of 1.21 years.</p> P4Y 38723321 15473653 13740480 1390000 1500000 20900000 1400000 2200000 5400000 P4Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A summary of the restricted shares activities is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of <br/> restricted<br/> shares</b></span></td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted-<br/> Average<br/> Grant-Date<br/> Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold">Outstanding as of December 31, 2021</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">6,034,250</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">0.527</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.209</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(312,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.431</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,648,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.474</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Outstanding as of December 31, 2022</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,573,750</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">0.457</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.037</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20,593,750</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.087</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Outstanding as of December 31, 2023</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,880,000</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">0.155</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> 6034250 0.527 1500000 0.209 312000 0.431 3648500 0.474 3573750 0.457 20900000 0.037 20593750 0.087 3880000 0.155 9800000 10300000 9500000 2300000 P1Y2M15D <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>18. Equity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Ordinary shares and Pre-funded Warrant</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 23, 2022, the Company issued 58,472,736 ordinary shares for a registered direct offering of approximately $15.0 million. The aggregate proceeds the Company received from this offering, net of commissions and other offering expenses, were $13.7 million. The offering consisted of (1) 3,654,546 ADSs and 1,800,000 pre-funded warrants to purchase ADSs (“Pre-Funded Warrant”) and (2) 5,454,546 ADSs warrants to purchase ADSs(“Warrant”). Each Warrant is exercisable to purchase one ADS for $2.75 and each Pre-Funded Warrant is exercisable to purchase one ADS for $0.001. Each ADS represents sixteen (16) Class A ordinary shares of the Company. The Pre-Funded Warrant became immediately exercisable upon issuance and may be exercised at any time until all of the Pre-Funded Warrant are exercised in full. The Warrant has a term of five years from the issuance date. On November 25, 2022, 800,000 pre-funded warrants had been exercised, 12,800,000 ordinary shares were issued upon such exercise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company determined that the Pre-Funded Warrant meet the requirements for equity classification. The Pre-Funded warrants were recorded at their fair value on the date of issuance as a component of total equity. In addition, since these Pre-Funded warrants are exercisable for a nominal amount, they have been shown as exercised when issued and as outstanding common stock in the consolidated financial statements and earnings per share calculations. 1,000,000 pre-funded warrants had been exercised on January 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Warrant</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 23, 2022, the Warrant are classified as a liability and the fair value allocated to the Warrant was RMB36.8 million. The Warrant liability will be re-measured at each reporting period until the warrant are exercised or expire and any changes will be recognized in the statement of operations and comprehensive loss. The fair value of Warrant was RMB4.0 million and no warrants were exercised as of December 31, 2023.</p> 58472736 15000000 13700000 3654546 1800000 5454546 1 2.75 1 0.001 16 P5Y 800000 12800000 1000000 36800000 4000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. Net Loss Per Share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As the Group incurred losses for the years ended December 31, 2021, 2022 and 2023, the potential ordinary shares including unvested restricted shares of 6,034,250, 3,573,750 and 3,880,000 were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Effective on January 26, 2024, the Company changed the ratio of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to sixteen (16) Class A ordinary shares to a new ADS ratio of one ADS representing two hundred and forty (240) Class A ordinary shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2021, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-bottom: 1.5pt">Net loss attributable to TuanChe Limited’s shareholders</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(101,945</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(166,490</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(82,971</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average number of ordinary shares outstanding, basic and diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306,792,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">319,539,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">406,802,365</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Basic and diluted net loss per share attributable to TuanChe Limited’s shareholders</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.33</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.52</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.20</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> 6034250 3573750 3880000 16 240 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2021, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-bottom: 1.5pt">Net loss attributable to TuanChe Limited’s shareholders</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(101,945</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(166,490</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(82,971</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average number of ordinary shares outstanding, basic and diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306,792,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">319,539,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">406,802,365</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Basic and diluted net loss per share attributable to TuanChe Limited’s shareholders</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.33</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.52</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.20</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> -101945000 -166490000 -82971000 306792324 306792324 319539180 319539180 406802365 406802365 -0.33 -0.33 -0.52 -0.52 -0.2 -0.2 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>20. Commitments and contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>Litigation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of any unresolved matters, individually and in the aggregate, is reasonably possible to have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>21. Related party transactions and balance</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2021, 2022 and 2023, the Company entered into outsourcing service agreements with STDC. The outsourcing service expenses provided by STDC for the Company is RMB2,721, RMB1,526 and RMB3,974 for the years ended December 31, 2021, 2022 and 2023, respectively. In 2022 and 2023, the Company entered into promotion service agreements with STDC, under which the promotion service expenses provided by the Company for STDC is RMB1,415 and RMB963 for the years ended December 31, 2022 and 2023. The prepayment balance is RMB248 and RMB1,125 as for December 31, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2023, the Company provided RMB12,591 to CEO, Mr. Wen, who assisted business development with third parties on behalf of the Group and RMB12,461 has been repaid by CEO within 2023. The other payable balance due to CEO is RMB130 and <span style="-sec-ix-hidden: hidden-fact-265">nil</span> as of December 31, 2022 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 22, 2023, the company received RMB1,500 from COO Mr. Hui Yuan’s spouse as loan with an interest rate of 3.45% for one year. The loan payable balance due to Mr. Hui Yuan’s spouse is <span style="-sec-ix-hidden: hidden-fact-266">nil</span> and RMB1,500 as of December 31, 2022 and 2023, respectively.</p> 2721000 1526000 3974000 1415000 963000 248000 1125000 12591000 12461000 130000 1500000 0.0345 1500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>22. Fair Value Measurement</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>Assets measured at fair value on a nonrecurring basis</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company measured its property, equipment and software, equity investments, intangible assets and goodwill at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Assets and liabilities measured at fair value on a recurring basis</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company measured its warrant at fair value on a recurring basis. As the Company’s warrant is not traded in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of warrant. This instrument are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. The Company did not transfer any assets or liabilities in or out of level 3 during the years ended December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the fair value hierarchy for the Group’s liabilities that are measured and recorded at fair value as of December 31, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="26" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the year ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 1<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 2<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 3<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 1<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 2<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 3<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Balance at<br/> fair value</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Warrant liability</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-267"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-268"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,376</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-269"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-270"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">557</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company adopted Black Scholes model to assess the warrant’s fair value. Management is responsible for determining the fair value and assessing a number of factors. The valuation involves complex and subjective judgements as well as the Company’s best estimates on the valuation date. Key inputs related to the Black Scholes model for the valuation of the fair value of warrants are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of <br/> November 23,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of <br/> December 31, <br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of<br/> December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Expiration of warrant (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4.9</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">      3.9</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Fair market value per share (US$)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1.17</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.84</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.20</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Exercise price (US$)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2.75</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2.75</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2.75</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Risk-free rate</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.96</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4.05</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.92</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-272"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-273"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Standard derivation in the value of stock</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">132.3</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">131.2</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">132.8</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the activities related to fair value of the warrants:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the Year Ended<br/> December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Fair value of warrants at beginning of the year (Level 3)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-274"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,376</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Issuances</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">36,838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in fair value</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(11,219</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(20,732</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effect of exchange rate changes</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,243</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">308</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Fair value of warrants at end of the year (Level 3)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,376</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the fair value hierarchy for the Group’s liabilities that are measured and recorded at fair value as of December 31, 2022 and 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="26" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the year ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 1<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 2<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 3<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 1<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 2<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Level 3<br/> Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Balance at<br/> fair value</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Warrant liability</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-267"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-268"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,376</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-269"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-270"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">557</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 24376000 3952000 557000 Key inputs related to the Black Scholes model for the valuation of the fair value of warrants are as follows:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of <br/> November 23,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of <br/> December 31, <br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of<br/> December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Expiration of warrant (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4.9</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">      3.9</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Fair market value per share (US$)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1.17</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.84</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.20</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Exercise price (US$)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2.75</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2.75</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2.75</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Risk-free rate</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.96</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4.05</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.92</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-272"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-273"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-sec-ix-redline:true;-keep: true">Standard derivation in the value of stock</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">132.3</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">131.2</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">132.8</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td></tr> </table> 5 4.9 3.9 1.17 0.84 0.2 2.75 2.75 2.75 3.96 4.05 3.92 132.3 131.2 132.8 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the activities related to fair value of the warrants:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the Year Ended<br/> December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Fair value of warrants at beginning of the year (Level 3)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-274"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,376</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Issuances</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">36,838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in fair value</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(11,219</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(20,732</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effect of exchange rate changes</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,243</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">308</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Fair value of warrants at end of the year (Level 3)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,376</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 24376000 36838000 11219000 20732000 1243000 -308000 24376000 3952000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>23. Restricted Net Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Relevant PRC laws and regulations permit PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries, VIEs and subsidiaries of VIEs can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the general reserve fund and the statutory surplus fund respectively. The general reserve fund and the statutory surplus fund require that annual appropriations of 10% of net after-tax income should be set aside prior to payment of any dividends. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries, VIEs and subsidiaries of VIEs are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion amounted to approximately RMB6,743 as of December 31, 2023 including the paid-in capital, additional paid-in capital and the statutory reserves of the Company’s PRC subsidiaries, VIEs and subsidiaries of VIEs. