Item 4 — Purpose of Transaction
The Reporting Persons acquired the 1,625,000 Class B Shares for the purpose of increasing and maintaining Ms. Zhu's voting control of the Issuer and to demonstrate her long-term commitment to the Issuer. As of September 7, 2026, the Reporting Persons' as-converted beneficial ownership represented approximately 0.81% of the Class A Ordinary Shares and approximately 44.8% of the aggregate voting power of the Issuer, the Reporting Persons' voting power having declined below a majority as a result of issuances of Class A Ordinary Shares, including in the Issuer's July 2026 offering. Following the Issuer's 25-for-1 consolidation of the Class A Ordinary Shares effective September 17, 2026, which did not affect the Class B Ordinary Shares, and immediately prior to the issuance of the 1,625,000 Class B Shares, the Reporting Persons' as-converted beneficial ownership represented approximately 13.8% of the Class A Ordinary Shares and approximately 94.1% of the aggregate voting power of the Issuer. As a result of the one-hundred-votes-per-share feature of the Class B Ordinary Shares, upon the issuance of the 1,625,000 Class B Shares on September 25, 2026, the Reporting Persons beneficially own approximately 58.7% of the Class A Ordinary Shares on an as-converted basis and control approximately 99.3% of the aggregate voting power of the Issuer. Ms. Zhu, as Chief Executive Officer and Chairman of the Issuer, participates in the formulation of the Issuer's business strategy and corporate transactions in the ordinary course. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending upon market conditions, the Issuer's business, prospects and financial condition and other factors deemed relevant, may from time to time acquire additional securities of the Issuer, dispose of securities of the Issuer, or formulate other purposes, plans or proposals. Except as set forth in this Statement, the Reporting Persons have no present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.