Item 4 — Purpose of Transaction
The purpose for the Reporting Persons to enter into the Transaction is to seize the investment opportunity in connection with the Company. By entering into the Share Purchase Agreement and completing the Transaction, the Reporting Persons become the controlling shareholder of the Company based on the ownership of class A shares as reported in this Schedule 13D. Vastway Technology Co., Ltd. has been granted, pursuant to the Share Purchase Agreement, "piggyback registration rights" that it may, when the Company determines to prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the Securities Act of 1933, as amended, of any of its equity securities, have such class A shares owned by Vastway Technology Co., Ltd. included in such registration. In connection with the Transaction, the Company nominated two director candidates to the board of directors of the Company, and the Company caused the resignation of an existing director. Such change to the board has been announced by the Company via a current report on Form 6-K on October 5, 2026. The information disclosed in this Item 4 does not purport to be complete and is qualified in its entirety by reference to the Share Purchase Agreement, a copy of which is attached hereto as Exhibits B, and which is incorporated herein by reference in its entirety. The Reporting Persons noted that, the Company entered into certain share repurchase agreement with Mr. Bo Zhu, its then chief executive officer and chief strategy officer and current director, with respect to the repurchase of 1,200,000 class B ordinary shares, par value US$0.05 per share (being all issued and outstanding class B ordinary shares of the Company), for an aggregate purchase price of US$8.0 million (the "Share Repurchase"). The Reporting Persons understand the transaction contemplated by such share repurchase agreement is subject to certain closing conditions, including the shareholders' approval. The Reporting Persons intend to review their investment on a regular basis and, as a result thereof, may at any time or from time to time determine, either alone or as part of a group, (i) to acquire additional securities of the Company, through open market purchases, privately negotiated transactions or otherwise, (ii) to dispose of all or a portion of the securities of the Company owned by it in the open market, in privately negotiated transactions or otherwise. (iii) propose appropriate business initiatives to be considered by the board of directors of the Company to better realize shareholder value, or (iv) to take any other available course of action, which could involve one or more of the types of transactions or have one or more of the results described in the next paragraph of this Item 4. The Reporting Persons expect to discuss their investment in the Company and the foregoing investment considerations with the Company's board of directors, management, other investors, industry analysts and others. These considerations, these discussions and other factors may result in the Reporting Persons' consideration of various alternatives with respect to their investment, including possible changes in the present board of directors and/or management of the company or other alternatives to increase shareholder value. Except as indicated 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 Company, 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.