THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY AND CORPORATE STRUCTURE

OVERVIEW The history of our Group can be traced back to December 2016, when our Company was established in as a limited liability company, funded by our founder, Mr. TANG Yongbo (“Mr. Tang”), with his own funds. See “Directors, Supervisors and Senior Management” in this document for the relevant industry experience of Mr. Tang. Our Company is the largest power bank sharing service provider in in terms of service network size in 2020, according to Frost & Sullivan. As of December 31, 2020, our power bank sharing services covered over 710,000 points of interest, or POIs, and we had placed approximately 6.0 million power banks in service. Our strong position in the industry in terms of user reach has enabled us to serve over 237 million registered users as of December 31, 2020.

MILESTONES The following table summarizes various key milestones in our corporate and business development: Year Milestone

2016 Our Company was established in Beijing.

2017 Our proprietary cloud platform, “Xpower Cloud”, was launched.

We were rewarded the prize of High Growth Company of the Year (年度高成長公司)by 36kr.com (36氪).

2018 We were rewarded the Global Trends Case Award (環球趨勢案例獎) by Huanqiu.com (環 球網).

2019 We were admitted as the Member of Council of the Internet Society of China (中國互聯網 協會理事成員單位) by Internet Society of China (中國互聯網協會).

Our registered users exceeded 170.0 million with a business coverage in over 1,600 cities and counties in China.

2020 Our Company was converted into a joint stock company with limited liability.

We were named on the Hangzhou Unicorn Enterprise List (杭州獨角獸企業榜單) promulgated by Hangzhou Association (杭州市創業投資協會).

Our registered users exceeded 200.0 million with a business coverage in over 1,700 cities and counties in China.

ESTABLISHMENT AND MAJOR SHAREHOLDING CHANGES OF OUR COMPANY Our Company was established in Beijing as a limited liability company on December 6, 2016 with an initial registered capital of RMB1,000,000. At the time of its establishment, our Company was known as Beijing Yidianyuan Network Technology Co., Ltd. (北京伊電園網絡科技有限公司) and wholly owned by Mr. Tang. Our Company was renamed as Hangzhou Yidianyuan Network Technology Co., Ltd. (杭州伊電園網絡科技有限公司) in March 2020, and further renamed as Hangzhou Xpower Technology Co., Ltd. (杭州小電科技股份有限公司)in June 2020.

Since the establishment, our Company has undertaken a series of capital increases and transfers to raise funds and to bring in new shareholders to our Company. The major shareholding changes of our Company are set out below:

1. Share Transfer in January 2017 On January 4, 2017, Mr. Tang transferred 25% equity interests in our Company held by him to Hangzhou Xpower Investment Management Partnership (Limited Partnership) (杭州小電投資管理合夥企業（有限合夥）) (“Xpower Investment”), a limited partnership established in December 2016 as the shareholding platform of the founding team and the then core employees of our Company.

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On the same date, certain investors (the “Founding Investors”) entered into separate share transfer agreements with Mr. Tang, pursuant to which Mr. Tang agreed to transfer an aggregate of 15% equity interests in our Company held by him to such investors at nil consideration as a reward to these investors for the capital contribution provided by them to Mr. Tang during the start-up stage. Out of the 15% of equity interests, 10% were transferred directly by Mr. Tang to these investors, and the rest 5% were indirectly completed by transferring 20% of Mr. Tang’s interests in Xpower Investment to the Founding Investors.

The shareholding structure of our Company upon completion of above share transfers was as set forth below:

Registered capital Shareholding Name of Shareholders (RMB) percentage

Mr. Tang 650,000 65.00%

Xpower Investment 250,000 25.00%

Shanghai Detong Yimin Consumer Industry Equity Investment Fund Center 26,115 2.61% (Limited Partnership) (上海德同益民消費產業股權投資基金中心（有限合夥）) (“ Detong”)

Shenzhen CMB Zhanyi Investment Management Partnership (Limited 26,115 2.61% Partnership) (深圳市招銀展翼投資管理合夥企業（有限合夥）)(“CMB Zhanyi”)

Hangzhou Yunchuang Venture Capital Partnership (Limited Partnership) (杭州雲 23,363 2.34% 創創業投資合夥企業（有限合夥）)(“Hangzhou Yunchuang”)

Hangzhou Yunzhi Investment Partnership (Limited Partnership) (杭州雲智投資合 8,730 0.87% 夥企業（有限合夥）)(“Hangzhou Yunzhi”)

Chengdu Detong Yinke Jincheng Venture Capital Partnership (Limited 7,838 0.78% Partnership) (成都德同銀科錦程創業投資合夥企業（有限合夥）)(“Chengdu Detong”)