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries, VIEs and subsidiaries of VIEs for working capital and other funding purposes, the Company may in the future require additional cash resources from its PRC subsidiaries, VIEs and subsidiaries of VIEs due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company’s shareholders.</p> 0.10 6743000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b style="-sec-ix-redline:true;-keep: true">24. Additional Information - Condensed Financial Information of the Parent Company</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Condensed statements of operations and comprehensive loss:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the year ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">Operating expenses:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; width: 52%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Selling and marketing expenses</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(9</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-276"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-277"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-278"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">General and administrative expenses</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(6,701</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(20,637</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(24,540</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3,456</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total operating expenses</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(6,710</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(20,637</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(24,540</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3,456</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Interest income/(expenses), net</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">311</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(20</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">146</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">21</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in fair value of warrant liability</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,219</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">20,732</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,920</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(96,058</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(157,586</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(77,289</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(11,242</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Others, net</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">512</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">534</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">502</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">70</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net loss</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(101,945</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(166,490</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(80,449</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(11,687</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other comprehensive (loss)/income:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Foreign currency translation adjustments</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,603</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,008</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">125</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true">Total comprehensive loss attributable to TuanChe Limited’s ordinary shareholders</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(103,548</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(167,498</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(80,324</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(11,669</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Condensed balance sheets:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of December 31</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">ASSETS</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true">Current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 64%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">57,168</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,004</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">423</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Prepayment and other current assets</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,712</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">9,797</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,380</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Receivables due from subsidiaries, VIEs and subsidiaries of VIEs</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">121,957</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">135,144</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">19,035</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">184,837</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">147,945</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">20,838</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Non-current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Investments in subsidiaries, VIEs and subsidiaries of VIEs</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(53,080</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(113,494</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(15,985</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(53,080</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(113,494</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(15,985</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL ASSETS</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">131,757</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">34,451</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,853</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">LIABILITIES AND SHAREHOLDERS’ EQUITY</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current liabilities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other taxes payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,643</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,755</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">951</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other current liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,752</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,519</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">214</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Payables due to subsidiaries, VIEs and subsidiaries of VIEs</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,710</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,741</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">386</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,105</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,015</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,551</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Non-current liabilities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Warrant liability</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,376</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">557</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Other non-current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">492</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-280"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-281"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,868</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">557</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL LIABILITIES</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">38,973</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,967</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,108</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">SHAREHOLDERS’ EQUITY</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Class A ordinary shares</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">235</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">236</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">33</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Class B ordinary shares</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">35</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">35</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Treasury stock</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(45,886</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(45,886</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(6,463</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Additional paid-in capital</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,296,951</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,306,496</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">184,016</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Accumulated loss</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,150,135</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,233,106</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(173,679</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Accumulated other comprehensive loss</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8,416</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8,291</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,167</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL SHAREHOLDERS’ EQUITY</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">92,784</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">19,484</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,745</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">131,757</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">34,451</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,853</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Condensed statements of cash flows:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the year ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net cash (used in)/generated from operating activities</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,358</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(22,570</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,075</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">574</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash flows from investing activities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash paid for investments in subsidiaries, VIEs and subsidiaries of VIEs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(38,387</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(56,566</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(59,263</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8,347</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Cash received from maturity of time deposits</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">45,674</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-282"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-283"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-284"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net cash generated from/ (used in) investing activities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">7,287</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(56,566</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(59,263</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8,347</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash flows from financing activities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Proceeds of offering, net of issuance costs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-285"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">93,526</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net cash generated from financing activities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-288"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">93,526</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-289"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-290"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effect of exchange rate changes on cash and cash equivalents</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,619</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">967</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,024</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">144</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net (decrease)/increase in cash and cash equivalents</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(4,690</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,357</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(54,164</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(7,629</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents at the beginning of year</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">46,501</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">41,811</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">57,168</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">8,052</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents at the end of year</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">41,811</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">57,168</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,004</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">423</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>Basis of presentation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries, VIEs and subsidiaries of VIEs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;-keep: true">For the Company only condensed financial information, the Company records its investments in subsidiaries, VIEs and subsidiaries of VIEs under the equity method of accounting as prescribed in ASC 323, <i>Investments-Equity Method and Joint Ventures</i>. Such investments are presented on the Condensed balance sheets as “Investments in subsidiaries, VIEs and subsidiaries of VIEs” and shares in the subsidiaries, VIEs and subsidiaries of VIEs’ loss are presented as “Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs” on the Condensed statements of operations and comprehensive loss. The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Condensed statements of operations and comprehensive loss:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the year ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">Operating expenses:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; width: 52%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Selling and marketing expenses</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(9</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-276"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-277"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-278"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">General and administrative expenses</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(6,701</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(20,637</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(24,540</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3,456</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total operating expenses</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(6,710</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(20,637</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(24,540</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3,456</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Interest income/(expenses), net</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">311</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(20</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">146</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">21</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in fair value of warrant liability</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,219</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">20,732</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,920</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(96,058</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(157,586</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(77,289</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(11,242</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Others, net</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">512</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">534</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">502</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">70</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net loss</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(101,945</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(166,490</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(80,449</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(11,687</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other comprehensive (loss)/income:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Foreign currency translation adjustments</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,603</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,008</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">125</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true">Total comprehensive loss attributable to TuanChe Limited’s ordinary shareholders</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(103,548</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(167,498</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(80,324</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(11,669</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> </table> -9000 -6701000 -20637000 -24540000 -3456000 6710000 20637000 24540000 3456000 -311000 20000 -146000 -21000 -11219000 -20732000 -2920000 -96058000 -157586000 -77289000 -11242000 -512000 -534000 -502000 -70000 -101945000 -166490000 -80449000 -11687000 -1603000 -1008000 125000 18000 -103548000 -167498000 -80324000 -11669000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Condensed balance sheets:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">As of December 31</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">ASSETS</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true">Current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 64%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">57,168</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,004</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">423</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Prepayment and other current assets</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,712</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">9,797</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,380</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Receivables due from subsidiaries, VIEs and subsidiaries of