Item 4 — Purpose of Transaction
Item 4 of the Original Schedule 13D is hereby amended and supplemented by the following: On March 27, 2025, Windcreek Limited transferred (i) 87,481,280 ordinary shares and (ii) 26,107,548 ordinary shares in the form of 6,526,887 ADSs of the Issuer to JD Sunflower. After the transfer, Windcreek Limited no longer owned any shares of the Issuer. On April 1, 2025, JD (through JD Sunflower and Merger Sub) entered into the Merger Agreement. Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Issuer, with the Issuer continuing as the surviving corporation and a wholly owned subsidiary of JD Sunflower. At the effective time of the Merger, each Ordinary Share issued and outstanding immediately prior to the effective time will be cancelled and cease to exist in exchange for the right to receive US$0.5 in cash per Ordinary Share, other than (i) shares held by the Reporting Persons, which will be rolled over in the transaction, (ii) shares held by the Issuer or any subsidiary of the Issuer or held in the Issuer's treasury, which will be cancelled and cease to exist without payment of any consideration, and (iii) shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger pursuant to Section 238 of the Companies Act of the Cayman Islands, which will be cancelled and cease to exist in exchange for the right to receive the payment of fair value of those dissenting shares in accordance with Section 238 of the Companies Act of the Cayman Islands. The consummation of the Merger is subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement, including the approval of the Merger Agreement by the affirmative vote of holders of Ordinary Shares (including Ordinary Shares represented by ADSs) representing at least two-thirds (2/3) of the voting power of the outstanding Ordinary Shares present and voting in person or by proxy as a single class at a shareholders' meeting of the Issuer. The Merger Agreement may be terminated by the Issuer or JD Sunflower under certain circumstances. The purpose of the transactions contemplated under the Merger Agreement, including the Merger, is to acquire all of the outstanding Ordinary Shares not already owned by the Reporting Persons. If completed, the Merger will result in the Issuer becoming a privately held company and its ADSs will no longer be listed on the Nasdaq Global Select Market. The information disclosed in this paragraph and the preceding paragraphs does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which is attached hereto as Exhibit 99.10 and which is incorporated herein by reference in its entirety. Concurrently with the execution of the Merger Agreement, JD.com International Limited made a limited guarantee in favor of the Issuer (the "Limited Guarantee"), pursuant to which JD.com International Limited irrevocably guaranteed, subject to certain conditions, JD Sunflower's payment obligations under the Merger Agreement to pay the termination fee if that fee becomes payable by JD Sunflower and certain reimbursement and indemnification obligations set forth therein. The information disclosed in this paragraph does not purport to be complete and is qualified in its entirety by reference to the Limited Guarantee, a copy of which is attached hereto as Exhibit 99.11 and which is incorporated herein by reference in its entirety. Item 3 of this Amendment No. 4 is incorporated herein by reference. Except as described above, the Reporting Persons have no plans or proposals which relate to or would result in any of the actions specified in paragraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, formulate other purposes, plans or proposals regarding the Issuer, or any other actions that could involve one or more of the types of transactions or have one or more of the results described in paragraphs (a) through (j) of Item 4 of Schedule 13D.