Chongqing Detong Linghang Venture Capital Center (Limited Partnership) (重慶 7,838 0.78% 德同領航創業投資中心（有限合夥）)(“Chongqing Detong”)

Total 1,000,000 100.00%

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2. Series Angel Financing On December 28, 2016, certain investors agreed to subscribe an aggregate of RMB190,476 of increased registered capital of our Company (the “Series Angel Financing”). Below table summarizes the registered capital subscribed and relevant consideration:

Registered capital subscribed Consideration Investors (RMB) (RMB)

Suzhou GSR Zhaohua Venture Capital Partnership (Limited Partnership) (蘇州金 59,524 5.0 million 沙江朝華創業投資合夥企業（有限合夥）)(“GSR I”) Suzhou GSR Zhaohua II Venture Capital Partnership (Limited Partnership) (蘇 59,524 5.0 million 州金沙江朝華二期創業投資合夥企業（有限合夥）)(“GSR II”) Hangzhou Youhan Investment Management Co., Ltd. (杭州有漢投資管理有限公 59,524 4.0 million 司)(“Hangzhou Youhan”) Tianjin Qingzhe Venture Capital Partnership (Limited Partnership) (天津慶喆創 11,905 0.8 million 業投資合夥企業（有限合夥）)(“Tianjin Qingzhe”)

The considerations were determined based on arm’s length negotiation between the parties taking into account the industry prospects and the extensive experience of our management team and were fully settled on January 9, 2017. Upon completion of the Series Angel Financing, the registered capital of our Company was increased from RMB1,000,000 to RMB1,190,476 and the shareholding structure of our Company was set out as below:

Registered capital Name of Shareholders (RMB) Shareholding percentage

Mr. Tang ...... 650,000 54.60% Xpower Investment ...... 250,000 21.00% GSR I ...... 59,524 5.00% GSR II ...... 59,524 5.00% Hangzhou Youhan...... 59,524 5.00% Shanghai Detong...... 26,115 2.19% CMB Zhanyi ...... 26,115 2.19% Hangzhou Yunchuang...... 23,363 1.96% Tianjin Qingzhe ...... 11,905 1.00% Hangzhou Yunzhi ...... 8,730 0.73% Chengdu Detong ...... 7,838 0.66% Chongqing Detong ...... 7,838 0.66% Total ...... 1,190,476 100.00%

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3. Series A Financing On March 31, 2017, certain investors agreed to subscribe an aggregate of RMB193,035 of increased registered capital our Company (the “Series A Financing”). The considerations of such increased share capital were determined based on arm’s length negotiation between the parties taking into account our fast growth and the industry prospects and were fully settled on April 14, 2017. Upon completion of the Series A Financing, the registered capital of our Company was increased from RMB1,190,476 to RMB1,383,511. Below table summarizes the registered capital subscribed and relevant consideration:

Registered capital subscribed Consideration Investors (RMB) (RMB)

Linzhi Lixin Information Technology Co., Ltd. (林芝利新信息技 術有限公司)(“Linzhi Lixin”)...... 55,340 12,000,000 Shanghai Yuanjing Investment Management Partnership (Limited Partnership) (上海圓景投資管理合夥企業（有限合夥 ）)(“Shanghai Yuanjing”) ...... 55,340 12,000,000 Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) (杭州鼎暉新趨勢股權投資合夥企業（有 限合夥）)(“Hangzhou CDH”)...... 27,670 6,000,000 Hangzhou Daocin Investment Partnership (Limited Partnership) (杭州道昇投資合夥企業（有限合夥）)(“Hangzhou Daocin”) ...... 13,835 3,000,000 GSR I...... 9,652 2,092,875 GSR II ...... 9,652 2,092,875 Hangzhou Youhan ...... 9,652 2,092,875 Shanghai Detong ...... 4,183 907,147 Hangzhou Yunchuang ...... 3,753 813,888 Hangzhou Yunzhi...... 1,369 296,920 Chengdu Detong ...... 1,293 280,465 Chongqing Detong ...... 1,293 280,465

4. Share Transfer in April 2017 On April 26, 2017, to convert the indirect shareholding in our Company held by the Founding Investors through Xpower Investment into direct shareholding, all of them entered into a share transfer agreement with Xpower Investment, pursuant to which Xpower Investment agreed to transfer a total of 3.6% of the equity interests in our Company held by it (as diluted by the Series Angel Financing and the Series A Financing) to such investors and in consideration these investors transferred the 20% of the equity interests in Xpower Investment to Mr. Tang.

