Item 4 — Purpose of Transaction
Gang Lai serves as Chief Executive Officer and Chairman of the Board of Directors of the Issuer. In such capacities, Gang Lai may engage in communications with the Issuer's Board of Directors, members of management, other shareholders, financial and legal advisers, and other parties regarding the Issuer, including but not limited to the Issuer's operations, governance and control. In addition, in these capacities, he may have influence over the corporate activities of the Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Except as set forth herein, Gang Lai does not have any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. He may, at any time and from time to time, review or reconsider his position and/or change his purpose and/or formulate plans or proposals with respect thereto. Gang Lai acquired the ordinary shares pursuant to the Equity Grant and intends to maintain his holding in the Issuer on a continuing basis. Nevertheless, he may acquire additional shares of the Issuer or sell or otherwise dispose of any or all of the shares that he beneficially owns.