VIEs</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">121,957</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">135,144</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">19,035</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">184,837</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">147,945</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">20,838</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Non-current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Investments in subsidiaries, VIEs and subsidiaries of VIEs</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(53,080</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(113,494</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(15,985</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(53,080</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(113,494</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(15,985</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL ASSETS</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">131,757</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">34,451</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,853</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">LIABILITIES AND SHAREHOLDERS’ EQUITY</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current liabilities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other taxes payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,643</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,755</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">951</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other current liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,752</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,519</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">214</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Payables due to subsidiaries, VIEs and subsidiaries of VIEs</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,710</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,741</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">386</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,105</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,015</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,551</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Non-current liabilities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Warrant liability</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,376</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">557</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Other non-current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">492</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-280"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-281"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">24,868</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">557</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL LIABILITIES</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">38,973</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,967</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,108</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">SHAREHOLDERS’ EQUITY</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Class A ordinary shares</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">235</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">236</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">33</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Class B ordinary shares</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">35</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">35</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Treasury stock</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(45,886</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(45,886</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(6,463</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Additional paid-in capital</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,296,951</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,306,496</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">184,016</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Accumulated loss</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,150,135</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,233,106</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(173,679</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Accumulated other comprehensive loss</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8,416</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8,291</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,167</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL SHAREHOLDERS’ EQUITY</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">92,784</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">19,484</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">2,745</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">131,757</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">34,451</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,853</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 57168000 3004000 423000 5712000 9797000 1380000 121957000 135144000 19035000 184837000 147945000 20838000 -53080000 -113494000 -15985000 -53080000 -113494000 -15985000 131757000 34451000 4853000 6643000 6755000 951000 4752000 1519000 214000 2710000 2741000 386000 14105000 11015000 1551000 24376000 3952000 557000 492000 24868000 3952000 557000 38973000 14967000 2108000 235000 236000 33000 35000 35000 5000 45886000 45886000 6463000 1296951000 1306496000 184016000 -1150135000 -1233106000 -173679000 -8416000 -8291000 -1167000 92784000 19484000 2745000 131757000 34451000 4853000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Condensed statements of cash flows:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the year ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net cash (used in)/generated from operating activities</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(10,358</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(22,570</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,075</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">574</span></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash flows from investing activities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash paid for investments in subsidiaries, VIEs and subsidiaries of VIEs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(38,387</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(56,566</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(59,263</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8,347</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Cash received from maturity of time deposits</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">45,674</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-282"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-283"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-284"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net cash generated from/ (used in) investing activities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">7,287</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(56,566</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(59,263</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(8,347</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash flows from financing activities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Proceeds of offering, net of issuance costs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-285"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">93,526</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net cash generated from financing activities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-288"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">93,526</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-289"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-290"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effect of exchange rate changes on cash and cash equivalents</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,619</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">967</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,024</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">144</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Net (decrease)/increase in cash and cash equivalents</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(4,690</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,357</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(54,164</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(7,629</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents at the beginning of year</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">46,501</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">41,811</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">57,168</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">8,052</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents at the end of year</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">41,811</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">57,168</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,004</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">423</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> -10358000 -22570000 4075000 574000 -38387000 -56566000 -59263000 -8347000 45674000 7287000 -56566000 -59263000 -8347000 93526000 93526000 -1619000 967000 1024000 144000 -4690000 15357000 -54164000 -7629000 46501000 41811000 57168000 8052000 41811000 57168000 3004000 423000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>25. Subsequent event</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Group evaluated subsequent events through March 28, 2024, the date on which the consolidated financial statements were issued, the Group did not identify any subsequent events that require recognition and disclosure in the consolidated financial statements.</p> 9564000 5009000 689000 6429000 4339000 597000 28891000 16312000 2245000 15986000 8097000 1114000 1125000 314000 43000 61995000 34071000 4688000 5706000 4801000 661000 5564000 5991000 824000 45561000 45561000 6269000 522000 522000 72000 57353000 56875000 7826000 119348000 90946000 12514000 10406000 10727000 1476000 4166000 4821000 663000 17030000 11396000 1568000 15687000 13000000 1789000 12203000 8481000 1167000 1216000 1213000 167000 4090000 4011000 552000 1500000 6010000 827000 20466000 17364000 2389000 86764000 77023000 10598000 3000000 12900000 1775000 49000 11000 2000 6099000 5093000 701000 3952000 1632000 225000 13100000 19636000 2703000 99864000 96659000 13301000 0.0001 0.0001 800000000 800000000 357075403 348016199 0.0001 800000000 524647963 524647963 366200519 366200519 236000 237000 32000 0.0001 0.0001 0.0001 60000000 60000000 60000000 55260580 55260580 55260580 55260580 55260580 55260580 35000 35000 5000 14907047 13715549 13715549 45886000 39578000 5446000 1306496000 1315692000 181045000 -1233106000 -1273781000 -175278000 -8291000 -8318000 -1145000 19484000 -5713000 -787000 19484000 -5713000 -787000 119348000 90946000 12514000 69286000 19948000 2745000 589000 224000 31000 2572000 8753000 2569000 354000 10952000 9564000 1316000 92152000 32305000 4446000 33726000 9951000 1369000 58426000 22354000 3077000 80742000 36529000 5027000 23654000 24279000 3341000 7671000 8700000 1197000 1515000 300000 41000 113582000 69808000 9606000 -55156000 -47454000 -6529000 69000 -442000 -61000 -259000 95000 427000 59000 -11551000 -2338000 -322000 13002000 4456000 613000 -30698000 -40675000 -5596000 -30698000 -40675000 -5596000 -30698000 -40675000 -5596000 -30698000 -40675000 -5596000 -34000 -27000 -4000 -34000 -27000 -4000 -30732000 -40702000 -5600000 -30732000 -40702000 -5600000 -0.08 -0.08 -0.1 -0.1 -0.01 -0.01 399544700 399544700 421273519 421273519 421273519 421273519 342329496 235000 55260580 35000 -14907047 -45886000 1296951000 -1150135000 -8416000 92784000 92784000 3712500 4007000 4007000 4007000 -30698000 -30698000 -30698000 -34000 -34000 -34000 346041996 235000 55260580 35000 -14907047 -45886000 1300958000 -1180833000 -8450000 66059000 66059000 362923246 236000 55260580 35000 -14907047 -45886000 1306496000 -1233106000 -8291000 19484000 19484000 2184240 1000 -1000 1191498 6308000 9197000 15505000 15505000 -40675000 -40675000 -40675000 -27000 -27000 -27000 365107486 237000 55260580 35000 -13715549 -39578000 1315692000 -1273781000 -8318000 -5713000 -5713000 -52408000 -11088000 -1527000 7000 1000 -7000 -1000 7120000 18000000 2477000 3685000 10787000 1484000 3435000 7213000 993000 791000 -2763000 -380000 -48182000 -6645000 -915000 76843000 15993000 2201000 69895000 9564000 1316000 6948000 6429000 885000 28661000 9348000 1286000 21941000 5009000 689000 6720000 4339000 597000 84000 465000 64000 2813000 191000 26000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. Organization and Reorganization</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TuanChe Limited (the “Company”) was incorporated in the Cayman Islands on September 28, 2012. The Company is a holding company and conducts its business mainly through its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of VIEs (collectively referred to as the “Group”). The Group commenced operations through TuanChe Internet, a PRC company established by several PRC citizens in May 2012. TuanChe Internet holds an Internet Content Provider (“ICP”) license to operate Tuanche.com that provides internet information services to automobile manufacturers, car dealers and consumers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group is primarily engaged in the operation of providing auto shows, special promotion events services, referral service for a commercial bank, online marketing services, subscription and support service, aftermarket promotion service, customer referral services and other related businesses in the People’s Republic of China (the “PRC” or “China”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual arrangements with VIEs</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC laws and regulations place certain restrictions on foreign investment in value-added telecommunication service businesses. The Group conduct operations in the PRC partially through TuanChe Internet, Drive New Media, Internet Drive Technology and Hainashuke, which are variable interest entities, or VIEs, and their subsidiaries, collectively referred to as consolidated affiliated entities. The Group have entered into a series of contractual arrangements, through TuanYuan, Sangu Maolu and Chema, or its WFOEs, with each of its VIEs and their respective shareholders, respectively. The series of contractual arrangements include exclusive business cooperation agreement, exclusive call option agreement, equity pledge agreement, powers of attorney and spousal consent letters.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group believes that these contractual arrangements enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Accordingly, the Company is considered the primary beneficiary of the VIEs and is able to consolidate the VIEs and VIEs’ subsidiaries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks in relation to the VIE structure</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A significant part of the Company’s business is conducted through the VIEs of the Group, of which the Company is the ultimate primary beneficiary. In the opinion of management, the contractual arrangements with the VIEs and the nominee shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. The nominee shareholders are also shareholders of the Group and have indicated they will not act contrary to the contractual arrangements. However, there are uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s ability to control the VIEs also depends on the Power of Attorney the shareholders has to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes these Power of Attorney are legally enforceable but may not be as effective as direct equity ownership.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, if the Group’s corporate structure or the contractual arrangements with the VIEs were found to be in violation of any existing or future PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoke the Group’s business and operating licenses</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require the Group to discontinue or restrict its operations;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrict the Group’s right to collect revenues;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">block the Group’s websites;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require the Group to restructure the operations, re-apply for the necessary licenses or relocate the Group’s businesses, staff and assets;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impose additional conditions or requirements with which the Group may not be able to comply; or</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of the Company’s management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group believes that the contractual arrangements among each of the VIEs, their respective shareholders and relevant wholly foreign owned enterprise are in compliance with PRC law and are legally enforceable. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. Management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following combined financial information of the Group’s VIEs as of December 31, 2023 and June 30, 2024 and for the six months ended June 30, 2023 and 2024 were included in the accompanying condensed consolidated financial statements of the Group as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">As of<br/> December 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">As of <br/> June 30,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">(unaudited)</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">ASSETS</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true">Current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,987</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,532</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Amount due from the subsidiaries of the Group</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">123,349</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">125,964</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Other current assets</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">30,622</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,233</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.375in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">157,958</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">140,729</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Non-current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term investments</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,564</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,991</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Operating lease right-of-use assets</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">267</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">53</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.375in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,831</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,044</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL ASSETS</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">163,789</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">146,773</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current liabilities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Short term borrowings</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,487</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Accounts payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,387</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Advance from customers</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,921</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,582</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Salary and welfare benefits payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,017</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">8,362</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other taxes payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,851</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">721</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Short-term operating lease liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">659</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">375</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current portion of deferred revenue</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,216</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,213</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other current liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,654</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">7,421</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Account due to subsidiaries of the Group</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">250,341</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">248,791</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.375in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">294,984</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">284,852</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term borrowings</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">12,900</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term operating lease liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-291"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">22</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Non-current portion of deferred revenue</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">49</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.375in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,049</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">12,933</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL LIABILITIES</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">298,033</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">297,785</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the six months ended <br/> June 30,</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold; text-align: left">Net revenues</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">34,220</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">15,360</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net income/ (loss)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,573</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(15,250</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the six months ended <br/> June 30,</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold; text-align: left">Net cash used in operating activities</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(6,083</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(6,868</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net cash generated from investing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-292">-</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">-</div></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net cash generated from financing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,235</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,413</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net decrease in cash, cash equivalent and restricted cash</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,848</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(455</td><td style="font-weight: bold; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with various contractual agreements, the Company has the power to direct the activities of the VIEs and subsidiaries of VIEs and can have assets transferred out of the VIEs. Therefore, the Company considers that there are no assets in the respective VIEs that can be used only to settle obligations of the respective VIEs, except for the registered capital of the VIEs amounting to approximately RMB40.1 million and RMB40.1 million as of December 31, 2023 and June 30, 2024, respectively. As the respective VIEs are incorporated as limited liability companies under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the respective VIEs. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Group is conducting certain businesses in the PRC through the VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no VIE in the Group where the Company or any subsidiary has a variable interest but is not the primary beneficiary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following combined financial information of the Group’s VIEs as of December 31, 2023 and June 30, 2024 and for the six months ended June 30, 2023 and 2024 were included in the accompanying condensed consolidated financial statements of the Group as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">As of<br/> December 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">As of <br/> June 30,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">(unaudited)</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">ASSETS</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="-sec-ix-redline:true;-keep: true">Current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Cash and cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,987</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,532</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Amount due from the subsidiaries of the Group</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">123,349</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">125,964</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Other current assets</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">30,622</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,233</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.375in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">157,958</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">140,729</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Non-current assets:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term investments</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,564</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,991</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Operating lease right-of-use assets</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">267</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">53</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.375in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current assets</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,831</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">6,044</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL ASSETS</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">163,789</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">146,773</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current liabilities:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Short term borrowings</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">14,487</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">11,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Accounts payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,387</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Advance from customers</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,921</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,582</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Salary and welfare benefits payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">15,017</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">8,362</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other taxes payable</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,851</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">721</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Short-term operating lease liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">659</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">375</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Current portion of deferred revenue</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,216</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,213</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Other current liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4,654</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">7,421</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Account due to subsidiaries of the Group</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">250,341</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">248,791</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.375in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">294,984</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">284,852</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term borrowings</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">12,900</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Long-term operating lease liabilities</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-291"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">22</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Non-current portion of deferred revenue</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">49</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">11</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.375in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Total non-current liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,049</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">12,933</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">TOTAL LIABILITIES</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">298,033</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">297,785</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the six months ended <br/> June 30,</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold; text-align: left">Net revenues</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">34,220</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">15,360</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net income/ (loss)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,573</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(15,250</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the six months ended <br/> June 30,</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold; text-align: left">Net cash used in operating activities</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(6,083</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(6,868</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net cash generated from investing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-292">-</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">-</div></td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net cash generated from financing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,235</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,413</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net decrease in cash, cash equivalent and restricted cash</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,848</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(455</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> 3987000 3532000 123349000 125964000 30622000 11233000 157958000 140729000 5564000 5991000 267000 53000 5831000 6044000 163789000 146773000 14487000 11000000 838000 3387000 3921000 3582000 15017000 8362000 3851000 721000 659000 375000 1216000 1213000 4654000 7421000 250341000 248791000 294984000 284852000 3000000 12900000 22000 49000 11000 3049000 12933000 298033000 297785000 34220000 15360000 4573000 -15250000 -6083000 -6868000 4235000 6413000 -1848000 -455000 40100000 40100000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group has incurred recurring operating losses since its inception, including net losses of RMB166.5 million and RMB83.0 million for the years ended December 31, 2022 and 2023, respectively and net losses of RMB41.0 million for the six months ended June 30, 2024. Net cash used in operating activities were RMB109.7 million and RMB74.9 million for the years ended December 31, 2022 and 2023, respectively and cash used in operating activities of RMB11.1 million for the six months ended June 30, 2024. Accumulated deficit was RMB1,273.8 million as of June 30, 2024. As of June 30, 2024, the Company had cash and cash equivalents of RMB5.0 million. The company’s business encountered some difficulties, including weak economic growth of China and resignation of staffs, which negatively impacted the Group’s business operations for the six months ended June 30, 2024 and has continued to impact the Group’s financial position, results of operations and cash flows. These conditions raise substantial doubt about the Group’s ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically, the Group has relied principally on both operational sources of cash and non-operational sources of financing from investors to fund its operations and business development. The Group’s ability to continue as a going concern is dependent on management’s ability to successfully execute its business plan which includes strictly implementing the expenses, accelerating the collection of accounts receivable and increasing the proportion of advance from customers, pursuing cooperation opportunities for electric vehicles industry and potential financing to improve the Group’s cash flow from operations and financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Group fails to achieve these goals, the Group may need additional financing to execute its business plan. If additional financing is required, the Group cannot predict whether this additional financing will be in the form of equity, debt, or another form, and the Group may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In the event that financing sources are not available, or that the Group is unsuccessful in increasing its gross profit margin and reducing operating losses, the Group may be unable to implement its current plans for expansion, repay debt obligations or respond to competitive pressures, any of which would have a material adverse effect on the Group’s business, financial condition and results of operations and would materially adversely affect its ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of such uncertainties.</span></p> 166500000 83000000 41000000 -109700000 -74900000 -11100000 -1273800000 5000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. Significant Accounting Policies</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a) Basis of presentation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b) Principles of consolidation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The condensed consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs for which the Company is the primary beneficiary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of the board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All transactions and balances among the Company, its subsidiaries, VIEs and subsidiaries of VIEs have been eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c) Use of estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the Group’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the balance sheet date and reported revenues and expenses during the reported periods in the condensed consolidated financial statements and accompanying notes. Significant accounting estimates include, but are not limited to determining the provision for accounts receivable, provision for prepayment and other current assets, assessment for valuation allowance of deferred tax assets, valuation and recognition of share-based compensation expenses, impairment assessment on goodwill and long-lived assets, long-term investments, valuation of warrant liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d) Convenience Translation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translations of balances in the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss and condensed consolidated statements of cash flows from RMB into US$ as of and for the six months ended June 30, 2024 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.2672 representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on June 28, 2024. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2024, or at any other rate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>e) Fair value measurements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivable, prepayment and other current assets, long-term investments, short-term borrowings, accounts payable, other payables and other liabilities of which the carrying values approximate their fair value due to their short term in nature and other liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of warrant liability was determined using the Black Scholes Model, with level 3 inputs (Note 15).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>f) Accounts and notes receivables, net</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying value of accounts receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected. An allowance for doubtful accounts is recorded in the period when a loss is probable based on an assessment of specific evidence indicating collection is unlikely, historical bad debt rates, accounts aging, financial conditions of the customer and industry trends. Starting from January 1, 2021, the Group adopted ASU No. 2016-13, “<i>Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i>” (“ASC Topic 326”). The Group’s accounts receivable and other receivables are within the scope of ASC Topic 326. To estimate expected credit losses, the Group has identified the relevant risk characteristics of the receivables which include size and nature. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions and future economic conditions (external data and macroeconomic factors). This is assessed at each quarter based on the Group’s specific facts and circumstances. There have been no significant changes in the assumptions since adoption. Accounts receivable balances are written off against the allowance when they are determined to be uncollectible. Notes receivable represents notes receivable issued by reputable financial institutions that entitle the Group to receive the full face amount from the financial institutions at maturity. Refer to Note 5 for details.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>g) Goodwill</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Group’s goodwill as of December 31, 2023 and June 30, 2024 was related to its acquisition of Longye in January 2020. In accordance with ASC 350, Goodwill and Other Intangible Assets, recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill is tested for impairment at the reporting unit level on an annual basis (December 31 for the Group) and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances include a significant change in stock prices, business environment, legal factors, financial performances, competition, or events affecting the reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The estimation of fair value of reporting unit using a discounted cash flow methodology also requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group’s business, estimation of the useful life over which cash flows will occur, and determination of the Group’s weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has determined that the Group has one reporting unit within the entity at which goodwill is monitored for internal management purposes. Starting from January 1, 2020, the Group adopted ASU 2017-04, which simplifies the accounting for goodwill impairment by eliminating Step 2 from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step 2 to measure the impairment loss. Management evaluated the recoverability of goodwill by performing a qualitative assessment before using the quantitative impairment test approach at the reporting unit level. Based on an assessment of the qualitative factors, management determined that it is more-likely-than-not that the fair value of the reporting unit is more than its carrying amount as of June 30, 2023 and 2024. Therefore, management performed quantitative assessment, <span style="-sec-ix-hidden: hidden-fact-294">nil</span> and <span style="-sec-ix-hidden: hidden-fact-295">nil</span> impairment loss was recognized for the six months ended June 30, 2023 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Group reorganizes its reporting structure in a manner that changes the composition of its reporting units, goodwill is reassigned based on the relative fair value of each of the affected reporting units.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>h) Impairment of long-lived assets</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets or asset group, including intangible assets with finite lives, are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. The Group recognized RMB1.5 million and RMB0.3 million impairment charge related to long-lived assets for the six months ended June 30, 2023 and 2024, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>i) Revenue recognition</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services using the five steps defined under ASC Topic 606.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group determines revenue recognition through the following steps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification of the contract, or contracts, with a customer;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification of the performance obligations in the contract;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determination of the transaction price;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">allocation of the transaction price to the performance obligations in the contract; and</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognition of revenue when, or as, the Group satisfies a performance obligation</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is recognized upon transfer of control of promised goods or services to a customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is recorded net of Value Added Tax (“VAT”) and related surcharges collected from customers, which are subsequently remitted to government authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Offline marketing services revenue</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Auto shows revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s online website and offline infrastructure allow them to organize auto shows, which aim at facilitating transactions between consumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group charges a fixed admission fee per auto show event from its industry customers for arranging, decorating and providing booth space at auto shows. The Group has identified one performance obligation for the transaction - providing a decorated venue for auto dealers, automakers and automotive service providers, as the individual service promised in auto show contracts are not distinct individually. As the Group has control of the auto show services and discretion in establishing the price of auto show admission fee to auto dealers, automakers and other automotive service providers, it is considered to be a principal in accordance with ASC 606. The auto shows revenue is recognized on a straight-line basis over the period of the contract, which is usually from two days to four days, when the services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Special promotion events revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides integrated services to support auto dealers’ own special promotion events during a specific period. The services include event planning and execution, marketing, training and onsite coaching, etc. The Group charges a fixed service fee per special promotion event. The Group has identified one performance obligation as the individual service promised in service contracts are not distinct individually. As the Group has control of the service and discretion in establishing the price of the fee to auto dealers, it is considered to be a principal in accordance with ASC 606. The special promotion events revenue is recognized on a straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Referral service for commercial bank revenue</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2019, the Group commenced its auto loan referral services in collaboration with a commercial bank. The referral services provided to the bank include (i) referral services and (ii) periodic guarantee for the following time periods: (a) from the date of loan issuance by the commercial bank to the consumer to the date when the consumer’s vehicle mortgage registration is completed (the mortgage registration procedures should be completed within 120 days after the loan issuance) and (b) no overdue of more than 30 days for any of the first 3 monthly repayment. The referral service and periodic guarantee are two separate performance obligations that meet the criteria to be considered distinct, of which, referral services revenue is recognized at a point in time upon the delivery of the services and a guarantee liability is recorded at fair value at inception of the loans. Revenue from the periodic guarantee is recognized by a systematic and rational amortization method over the term of guarantee period. The Company has ceased the cooperation since April 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Online marketing services revenue</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s online marketing services revenue primarily include (i) live streaming promotion events services, (ii) customer referral services, (iii) marketing information services and (iv) demand-side platform services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group commenced its live streaming promotion events services from the first quarter of 2020, holding promotional events on the live streaming platform of Zhejiang Tmall Technology Co., Ltd. (“Tmall”), which aims at facilitating transactions between consumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group identified only one performance obligation that is to provide the industry customers with arranging, decorating and providing the platform for live show. The Group charges a fixed admission fee per live streaming promotion event from its industry customers. As the Group has control of the services and discretion in establishing the price of live streaming promotion admission fee to auto dealers, automakers and other automotive service providers, it is considered to be a principal in accordance with ASC 606. The live streaming promotion events services revenue is recognized on a straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other revenue</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group also commenced its customer referral services from the first quarter of 2020 by referring its industry customers to Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu”) to use the membership services of a Baidu’s auto content distribution platform. The Group identified only one performance obligation that is to provide referral service to Baidu. The Group charges Baidu a fixed rate commission fee based on the membership fee amount for the services rendered. Revenue is recognized at point-in-time when the industry customers successfully register as a membership of Baidu’s auto content distribution platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the marketing information services, the Group generates consumers’ demand information through its online channels and provides to the industry customers upon consumers’ consent. The Group identified only one performance obligation that is to provide consumer’s demand information to the industry customers. The marketing information service fee is charged based on the quantity of consumers’ demand information delivered. Revenue is recognized at a point in time upon the delivery of such consumers’ demand information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 13, 2020, the Company completed the acquisition of Longye a Software-as-a-Service (“SaaS”) company who mainly provides subscription and support services to industry customers, including auto dealers, automakers and automotive service providers, with access to cloud services, software licenses and related support and updates during the term of the arrangement. Cloud services allow industry customers to use the Group’s multi-tenant software without taking possession of the software. The Group identified the only one performance obligation that is to provide integrated cloud services to industry customers. The Group initially records the subscription and support services fee as deferred revenue upon receipt and then recognizes the revenue on a straight-line basis over the service period, which is usually from one year to five years. The subscription and support services revenue is recognized on a straight-line basis over the period of the contract when the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contract balances</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities primarily result from the timing difference between the Group’s satisfaction of performance obligation and the customers’ payment. Substantial all auto show revenue and referral service for commercial bank revenue and SaaS revenue are recognized over time during the six months ended June 30, 2023 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year which need to be recognized as assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>j) Taxation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations and comprehensive loss in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertain tax positions</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheet and under other expenses in its consolidated statements of operations and comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions as of December 31, 2023 and June 30, 2024.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>k) Warrant liability</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the issuances of ordinary shares, the Group issued warrants to purchase ordinary shares on November 23, 2022. The Group evaluates the warrants under Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity. Warrants recorded as liabilities are recorded at their fair value and remeasured on each reporting date with change in estimated fair value of warrant liability in the condensed consolidated statement of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>l) Concentrations and Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising and promotional service provider</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group relied on advertising and promotional service providers and their affiliates for advertising and promotional service to support its operations during the six months ended June 30, 2023 and 2024. Total number of advertising and promotional service providers accounting for more than 10% is one and four for the six months ended June 30, 2023 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Group to the concentration of credit risk consist of cash and cash equivalents, restricted cash and accounts and notes receivable. As of December 31, 2023 and June 30, 2024, all of the Group’s cash and cash equivalents and restricted cash were held in large reputable financial institutions located in the United States of America or China, which management consider being of high credit quality. Accounts receivable is typically unsecured and is derived from revenue earned from the Company’s businesses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major customers</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were two and one customers whose receivable balances exceeded 10% of the total accounts receivable balances of the Group as December 31, 2023 and June 30, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was nil customer whose revenue exceed 10% of the total revenue of the Group for the six months ended June 30, 2023. There was one customer whose revenue accounted for 11.5% of the total revenue of the Group for the six months ended June 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a) Basis of presentation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b) Principles of consolidation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The condensed consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs for which the Company is the primary beneficiary.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of the board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All transactions and balances among the Company, its subsidiaries, VIEs and subsidiaries of VIEs have been eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c) Use of estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the Group’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the balance sheet date and reported revenues and expenses during the reported periods in the condensed consolidated financial statements and accompanying notes. Significant accounting estimates include, but are not limited to determining the provision for accounts receivable, provision for prepayment and other current assets, assessment for valuation allowance of deferred tax assets, valuation and recognition of share-based compensation expenses, impairment assessment on goodwill and long-lived assets, long-term investments, valuation of warrant liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d) Convenience Translation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translations of balances in the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss and condensed consolidated statements of cash flows from RMB into US$ as of and for the six months ended June 30, 2024 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.2672 representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on June 28, 2024. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2024, or at any other rate.</span></p> 1 7.2672 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>e) Fair value measurements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</span></td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</span></td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivable, prepayment and other current assets, long-term investments, short-term borrowings, accounts payable, other payables and other liabilities of which the carrying values approximate their fair value due to their short term in nature and other liabilities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of warrant liability was determined using the Black Scholes Model, with level 3 inputs (Note 15).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>f) Accounts and notes receivables, net</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying value of accounts receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected. An allowance for doubtful accounts is recorded in the period when a loss is probable based on an assessment of specific evidence indicating collection is unlikely, historical bad debt rates, accounts aging, financial conditions of the customer and industry trends. Starting from January 1, 2021, the Group adopted ASU No. 2016-13, “<i>Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i>” (“ASC Topic 326”). The Group’s accounts receivable and other receivables are within the scope of ASC Topic 326. To estimate expected credit losses, the Group has identified the relevant risk characteristics of the receivables which include size and nature. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions and future economic conditions (external data and macroeconomic factors). This is assessed at each quarter based on the Group’s specific facts and circumstances. There have been no significant changes in the assumptions since adoption. Accounts receivable balances are written off against the allowance when they are determined to be uncollectible. Notes receivable represents notes receivable issued by reputable financial institutions that entitle the Group to receive the full face amount from the financial institutions at maturity. Refer to Note 5 for details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>g) Goodwill</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Group’s goodwill as of December 31, 2023 and June 30, 2024 was related to its acquisition of Longye in January 2020. In accordance with ASC 350, Goodwill and Other Intangible Assets, recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill is tested for impairment at the reporting unit level on an annual basis (December 31 for the Group) and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances include a significant change in stock prices, business environment, legal factors, financial performances, competition, or events affecting the reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The estimation of fair value of reporting unit using a discounted cash flow methodology also requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group’s business, estimation of the useful life over which cash flows will occur, and determination of the Group’s weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has determined that the Group has one reporting unit within the entity at which goodwill is monitored for internal management purposes. Starting from January 1, 2020, the Group adopted ASU 2017-04, which simplifies the accounting for goodwill impairment by eliminating Step 2 from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step 2 to measure the impairment loss. Management evaluated the recoverability of goodwill by performing a qualitative assessment before using the quantitative impairment test approach at the reporting unit level. Based on an assessment of the qualitative factors, management determined that it is more-likely-than-not that the fair value of the reporting unit is more than its carrying amount as of June 30, 2023 and 2024. Therefore, management performed quantitative assessment, <span style="-sec-ix-hidden: hidden-fact-294">nil</span> and <span style="-sec-ix-hidden: hidden-fact-295">nil</span> impairment loss was recognized for the six months ended June 30, 2023 and 2024, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Group reorganizes its reporting structure in a manner that changes the composition of its reporting units, goodwill is reassigned based on the relative fair value of each of the affected reporting units.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>h) Impairment of long-lived assets</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets or asset group, including intangible assets with finite lives, are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. The Group recognized RMB1.5 million and RMB0.3 million impairment charge related to long-lived assets for the six months ended June 30, 2023 and 2024, respectively.</span></p> 1500000 300000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>i) Revenue recognition</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services using the five steps defined under ASC Topic 606.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group determines revenue recognition through the following steps:</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification of the contract, or contracts, with a customer;</span></td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification of the performance obligations in the contract;</span></td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determination of the transaction price;</span></td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">allocation of the transaction price to the performance obligations in the contract; and</span></td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognition of revenue when, or as, the Group satisfies a performance obligation</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is recognized upon transfer of control of promised goods or services to a customer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is recorded net of Value Added Tax (“VAT”) and related surcharges collected from customers, which are subsequently remitted to government authorities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Offline marketing services revenue</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Auto shows revenue</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s online website and offline infrastructure allow them to organize auto shows, which aim at facilitating transactions between consumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group charges a fixed admission fee per auto show event from its industry customers for arranging, decorating and providing booth space at auto shows. The Group has identified one performance obligation for the transaction - providing a decorated venue for auto dealers, automakers and automotive service providers, as the individual service promised in auto show contracts are not distinct individually. As the Group has control of the auto show services and discretion in establishing the price of auto show admission fee to auto dealers, automakers and other automotive service providers, it is considered to be a principal in accordance with ASC 606. The auto shows revenue is recognized on a straight-line basis over the period of the contract, which is usually from two days to four days, when the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Special promotion events revenue</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group provides integrated services to support auto dealers’ own special promotion events during a specific period. The services include event planning and execution, marketing, training and onsite coaching, etc. The Group charges a fixed service fee per special promotion event. The Group has identified one performance obligation as the individual service promised in service contracts are not distinct individually. As the Group has control of the service and discretion in establishing the price of the fee to auto dealers, it is considered to be a principal in accordance with ASC 606. The special promotion events revenue is recognized on a straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Referral service for commercial bank revenue</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2019, the Group commenced its auto loan referral services in collaboration with a commercial bank. The referral services provided to the bank include (i) referral services and (ii) periodic guarantee for the following time periods: (a) from the date of loan issuance by the commercial bank to the consumer to the date when the consumer’s vehicle mortgage registration is completed (the mortgage registration procedures should be completed within 120 days after the loan issuance) and (b) no overdue of more than 30 days for any of the first 3 monthly repayment. The referral service and periodic guarantee are two separate performance obligations that meet the criteria to be considered distinct, of which, referral services revenue is recognized at a point in time upon the delivery of the services and a guarantee liability is recorded at fair value at inception of the loans. Revenue from the periodic guarantee is recognized by a systematic and rational amortization method over the term of guarantee period. The Company has ceased the cooperation since April 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Online marketing services revenue</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s online marketing services revenue primarily include (i) live streaming promotion events services, (ii) customer referral services, (iii) marketing information services and (iv) demand-side platform services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group commenced its live streaming promotion events services from the first quarter of 2020, holding promotional events on the live streaming platform of Zhejiang Tmall Technology Co., Ltd. (“Tmall”), which aims at facilitating transactions between consumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group identified only one performance obligation that is to provide the industry customers with arranging, decorating and providing the platform for live show. The Group charges a fixed admission fee per live streaming promotion event from its industry customers. As the Group has control of the services and discretion in establishing the price of live streaming promotion admission fee to auto dealers, automakers and other automotive service providers, it is considered to be a principal in accordance with ASC 606. The live streaming promotion events services revenue is recognized on a straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other revenue</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group also commenced its customer referral services from the first quarter of 2020 by referring its industry customers to Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu”) to use the membership services of a Baidu’s auto content distribution platform. The Group identified only one performance obligation that is to provide referral service to Baidu. The Group charges Baidu a fixed rate commission fee based on the membership fee amount for the services rendered. Revenue is recognized at point-in-time when the industry customers successfully register as a membership of Baidu’s auto content distribution platform.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the marketing information services, the Group generates consumers’ demand information through its online channels and provides to the industry customers upon consumers’ consent. The Group identified only one performance obligation that is to provide consumer’s demand information to the industry customers. The marketing information service fee is charged based on the quantity of consumers’ demand information delivered. Revenue is recognized at a point in time upon the delivery of such consumers’ demand information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 13, 2020, the Company completed the acquisition of Longye a Software-as-a-Service (“SaaS”) company who mainly provides subscription and support services to industry customers, including auto dealers, automakers and automotive service providers, with access to cloud services, software licenses and related support and updates during the term of the arrangement. Cloud services allow industry customers to use the Group’s multi-tenant software without taking possession of the software. The Group identified the only one performance obligation that is to provide integrated cloud services to industry customers. The Group initially records the subscription and support services fee as deferred revenue upon receipt and then recognizes the revenue on a straight-line basis over the service period, which is usually from one year to five years. The subscription and support services revenue is recognized on a straight-line basis over the period of the contract when the services are provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contract balances</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities primarily result from the timing difference between the Group’s satisfaction of performance obligation and the customers’ payment. Substantial all auto show revenue and referral service for commercial bank revenue and SaaS revenue are recognized over time during the six months ended June 30, 2023 and 2024.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year which need to be recognized as assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>j) Taxation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations and comprehensive loss in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertain tax positions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheet and under other expenses in its consolidated statements of operations and comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions as of December 31, 2023 and June 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>k) Warrant liability</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the issuances of ordinary shares, the Group issued warrants to purchase ordinary shares on November 23, 2022. The Group evaluates the warrants under Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity. Warrants recorded as liabilities are recorded at their fair value and remeasured on each reporting date with change in estimated fair value of warrant liability in the condensed consolidated statement of operations and comprehensive loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>l) Concentrations and Risks</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising and promotional service provider</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group relied on advertising and promotional service providers and their affiliates for advertising and promotional service to support its operations during the six months ended June 30, 2023 and 2024. Total number of advertising and promotional service providers accounting for more than 10% is one and four for the six months ended June 30, 2023 and 2024, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Group to the concentration of credit risk consist of cash and cash equivalents, restricted cash and accounts and notes receivable. As of December 31, 2023 and June 30, 2024, all of the Group’s cash and cash equivalents and restricted cash were held in large reputable financial institutions located in the United States of America or China, which management consider being of high credit quality. Accounts receivable is typically unsecured and is derived from revenue earned from the Company’s businesses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major customers</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were two and one customers whose receivable balances exceeded 10% of the total accounts receivable balances of the Group as December 31, 2023 and June 30, 2024, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was nil customer whose revenue exceed 10% of the total revenue of the Group for the six months ended June 30, 2023. There was one customer whose revenue accounted for 11.5% of the total revenue of the Group for the six months ended June 30, 2024.</span></p> 0.10 0.10 0.10 0.10 0.115 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. Goodwill</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Group’s goodwill as of the respective balance sheet dates:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Goodwill</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">          115,414</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">115,414</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: impairment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(69,853</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(69,853</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Goodwill, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,561</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,561</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Group’s goodwill as of the respective balance sheet dates:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Goodwill</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">          115,414</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">115,414</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: impairment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(69,853</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(69,853</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Goodwill, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,561</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,561</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 115414000 115414000 69853000 69853000 45561000 45561000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. Accounts and notes receivables, net</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts and notes receivables consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/>  2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Notes receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">242</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,109</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,668</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,619</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(32,019</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,416</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">28,891</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,312</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recognized the allowance for doubtful accounts of RMB1,840 and reversed the allowance for doubtful accounts of RMB1,603 for the six months ended June 30, 2023 and 2024, respectively. The Group recognized the write-off for doubtful accounts of RMB770 and <span style="-sec-ix-hidden: hidden-fact-296">nil</span> for the six months ended June 30, 2023 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts and notes receivables consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/>  2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Notes receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">242</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,109</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,668</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,619</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(32,019</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,416</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">28,891</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,312</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 242000 1109000 60668000 45619000 32019000 30416000 28891000 16312000 1840000 1603000 770000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. Prepayment and other current assets, net</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of prepayments and other current assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Deductible VAT</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">382</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">355</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,592</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Receivables due from third-party online payment platforms</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">844</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Staff advances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Receivable from borrowers for the guarantee payment to commercial bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,212</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,199</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: provisions for prepayment and other current assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(23,275</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,212</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total prepayment and other current assets, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,986</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">8,097</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group recognized provisions for prepayment and other current assets of RMB3,360 and <span style="-sec-ix-hidden: hidden-fact-297">nil</span> for the six months ended June 30, 2023 and 2024, respectively. The Group reversed provisions for prepayment and other current assets of <span style="-sec-ix-hidden: hidden-fact-298">nil</span> and RMB6 for the six months ended June 30, 2023 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of prepayments and other current assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Deductible VAT</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">382</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">355</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,592</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Receivables due from third-party online payment platforms</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">844</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Staff advances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Receivable from borrowers for the guarantee payment to commercial bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,212</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,199</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: provisions for prepayment and other current assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(23,275</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,212</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total prepayment and other current assets, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,986</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">8,097</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 382000 355000 6592000 4504000 640000 844000 1111000 195000 18218000 18212000 12318000 2199000 23275000 18212000 15986000 8097000 3360000 0.006 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. Taxation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a) Income taxes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cayman Islands</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company in the Cayman Islands to their shareholders, no Cayman Islands withholding tax will be imposed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Hong Kong</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing from the year of assessment 2018/2019, the first HK$2.0 million of profits earned by the Group’s subsidiaries incorporated in Hong Kong will be taxed at half the current tax rate (i.e., 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax rate. Payments of dividends by the subsidiary to the Company are not subject to withholding tax in Hong Kong.