On the same day, each of Zhuhai Zhongrui Investment Center (Limited Partnership) (珠海眾銳投資中心（ 有限合夥）)(“Zhuhai Zhongrui”) and Deqing Brandon Investment Management Partnership (Limited Partnership) (德清布朗登投資管理合夥企業（有限合夥）)(“Deqing Brandon”) entered into a share transfer agreement with CMB Zhanyi, pursuant to which CMB Zhanyi agreed to transfer 1.00% and 0.88% of equity interests in our Company held by it to Zhuhai Zhongrui and Deqing Brandon at the consideration of RMB3.0 million and RMB2.7 million, respectively. The considerations were determined based on arm’s length negotiation between the parties taking into account our fast growth, research and development of our products and the industry prospects and were fully settled on May 5, 2017.

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Immediately following the completion of the Series A Financing and above share transfer, the shareholding structure of our Company was set out as below:

Registered capital Name of Shareholders (RMB) Shareholding percentage

Mr. Tang ...... 650,000 46.98% Xpower Investment ...... 200,000 14.46% Hangzhou Youhan...... 79,466 5.74% GSR I ...... 69,176 5.00% GSR II ...... 69,176 5.00% Linzhi Lixin ...... 55,340 4.00% Shanghai Yuanjing ...... 55,340 4.00% Shanghai Detong...... 43,357 3.13% Hangzhou Yunchuang...... 38,799 2.80% Hangzhou CDH ...... 27,670 2.00% Tianjin Qingzhe ...... 14,672 1.06% Hangzhou Yunzhi ...... 14,465 1.05% Zhuhai Zhongrui ...... 13,835 1.00% Hangzhou Daocin...... 13,835 1.00% Chengdu Detong ...... 13,050 0.94% Chongqing Detong ...... 13,050 0.94% Deqing Brandon...... 12,280 0.89% Total ...... 1,383,511 100.00%

5. Series B Financing On May 3, 2017, certain investors agreed to subscribe an aggregate of RMB401,017 of increased registered capital of our Company (the “Series B Financing”). The considerations were determined based on arm’s length negotiation between the parties taking into account our fast growth, research and development of our products and the industry prospects and were fully settled on June 9, 2017. Upon completion of the Series B Financing, the registered capital of our Company was increased from RMB1,383,511 to RMB1,784,528. Below table summarizes the increased registered capital purchased by such investors and the relevant consideration.

Registered capital subscribed Consideration Investors (RMB) (RMB)

Linzhi Lixin ...... 123,112 71,188,405 Shanghai Yuanjing ...... 33,886 19,594,203 Xizang Rong’an Growth Investment Center (Limited Partnership) (西藏榕 安成長投資中心（有限合夥）)(“Xizang Rong’an”) ...... 89,226 51,594,203 Beijing Sequoia Chenxin Management Consulting Center (Limited Partnership) (北京紅杉辰信管理諮詢中心（有限合夥）)(“Sequoia Chenxin”)...... 107,072 61,913,043 Suzhou Kinzon Yuanxin Equity Investment Partnership (Limited Partnership) (蘇州昆仲元昕股權投資合夥企業（有限合夥）)(“Suzhou Kinzon”)...... 17,845 10,318,841 Hangzhou CDH ...... 8,020 4,637,681 Zhuhai Zhongrui ...... 21,855 12,637,678

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Immediately following the completion of the Series B Financing, the shareholding structure of our Company was set out as below:

Registered capital Name of Shareholders (RMB) Shareholding percentage

Mr. Tang ...... 650,000 36.42% Xpower Investment ...... 200,000 11.21% Linzhi Lixin ...... 178,453 10.00% Sequoia Chenxin ...... 107,072 6.00% Shanghai Yuanjing ...... 89,226 5.00% Xizang Rong’an...... 89,226 5.00% Hangzhou Youhan...... 79,466 4.45% GSR I ...... 69,176 3.88% GSR II ...... 69,176 3.88% Shanghai Detong...... 43,357 2.43% Hangzhou Yunchuang...... 38,799 2.17% Zhuhai Zhongrui ...... 35,691 2.00% Hangzhou CDH ...... 35,691 2.00% Suzhou Kinzon ...... 17,845 1.00% Tianjin Qingzhe ...... 14,672 0.82% Hangzhou Yunzhi ...... 14,465 0.81% Hangzhou Daocin...... 13,835 0.78% Chengdu Detong ...... 13,050 0.73% Chongqing Detong ...... 13,050 0.73% Deqing Brandon...... 12,280 0.69% Total ...... 1,784,528 100.00%

6. Series B+ Financing On January 26, 2018, certain investors agreed to subscribe an aggregate of RMB62,983 of increased registered capital of our Company. Below table summarizes the increased share capital purchased by such investors and relevant consideration (the “Series B+ Financing”). The considerations of such increased registered capital were determined based on arm’s length negotiation between the parties taking into account fast growth of our business development and the industry prospects and were fully settled on February 11, 2018. Upon completion of the Series B+ Financing, the registered capital of our Company was increased from RMB1,784,528 to RMB1,847,511. Below table summarizes the increased share capital purchased by such investors and the relevant consideration.

