15.   SUBSEQUENT EVENTS

On October 3, 2025, the Company announced the final results of its fixed price cash tender offer, commenced on September 3, 2025, to repurchase up to 225,000,000 Class A ordinary shares (including shares represented by ADSs) at $3.00 /45 per Class A ordinary share (or $3.00 per ADS) (such cash tender offer, the “Offer”). A total of 85,065,660 Class A ordinary shares (including shares represented by ADSs) were validly tendered and accepted for purchase for an aggregate consideration of approximately $5.7 million, excluding related fees and expenses. The repurchased shares represented approximately 13.0% of the Company’s outstanding Class A ordinary shares and 10.3% of its total share capital at that time. Payment for the accepted shares was made on October 6, 2025.

The Company has evaluated subsequent events through November 14, 2025, the date of issuance of the condensed consolidated financial statements, and noted that there are no other subsequent events that would require recognition or disclosure in the condensed consolidated financial statements.