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>China</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective from January 1, 2008, the PRC’s statutory income tax rate is 25%. The Company’s PRC subsidiaries are subject to income tax at the statutory rate of 25% except for TuanChe Internet, Tuan Yuan and Drive New Media, TuanChe Internet and Tuan Yuan have been reconfirmed as a “High and New Technology Enterprise” (“HNTE”) in 2018 for a period of 3 years and renewed in 2021, are subject to a preferential income tax rate of 15% from 2018 to October 2024. Drive New Media, has been confirmed as a “High and New Technology Enterprise” (“HNTE”) in 2019 for a period of 3 years and renewed in 2022, is subject to a preferential income tax rate of 15% from 2019 to 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents an unaudited reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the six months ended June 30, 2023 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the six months ended<br/></span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">June 30,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Statutory income tax rate of the PRC</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Permanent differences</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1.1</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(4.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in valuation allowance</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(24.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(12.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Effect of preferential tax rate</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(2.6</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Others</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4.1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5.4</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effective income tax rate</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-299"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-300"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 2000000 0.0825 0.165 0.25 0.25 P3Y 0.15 P3Y 0.15 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents an unaudited reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the six months ended June 30, 2023 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the six months ended<br/></span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">June 30,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Statutory income tax rate of the PRC</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">25.0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Permanent differences</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1.1</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(4.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in valuation allowance</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(24.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(12.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Effect of preferential tax rate</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(3.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(2.6</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Others</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">4.1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">(5.4</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effective income tax rate</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-299"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-300"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 0.25 0.25 -0.011 -0.045 -0.245 -0.125 -0.035 -0.026 0.041 -0.054 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. Short-term borrowings</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2024, the Group had repaid borrowings of RMB10,687, and obtained borrowings of RMB8,000. The interest was payable on a monthly or quarterly basis and the principal was due upon maturity or installments, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Term loan</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity date</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Principal amount</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest rate per annum</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Name of bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 13%">Loan 1</td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">2024-09-08</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">2,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 19%; text-align: right">4.40</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 30%; text-align: left">Jiangsu Bank</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 2</td><td> </td> <td style="text-align: center">2024-10-30</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">China Minsheng Bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Loan 3</td><td> </td> <td style="text-align: center">2024-07-07</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.70</td><td style="text-align: left">%</td><td> </td> <td>Bank of China</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 4</td><td> </td> <td style="text-align: center">2025-06-14</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Beijing Bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Loan 5</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2025-06-14</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3.45</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; padding-bottom: 1.5pt">Industrial and Commercial Bank of China</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">13,000</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: right; padding-bottom: 4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2024, the loan 5 is guaranteed by a third party.</span></p> 10687000 8000000 The interest was payable on a monthly or quarterly basis and the principal was due upon maturity or installments, as follows:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Term loan</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity date</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Principal amount</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest rate per annum</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Name of bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 13%">Loan 1</td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">2024-09-08</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">2,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 19%; text-align: right">4.40</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 30%; text-align: left">Jiangsu Bank</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 2</td><td> </td> <td style="text-align: center">2024-10-30</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">China Minsheng Bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Loan 3</td><td> </td> <td style="text-align: center">2024-07-07</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.70</td><td style="text-align: left">%</td><td> </td> <td>Bank of China</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Loan 4</td><td> </td> <td style="text-align: center">2025-06-14</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Beijing Bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Loan 5</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2025-06-14</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3.45</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; padding-bottom: 1.5pt">Industrial and Commercial Bank of China</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">13,000</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: right; padding-bottom: 4pt"> </td></tr> </table> 2024-09-08 2000000 0.044 Jiangsu Bank 2024-10-30 3000000 0.04 China Minsheng Bank 2024-07-07 1000000 0.037 Bank of China 2025-06-14 2000000 0.0415 Beijing Bank 2025-06-14 5000000 0.0345 Industrial and Commercial Bank of China 13000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. Other current liabilities</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of other current liabilities as of December 31, 2023 and June 30, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,<br/> 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,<br/>  2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Professional service fee</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,319</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,235</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Advertising expense payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,703</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,369</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Promotional expense payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,862</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,639</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,582</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,121</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">20,466</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">17,364</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of other current liabilities as of December 31, 2023 and June 30, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,<br/> 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,<br/>  2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Professional service fee</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,319</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,235</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Advertising expense payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,703</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,369</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Promotional expense payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,862</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,639</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,582</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,121</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">20,466</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">17,364</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 6319000 1235000 2703000 5369000 5862000 4639000 5582000 6121000 20466000 17364000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. Long-term borrowings</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2024, the Group had repaid long-term borrowings of RMB100. The interest was payable on a monthly basis and the principal was due upon maturity, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Term loan</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Principal amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest rate per annum</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Name of bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 11%">Loan 1</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">2025-09-28</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">2,900</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: right">3.45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 35%; text-align: left">Bank of China Limited Beijing Xuanwu Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Loan 2</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2027-04-02</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3.95</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; padding-bottom: 1.5pt">China Construction Bank Corporation Beijing Chaoyang Branch</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">12,900</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: right; padding-bottom: 4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2024, the loan 1 is guaranteed by a third party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2024, the Group had repaid long-term borrowings of RMB100. The interest was payable on a monthly basis and the principal was due upon maturity, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Term loan</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Principal amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest rate per annum</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Name of bank</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 11%">Loan 1</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">2025-09-28</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">2,900</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: right">3.45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 35%; text-align: left">Bank of China Limited Beijing Xuanwu Branch</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Loan 2</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2027-04-02</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3.95</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; padding-bottom: 1.5pt">China Construction Bank Corporation Beijing Chaoyang Branch</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">12,900</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: right; padding-bottom: 4pt"> </td></tr> </table> 100000 2025-09-28 2900000 0.0345 Bank of China Limited Beijing Xuanwu Branch 2027-04-02 10000000 0.0395 China Construction Bank Corporation Beijing Chaoyang Branch 12900000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. Share-based Compensation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of stock option plan and Share option replacement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2018, the directors of the Company (the “Directors”) approved the TuanChe Limited Share Incentive Plan (the “Share Incentive Plan”). Under the Share Incentive Plan, 38,723,321 ordinary shares were issued to Best Cars for the restricted share awards at consideration of <span style="-sec-ix-hidden: hidden-fact-304">nil</span>. Meanwhile, the incentive share options granted to employees and nonemployees of the Company were replaced by the restricted shares. As a result of the Share Incentive Plan, on June 15, 2018, a total of 15,473,653 share options of the Company were replaced by 13,740,480 restricted shares. The restricted shares awards are subject to the original vesting schedule of the replaced share options. The Company has recognized the incremental expenses immediately for those vested share options, the unvested portion will be recognized as expenses over the remaining vesting periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 4, 2023, the directors of the Company (the “Directors”) approved the 2023 Share Incentive Plan (the “2023 Plan”). Under the 2023 Plan, the Group are authorized to issue an aggregate of 169,172,564 ordinary shares to employees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2024, the Company has granted 3,000,000 restricted shares to its employees. The total fair value of RMB1.3 million for those granted restricted shares will be recognized as expenses over the vesting periods of <span style="-sec-ix-hidden: hidden-fact-303">nil</span> to 4 years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of the restricted shares activities is presented below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true"> Number of </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Weighted-<br/> Average</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><b style="-sec-ix-redline:true;-keep: true"> </b></td><td style="padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-keep: true"> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><b style="-sec-ix-redline:true;-keep: true">restricted</b></p> <p style="margin-top: 0; margin-bottom: 0"><b style="-sec-ix-redline:true;-keep: true">shares</b></p></td><td style="padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-keep: true"> </b></td><td style="font-weight: bold; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-keep: true"> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><b style="-sec-ix-redline:true;-keep: true">Grant-Date<br/> Fair Value</b></td><td style="padding-bottom: 1.5pt; font-weight: bold"><b style="-sec-ix-redline:true;-keep: true"> </b></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">Outstanding as of December 31, 2023</span></td><td style="width: 1%; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,880,000</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.155</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Granted</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,000,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.293</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-keep: true">Forfeit</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-301"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-302"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Vested</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,625,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.076</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">Outstanding as of June 30, 2024 (unaudited)</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,255,000</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.259</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2023 and 2024, total share-based compensation expenses recognized by the Group for the restricted shares granted were RMB4.0 million and RMB15.5 million, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2024, there was RMB1.3 million of unrecognized share-based compensation expenses related to the restricted shares granted. That expenses are expected to be recognized over a weighted-average period of 1.9 years.