Registered capital subscribed Consideration Investors (RMB) (RMB)

Suning.com Co., Ltd. (蘇寧易購集團股份有限公司)(“Suning.com”)...... 26,243 25,000,000 Suning Financial Services (Shanghai) Co., Ltd. (上海蘇寧金融服務集團有限公司) (“Suning Financial Services”)...... 26,243 25,000,000 GSR II...... 2,099 2,000,000 Hangzhou CDH...... 2,099 2,000,000 Sequoia Chenxin ...... 3,674 3,500,000 Xizang Rong’an ...... 2,624 2,500,000

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Immediately following the completion of the Series B+ Financing, the shareholding structure of our Company was set out as below:

Registered capital Name of Shareholders (RMB) Shareholding percentage

Mr. Tang ...... 650,000 35.18% Xpower Investment ...... 200,000 10.83% Linzhi Lixin ...... 178,453 9.66% Sequoia Chenxin ...... 110,746 5.99% Xizang Rong’an...... 91,851 4.97% Shanghai Yuanjing ...... 89,226 4.83% GSR II ...... 71,275 3.86% GSR I ...... 69,176 3.74% Hangzhou Youhan...... 68,066 3.68% Shanghai Detong...... 43,357 2.35% Hangzhou Yunchuang...... 38,799 2.10% Hangzhou CDH ...... 37,790 2.05% Zhuhai Zhongrui ...... 35,691 1.93% Suning.com...... 26,243 1.42% Suning Financial Services ...... 26,243 1.42% Suzhou Kinzon ...... 17,845 0.97% Tianjin Qingzhe ...... 14,672 0.79% Hangzhou Yunzhi ...... 14,465 0.78% Hangzhou Daocin...... 13,835 0.75% Chengdu Detong ...... 13,050 0.71% Chongqing Detong ...... 13,050 0.71% Deqing Brandon...... 12,280 0.66% Hangzhou Zhonghuan ...... 11,400 0.62% Total ...... 1,847,511 100.00%

7. Share Transfer in March 2020 On March 20, 2020, Hangzhou Zhonghuan Leading Investment Management Partnership (Limited Partnership) (杭州中寰領創投資管理合夥企業（有限合夥）)(“Hangzhou Zhonghuan”) entered into a share transfer agreement with Hangzhou Youhan, pursuant to which Hangzhou Youhan agreed to transfer 0.64% of the equity interests in our company held by it to Hangzhou Zhonghuan at the consideration of RMB6.0 million, which was determined based on arm’s length negotiation between the parties and were fully settled on May 25, 2020.

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8. Share Transfer in April 2020 In April 2020, Mr. Tang and Xpower Investment transferred a total of 8.06% of equity interests in our Company to certain investors as well as Hangzhou Zhixin Enterprise Management Consulting Partnership (Limited Partnership) (杭州智莘企業管理諮詢合夥企業（有限合夥）)(“Hangzhou Zhixin”), an employee stock ownership platform of our Group, through a series of share transfers. Below table summarizes the transferred equity interests, considerations and settlement date of such transfers. The consideration was determined based on arm’s length negotiation between the parties taking into account the development of our Company in past few years at the time of such share transfer.

Percentage of the transferred equity Consideration Transferors Transferees interests (RMB) Settlement date HOU Beibei (侯貝貝) 0.60% 15.0 million April 24, 2020 Hangzhou Yuanjing Equity Investment Partnership (Limited Partnership) (杭州圓 1.20% 30.0 million April 24, 2020 景股權投資合夥企業 （有限合夥）) (“Hangzhou Yuanjing”) LIU Rui (劉睿) 0.82% 20.5 million April 28, 2020 Zhuhai Zhongyan Investment Enterprise (Limited Mr. Tang Partnership) (珠海眾 1.45% 36.4 million April 30, 2020 琰投資企業（有限合 夥）)(“Zhuhai Zhongyan”) Huzhou Hexin Enterprise Management Consulting Partnership (Limited 0.73% 18.2 million May 22, 2020 Partnership) (湖州禾 信企業管理諮詢合夥 企業（有限合夥）) (“Huzhou Hexin”) Hangzhou Zhixin 1.97% 3.5 million April 23, 2021 Xpower Hangzhou Daocin 1.29% 3.0 million July 13, 2020 Investment

