The Share Consolidation and related matters were previously approved by the Company's shareholders at the extraordinary general meeting held on July 11, 2024. For detailed information about the Share Consolidation, please see the Company's current report on Form 6-K furnished to the U.S. Securities and Exchange Commission on July 11, 2024. The Share Consolidation will change the ratio of the ADSs to the Company's Class A ordinary shares from (i) one (1) ADS representing five thousand six hundred and twenty-five (5,625) Class A ordinary shares of a par value US$0.0000001 per share to (ii) one (1) ADS representing one (1) Class A ordinary share of a par value US$0.0005625 per share.