</span></p> 38723321 15473653 13740480 169172564 3000000 1300000 P4Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of the restricted shares activities is presented below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true"> Number of </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">Weighted-<br/> Average</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><b style="-sec-ix-redline:true;-keep: true"> </b></td><td style="padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-keep: true"> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><b style="-sec-ix-redline:true;-keep: true">restricted</b></p> <p style="margin-top: 0; margin-bottom: 0"><b style="-sec-ix-redline:true;-keep: true">shares</b></p></td><td style="padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-keep: true"> </b></td><td style="font-weight: bold; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-keep: true"> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><b style="-sec-ix-redline:true;-keep: true">Grant-Date<br/> Fair Value</b></td><td style="padding-bottom: 1.5pt; font-weight: bold"><b style="-sec-ix-redline:true;-keep: true"> </b></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">Outstanding as of December 31, 2023</span></td><td style="width: 1%; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,880,000</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.155</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Granted</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,000,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.293</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-keep: true">Forfeit</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-301"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-302"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Vested</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(1,625,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.076</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true">Outstanding as of June 30, 2024 (unaudited)</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">5,255,000</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">0.259</span></td><td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 3880000 0.155 3000000 0.293 1625000 0.076 5255000 0.259 4000000 15500000 1300000 P1Y10M24D <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. Equity</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary shares and Pre-funded Warrant</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 23, 2022, the Company issued 58,472,736 ordinary shares for a registered direct offering of approximately $15.0 million. The aggregate proceeds the Company received from this offering, net of commissions and other offering expenses, were $13.7 million. The offering consisted of (1) 3,654,546 ADSs and 1,800,000 pre-funded warrants to purchase ADSs (“Pre-Funded Warrant”) and (2) 5,454,546 ADSs warrants to purchase ADSs(“Warrant”). Each Warrant is exercisable to purchase one ADS for $2.75 and each Pre-Funded Warrant is exercisable to purchase one ADS for $0.001. Each ADS represents sixteen (16) Class A ordinary shares of the Company. The Pre-Funded Warrant became immediately exercisable upon issuance and may be exercised at any time until all of the Pre-Funded Warrant are exercised in full. The Warrant has a term of five years from the issuance date. On November 25, 2022, 800,000 pre-funded warrants had been exercised, 12,800,000 ordinary shares were issued upon such exercise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined that the Pre-Funded Warrant meet the requirements for equity classification. The Pre-Funded warrants were recorded at their fair value on the date of issuance as a component of total equity. In addition, since these Pre-Funded warrants are exercisable for a nominal amount, they have been shown as exercised when issued and as outstanding common stock in the consolidated financial statements and earnings per share calculations. 1,000,000 pre-funded warrants had been exercised on January 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrant</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 23, 2022, the Warrant are classified as a liability and the fair value allocated to the Warrant was RMB36.8 million. The Warrant liability will be re-measured at each reporting period until the warrant are exercised or expire and any changes will be recognized in the statement of operations and comprehensive loss. The fair value of Warrant were RMB4.0 million and RMB1.6 million as of December 31, 2023 and June 30, 2024, respectively. <span style="-sec-ix-hidden: hidden-fact-305">No</span> warrants were exercised as of June 30, 2024.</span></p> 58472736 15000000 13700000 3654546 1800000 5454546 2.75 1 0.001 16 P5Y 800000 12800000 1000000 36800000 4000000 1600000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. Net Loss Per Share</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the Group incurred losses for the six months ended June 30, 2023 and 2024, the potential and restricted shares granted were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets unaudited forth the computation of basic and diluted net loss per share for the six months ended June 30, 2023 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the six months ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Net loss attributable to TuanChe Limited’s shareholders</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(30,698</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(40,675</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average number of ordinary shares outstanding, basic and diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,544,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421,273,519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Basic and diluted net loss per share attributable to TuanChe Limited’s shareholders</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.08</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.10</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets unaudited forth the computation of basic and diluted net loss per share for the six months ended June 30, 2023 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the six months ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Net loss attributable to TuanChe Limited’s shareholders</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(30,698</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(40,675</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average number of ordinary shares outstanding, basic and diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,544,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421,273,519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Basic and diluted net loss per share attributable to TuanChe Limited’s shareholders</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.08</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.10</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> -30698000 -40675000 399544700 399544700 421273519 421273519 -0.08 -0.08 -0.1 -0.1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. Commitments and contingencies</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Litigation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of any unresolved matters, individually and in the aggregate, is reasonably possible to have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2023 and June 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15. Fair Value Measurement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the year ended</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the six months ended</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/>  2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">June 30,<br/>  2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Warrant liability:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true">Level 1 Inputs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-307"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-308"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true">Level 2 Inputs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-309"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-310"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-311"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true">Level 3 Inputs</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,632</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">225</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Balance at fair value</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,632</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">225</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">As of<br/> December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">As of<br/> June 30,<br/> 2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Expiration of warrant (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.9</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.4</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Fair market value per share (US$)*</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.00</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1.79</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-keep: true">Exercise price (US$)*</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">41.25</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">41.25</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Risk-free rate</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.92</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4.48</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-312"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-313"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Standard derivation in the value of stock</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">132.8</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">132.0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective on January 26, 2024, The Group changed the ratio of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to sixteen (16) Class A ordinary shares to a new ADS ratio of one ADS representing two hundred and forty (240) Class A ordinary shares. Fair market value per share and exercise price as of December 31, 2023 have been retroactively adjusted to reflect the change in ratio for all periods presented.</span></td> </tr></table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the six <br/> months ended <br/> June 30, <br/> 2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Fair value of warrants at beginning of the period (Level 3)</span></td><td style="width: 1%; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Issuances</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-314"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in fair value</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(2,338</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effect of exchange rate changes</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Fair value of warrants at end of the period (Level 3)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,632</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the year ended</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">For the six months ended</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">December 31,<br/>  2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">June 30,<br/>  2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">US$</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Warrant liability:</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true">Level 1 Inputs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-307"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-308"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true">Level 2 Inputs</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-309"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-310"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-311"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in"><span style="-sec-ix-redline:true;-keep: true">Level 3 Inputs</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,632</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">225</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true">Balance at fair value</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,632</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">225</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 3952000 1632000 225000 3952000 1632000 225000 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">As of<br/> December 31,<br/> 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">As of<br/> June 30,<br/> 2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Expiration of warrant (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.9</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.4</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Fair market value per share (US$)*</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.00</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">1.79</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-keep: true">Exercise price (US$)*</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">41.25</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">41.25</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Risk-free rate</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">3.92</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">4.48</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-312"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-313"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Standard derivation in the value of stock</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">132.8</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">132.0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective on January 26, 2024, The Group changed the ratio of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to sixteen (16) Class A ordinary shares to a new ADS ratio of one ADS representing two hundred and forty (240) Class A ordinary shares. Fair market value per share and exercise price as of December 31, 2023 have been retroactively adjusted to reflect the change in ratio for all periods presented.</span></td> </tr></table> 3.9 3.4 3 1.79 41.25 41.25 3.92 4.48 132.8 132 16 240 Fair market value per share and exercise price as of December 31, 2023 have been retroactively adjusted to reflect the change in ratio for all periods presented.<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-keep: true">For the six <br/> months ended <br/> June 30, <br/> 2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-keep: true">RMB</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left"><span style="-sec-ix-redline:true;-keep: true">Fair value of warrants at beginning of the period (Level 3)</span></td><td style="width: 1%; font-weight: bold"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">3,952</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-sec-ix-redline:true;-keep: true">Issuances</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-314"><span style="-sec-ix-redline:true;-keep: true">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">Change in fair value</span></td><td><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-keep: true">(2,338</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Effect of exchange rate changes</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-keep: true">18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true">Fair value of warrants at end of the period (Level 3)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-redline:true;-keep: true">1,632</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-keep: true"> </span></td></tr> </table> 3952000 -2338000 18000 1632000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16. Related party transactions and balance</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into outsourcing service agreements with Shanghai Three Drivers Culture Media Co., Limited (“STDC”). The outsourcing service expenses provided by STDC for the Company are RMB1,286 and RMB2,760 for the six months ended June 30, 2023 and 2024, respectively.The Company entered into promotion service agreements with STDC, under which the promotion service expenses provided by the Company for STDC are RMB565 and <span style="-sec-ix-hidden: hidden-fact-315">nil</span> for the six months ended June 30, 2023 and 2024. The prepayment balance is RMB1,125 and RMB314 as of December 31, 2023 and June 30, 2024, respectively.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2024, the Company received RMB4,510 from CEO, Mr. Wen. The other currents liabilities balance due to CEO are <span style="-sec-ix-hidden: hidden-fact-316">nil</span> and RMB4,070 as of December 31, 2023 and June 30, 2024, respectively.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 22, 2023, the company received RMB1,500 from COO Mr. Hui Yuan’s spouse as loan with an interest rate of 3.45% for one year. The loan payable balance due to Mr. Hui Yuan’s spouse is RMB1,500 and RMB1,500 as of December 31, 2023 and June 30, 2024, respectively.</span></p> 1286000 2760000 565000 1125000 314000 4510000 4070000 1500000 0.0345 1500000 1500000 <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. Subsequent event</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that there are no events that would have required adjustment or disclosure in the financial statements.</span></p> F-1/A 1 0001743340 true On September 3, 2018, TuanChe Internet invested RMB4,000 in cash for a 40% equity interest in STDC that operates a car media business. On June 30, 2021, the Group made additional investment of RMB2,250 and the ownership in STDC increased to 49%. The Group applies the equity method of accounting to the investment in STDC, over which it has significant influence but does not own a majority equity interest or otherwise control. As of December 31, 2022 and 2023, the carrying value of equity investment for using equity method were RMB5,383 and RMB5,564, respectively. For the years ended December 31, 2021, 2022 and 2023, the change in profit and loss of equity investment for using equity method were profit of RMB258, RMB26 and RMB181, respectively. Permanent differences in 2022 are mainly due to non-deductible impairment charges. Effective on January 26, 2024, The Group changed the ratio of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to sixteen (16) Class A ordinary shares to a new ADS ratio of one ADS representing two hundred and forty (240) Class A ordinary shares. Fair market value per share and exercise price as of December 31, 2023 have been retroactively adjusted to reflect the change in ratio for all periods presented.