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Immediately following the completion of the above share transfers, the shareholding structure of our Company was set out as below:

Registered capital Name of Shareholders (RMB) Shareholding percentage Mr. Tang ...... 524,970 28.42% Linzhi Lixin ...... 178,453 9.66% Xpower Investment ...... 176,190 9.54% Sequoia Chenxin ...... 110,746 5.99% Xizang Rong’an...... 91,851 4.97% Shanghai Yuanjing ...... 89,226 4.83% GSR II ...... 71,275 3.86% GSR I ...... 69,176 3.74% Hangzhou Youhan...... 68,066 3.68% Shanghai Detong...... 43,357 2.35% Hangzhou Yunchuang...... 38,799 2.10% Hangzhou CDH ...... 37,790 2.05% Hangzhou Daocin...... 37,645 2.04% Hangzhou Zhixin ...... 36,350 1.97% Zhuhai Zhongrui ...... 35,691 1.93% Zhuhai Zhongyan ...... 26,863 1.45% Suning.com...... 26,243 1.42% Suning Financial Services ...... 26,243 1.42% Hangzhou Yuanjing...... 22,170 1.20% Suzhou Kinzon ...... 17,845 0.97% Liu Rui ...... 15,113 0.82% Tianjin Qingzhe ...... 14,672 0.79% Hangzhou Yunzhi ...... 14,465 0.78% Huzhou Hexin ...... 13,450 0.73% Chengdu Detong ...... 13,050 0.71% Chongqing Detong ...... 13,050 0.71% Deqing Brandon...... 12,280 0.66% Hangzhou Zhonghuan ...... 11,400 0.62% Hou Beibei ...... 11,085 0.60% Total ...... 1,847,511 100.00%

9. Conversion into a Joint Stock Limited Liability Company On June 17, 2020, our Board passed resolutions approving, among other matters, the conversion of our Company from a limited liability company into a joint stock company with limited liability. Pursuant to the promoters’ agreement dated the same day entered into by all the then existing Shareholders, all promoters approved the conversion of the net assets value of our Company as of April 30, 2020 into 60,000,000 Shares of our Company. On June 18, 2020, our Company convened our inaugural meeting and our first general meeting, and passed related resolutions approving, among other matters, the conversion into a joint stock company with limited liability and the Articles of Association. Upon completion of the conversion, the registered capital of our Company became RMB60,000,000 divided into 60,000,000 Shares with a nominal value of RMB1.00 each, which were subscribed by all the then existing Shareholders in proportion to their respective equity interests in our Company before the conversion. The conversion was completed on June 24, 2020.

10. Series C Financing

On December 21, 2020, each of Shanghai Fengbao Information Technology Co., Ltd. (上海風報信息科技有 限公司)(“Shanghai Fengbao”) and Linzhi Lixin agreed to inject capital to our Company. Below table summarizes the increased registered capital subscribed by such investors and relevant consideration (the “Series

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C Financing”). Upon completion of the Series C Financing, the registered capital of the Company was increased from RMB60,000,000 to RMB63,576,252.

Shares subscribed Consideration Investors (RMB) (RMB) Shanghai Fengbao...... 3,157,667 226,309,993.89 Linzhi Lixin...... 418,585 29,999,986.95

The considerations of such increased share capital were determined based on arm’s length negotiation between the parties taking into account our industry position, business scales and development prospects and were fully settled on December 28, 2020. The shareholding structure of our Company upon completion of the Series C Financing was as set forth below:

Name of Shareholders Issued Shares Shareholding percentage Mr. Tang ...... 17,048,977 26.82% Linzhi Lixin...... 6,214,040 9.77% Xpower Investment ...... 5,721,983 9.00% Sequoia Chenxin...... 3,596,591 5.66% Shanghai Fengbao ...... 3,157,667 4.97% Xizang Rong’an...... 2,982,955 4.69% Shanghai Yuanjing ...... 2,897,727 4.56% GSR II ...... 2,314,734 3.64% GSR I ...... 2,246,553 3.53% Hangzhou Youhan ...... 2,210,526 3.48% Shanghai Detong ...... 1,408,053 2.21% Hangzhou Yunchuang...... 1,260,025 1.98% Hangzhou CDH ...... 1,227,272 1.93% Hangzhou Daocin ...... 1,222,551 1.92% Hangzhou Zhixin ...... 1,180,500 1.86% Zhuhai Zhongrui ...... 1,159,091 1.82% Zhuhai Zhongyan...... 872,400 1.37% Suning.com...... 852,273 1.34% Suning Financial Services...... 852,273 1.34% Hangzhou Yuanjing...... 720,000 1.13% Suzhou Kinzon ...... 579,545 0.91% Liu Rui ...... 490,800 0.77% Tianjin Qingzhe...... 476,482 0.75% Hangzhou Yunzhi ...... 469,760 0.74% Huzhou Hexin ...... 436,800 0.69% Chengdu Detong ...... 423,815 0.67% Chongqing Detong ...... 423,815 0.67% Deqing Brandon ...... 398,816 0.63% Hangzhou Zhonghuan ...... 370,228 0.58% Hou Beibei ...... 360,000 0.57% Total ...... 63,576,252 100.00%

As advised by our PRC legal advisors, our Company has complied with applicable PRC laws and regulations in relation to the changes of shareholdings as set out above.

