Item 4 — Purpose of Transaction
The information reported in Item 3 of this Schedule 13D is incorporated by reference into this Item 4. As described in more detail in Item 6, below, under the caption "Board Appointment Rights," Purchaser obtained certain rights to nominate a member of Issuer's board of directors (the "Board"). Pursuant to such rights, Purchaser nominated Jacky Wu to the Board, and the Board in turn elected Mr. Wu as a member with effect from the closing of the Private Placement. Mr. Wu is not otherwise associated with the Reporting Persons and is independent of the Company's management. The Reporting Persons intend to participate in the management of the Issuer in the ordinary course of business and consistent with the extent of its investment, for example by participating in discussions with members of the Issuer's board of directors, management, and other Issuer investors regarding the Issuer's business, including its operations, prospects, capitalization and corporate governance. The information set forth under "Board Appointment Rights" in Item 6 hereof is incorporated by reference into this Item 4. Pursuant to the Subscription Agreement, Purchaser has been granted certain preemptive and registration rights with respect to the Issuer's securities. For further information see the information set forth under "Preemptive Rights" and "Registration Rights" in Item 6 hereof, which is incorporated by reference into this Item 4. Purchaser has certain rights to dispose of Shares to the Issuer in connection with certain Issuer repurchases, redemptions, retirements or other acquisitions of Class A Common Stock (or other Issuer voting securities). See the information set forth under "Ownership Threshold Protection" in Item 6 hereof, which is incorporated by reference into this Item 4. Except as set forth herein and to the extent that the Reporting Persons may have influence over the corporate activities of the Issuer on the basis of the relationships, rights and plans described above, including activities that may relate to the items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the matters set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons reserve the right to increase or decrease their position in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons reserve the right to change their intention with respect to any and all matters referred to in this Item 4.