On Dec 2, 2021, Qutoutiao informed its shareholders that they intends to modify the ADS Ratio of four (4) ADSs to one (1) Class A ordinary share, par value US$0.0001 per share, to two (2) ADSs to five (5) Class A ordinary shares. The company also mentioned that the modification in the ADS Ratio is expected to takeeffect on or around December 10, 2021.