See “— Our Shareholding and Corporate Structure — Immediately Prior to the [REDACTED]” for the corporate and shareholding structure of our Group immediately after the Series C Financing and prior to the [REDACTED].

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OUR PRINCIPAL SUBSIDIARIES As at the Latest Practicable Date, we had four wholly-owned subsidiaries. In addition to our Company, we also conducted our principal businesses through Hangzhou Youdian. Hangzhou Youdian was established in the PRC on February 5, 2018 with a registered capital of RMB1.0 million, which was later increased to RMB10.0 million. It has been wholly owned by our Company since its establishment.

ACQUISITIONS, MERGERS AND DISPOSALS Throughout the Track Record Period and as at the Latest Practicable Date, we did not conduct any major acquisitions, mergers or disposals.

PRE-[REDACTED] INVESTMENTS PRINCIPAL TERMS OF THE PRE-[REDACTED] INVESTMENTS

Series Angel Series A Series B Series B+ Series C Financing Financing Financing Financing Financing

Date of January 9, 2017 April 14, 2017 June 9, 2017 February 11, December 28, settlement 2018 2020 Cost per RMB2.39 RMB6.68 RMB17.81 RMB29.33 RMB71.67 Share(1) Amount of RMB190,476 RMB193,035 RMB401,017 RMB62,983 RMB3,576,252 registered capital subscribed Number of 6,185,923(3) 6,269,029(3) 13,023,479(3) 2,045,444(3) 3,576,252 Shares subscribed Total RMB14.8 RMB41.9 RMB231.9 RMB60.0 RMB256.3 consideration million million million million million Corresponding RMB92.5 RMB305.7 RMB1,031.9 RMB1,760.0 RMB4,556.5 valuation of the million million million million million Company Discount to the [REDACTED] [REDACTED] [REDACTED] [REDACTED] [REDACTED] mid-point of the indicative [REDACTED] range(2) Use of proceeds We utilized the proceeds to our business expansion activities and product upgrading and fund our daily operations As of the Latest Practicable Date, all of the proceeds from the Series Angel Financing, Series A Financing, Series B Financing and Series B+ Financing had been utilized by our Group and we had used 46% of net proceeds from the Series C Financing. Lock-up Period Pursuant to the applicable PRC law, within the 12 months following the [REDACTED], all current Shareholders (including the Pre-[REDACTED] Investors) could not dispose of any of the Shares held by them. Strategic At the time of the Pre-[REDACTED] Investments, our Directors were of the view that benefits (i) our Company would benefit from the additional capital provided by the Pre-[REDACTED] Investors and their knowledge and experience and (ii) the Pre-[REDACTED] Investments demonstrated the Pre-[REDACTED] Investors’ confidence in the operation and development of our Group.

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Notes: (1) As adjusted to reflect subsequent capital injections or share conversions, as applicable. (2) The discount to the [REDACTED] is calculated based on the assumption that the [REDACTED] is HK$[REDACTED] per H Share (being the mid-point of the indicative [REDACTED] range). (3) Equals to the Shares issued to the relevant Pre-[REDACTED] Investors on a pro rata basis upon the conversion of our Company into a joint stock company with limited liability company reflecting the registered capital held by them before such conversion.

Information relating to the Pre-[REDACTED] Investors The background information of our Pre-[REDACTED] Investors is set out below. Name of the Pre-[REDACTED] Investors Background

Tencent Group Linzhi Lixin is a limited liability company established under the laws of the PRC. As of the Latest Practicable Date, Linzhi Lixin was wholly owned by Litong Industrial Investment Fund Co., Ltd. (深圳市利通產業投資基金 有限公司), which is a subsidiary of Tencent Holdings Limited, a company incorporated in the Cayman Islands and listed on the Main Board of the Stock Exchange (stock code: 700, together with its subsidiaries, “Tencent Group”).

Sequoia Capital China Sequoia Chenxin is a limited partnership established under the laws of the PRC and primarily engaged in investment holding. The general partner of Sequoia Chenxin is Beijing Sequoia Kunde Investment Management Center (Limited Partnership.) (北京紅杉坤德投資管理中心（有限合夥）), which is ultimately controlled by Zhou Kui (周逵). Sequoia Chenxin is an Independent Third Party.

Ant Group Shanghai Fengbao is a limited liability company established under the laws of the PRC and indirectly controlled by Ant Group Co., Ltd. (螞蟻科技集團股份有 限公司)(“Ant Group”), which was an Independent Third Party. Ant Group is a technology company that provides comprehensive digital payment services and offers digital financial services and digital daily life services for consumers and small and micro businesses, or SMBs, in China and across the world. It collaborates with global partners to bring sustainable, inclusive financial services to unserved and underserved users.

Gaorong Capital Xizang Rong’an is a limited partnership established under the laws of the PRC and under the management of Gaorong Capital (高榕資本), which was an Independent Third Party. Gaorong Capital is focused on early and growth-stage investments, with a specialty in new consumption and technology and has been backed by a world-class group of investors.

Yuanjing Capital Shanghai Yuanjing is a limited partnership established under the laws of the PRC. Shanghai Yuanjing is managed by Hangzhou Yuanjing Investment Management Co., Ltd. (杭州圓璟投資管理有限公司)) (“Yuanjing Capital”) that is owned as to 51% and 49% by Guo Qinghang (郭慶杭) and Wu Hanyuan (吳漢 源), which were Independent Third Parties. Hangzhou Yuanjing is a limited partnership established under the laws of the PRC. Hangzhou Yuanjing is managed by Hangzhou Yuanjing Yijiu Equity Investment Management Partnership Enterprise (Limited Partnership) (杭州圓璟 一久股權投資管理合夥企業（有限合夥）), which is further controlled and managed by Yuanjing Capital. Yuanjing Capital is an investment fund focusing on the consumer internet, enterprise services, digital health and advanced computing.

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Name of the Pre-[REDACTED] Investors Background Suzhou GSR GSR I and GSR II are both under the management of Suzhou GSR Zhoahua Venture Capital Management Co., Ltd. (蘇州金沙江朝華創業投資管理有限公司) (“Suzhou GSR”), which is controlled as to 51% by Mr. Zhu Xiaohu, a non-executive Director. Please refer to the section headed “Directors, Supervisors and Senior Management” for further details of Mr. Zhu Xiaohu.

Hangzhou Youhan Hangzhou Youhan is a limited liability company established under the laws of the PRC and owned as to 60% and 40% by Wang Gang (王剛) and Sun Xiaohogn (孫曉紅), respectively, which were Independent Third Parties.

Detong Capital Each of Shanghai Detong, Chengdu Detong and Chongqin Detong is a limited partnership established under the laws of the PRC under the management of Detong Capital. Detong Capital, a fund in China, has been rooted in key domestic high-growth industries for more than ten years. Detong Capital focuses on different stages in the fields of TMT, healthcare, and high-end manufacturing with assets under management of approximately RMB20 billion. Detong Capital was an Independent Third Party.

IN Capital Both Hangzhou Yunchuang and Hangzhou Yunzhi are limited partnerships established under the PRC laws and the management of IN Capital, a venture capital fund based in China. IN Capital is a value-oriented, research-driven investment fund focusing on early innovation in data intelligence, enterprise services, and consumption upgrades. IN Capital was an Independent Third Party.

CDH Investments Hangzhou CDH is a limited partnership established under the laws of the PRC and under the management of CDH Investments, which is an Independent Third Party. Established in 2002, CDH Investments is an investment fund focusing on Chinese market with over RMB160 billion of assets under management as of January 2020.

Daocin Capital Hangzhou Daocin is a limited partnership established under the laws of the PRC and under the management of Daocin Capital, which was an Independent Third Party. Daocin Capital, founded in 2015, is an investment fund mainly focusing on investment in early-stage entrepreneurial projects in the field of large consumption, digital economy, high-end equipment manufacturing, 5G-based mobile internet and big data applications.

Zhuhai Zhongrui Zhuhai Zhongrui is a partnership incorporated under the laws of the PRC. Xu Wei (徐薇) is the general partner of Zhuhai Zhongrui and is interested in this partnership as to 9.1%. The largest limited partner of Zhuhai Zhongrui is Zhang Ling (張苓) who owns 90.9% of interests of Zhuhai Zhongrui. Both Xu Wei and Zhang Ling were Independent Third Parties.

Zhuhai Zhongyan Zhuhai Zhongyan is a partnership incorporated under the laws of the PRC and under the management of Shanghai Hualiang Investment Management Co., Ltd. (上海華亮投資管理有限公司)(“Shanghai Hualiang”). Shanghai Hualiang is owned by Pan Zexin (潘則欣) and Liu Yinuo (劉以諾) as to 60% and 40%, respectively, which were Independent Third Parties.

Suning Group Suning.com is a company listed on the SZSE (SZSE: 002024). Suning Financial Services is controlled by Suning.com. Both Suning.com and Suning Financial Services are operating entities of Suning Group which was an Independent Third Party. Suning Group is a leading retail service provider based in China aiming to comprehensively covering consumers’ life needs.

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Name of the Pre-[REDACTED] Investors Background Suzhou Kinzon Suzhou Kinzon is a partnership incorporated under the laws of the PRC and under the management of Kinzon (Shenzhen) Equity Investment Management Co., Ltd. (昆仲（深圳）股權投資管理有限公司)(“Kinzon Capital”), which is controlled by Xu Minxiu (徐敏秀), an Independent Third Party, as to 33%. Kinzon Capital focuses on investing in early and growing companies with technological innovation and model innovation in the field of cutting-edge technology, innovative consumption, and etc.

Tianjin Qingzhe Tianjin Qingzhe is a partnership incorporated under the laws of the PRC. The general partner of Tianjin Qingzhe is Tianjin Shanhe Enterprise Management Co., Ltd. (天津杉禾企業管理有限公司) which is controlled by Kang Le (康樂)as to 99%. Kang Le was an Independent Third Party.

Huzhou Hexin Huzhou Hexin is a partnership incorporated under the laws of the PRC owned by Wang Ling (王玲) and Zou Pingxin (鄒平新) as to 50% and 50%, respectively, which were both Independent Third Parties.

Deqing Brandon Deqing Brandon is a partnership incorporated under the laws of the PRC owned by Wu Hong (吳泓) and Wang Yeping (王也平) as to 60% and 40%, respectively, which were both Independent Third Parties.

Hangzhou Zhonghuan Hangzhou Zhonghuan is a partnership incorporated under the laws of the PRC and managed by (杭州中寰投資管理有限公司), which is controlled by Xiang Qi (項奇), an Independent Third Party, as to 75%.

LIU Rui LIU Rui is a PRC citizen and an Independent Third Party. LIU Rui is experienced in equity investment industry. He currently serves at an internet company in China.

HOU Beibei HOU Beibei is a PRC citizen and an Independent Third Party. HOU Beibei is experienced in equity investment industry. She currently serves at an investment company in China.

Save as GSR I and GSR II which are controlled by our non-executive Director, all the other Pre-[REDACTED] Investors are Independent Third Parties.

Special Rights granted to the Pre-[REDACTED] Investors As of the Latest Practicable Date, the Pre-[REDACTED] Investors did not have any special right other than the anti-dilution right, which will be terminated automatically upon the [REDACTED].

Public Float As of the Latest Practicable Date, to our Directors’ best knowledge, save as GSR I and GSR II which are controlled by our non-executive Director, each of the other Pre-[REDACTED] Investors is independent from our Company and its connected persons and their respective associates.

As such, the Shares held by GSR I and GSR II will not be counted towards the public float for the purpose of Rule 8.08 of the Listing Rules after the [conversion into H Shares]. The Shares held by the other Pre-[REDACTED] Investors of the Company, after the [conversion into H Shares], will be considered as part of the public float upon the [REDACTED].

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Compliance with Interim Guidance and Guidance Letters The Joint Sponsors confirmed that the Pre-[REDACTED] Investments are in compliance with (i) Guidance Letter GL29-12 and (ii) Guidance Letter HKEx-GL43-12, both issued by the Stock Exchange.

[REDACTED]

ADOPTION OF THE PRE-[REDACTED] SHARE OPTION PLAN Our Company adopted the Pre-[REDACTED] Share Option Plan on April 17, 2020 to enable us to grant options to eligible participants as incentives or rewards for their contribution or potential contribution to our Group, details and principal terms of which were set out in “Statutory and General Information — D. Share Incentive Plan” in Appendix VI to this document.

—93— THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY AND CORPORATE STRUCTURE (1) 25.50% Other Pre- Investors [REDACTED] 1.86% Zhixin Hangzhou 3.53% ) GSR I 100% PRC ( is as follows: Xiamen Xpower 3.64% GSR II ) 4.56% PRC ( [REDACTED] Hangzhou Mange Shanghai Yuanjing Our (PRC ) Company 4.69% ) 100% 100% Xizang PRC Rong’an ( Udian Technology 4.97% Fengbao Shanghai ) 100% PRC ( 5.66% Hangzhou Youdian Sequoia Chenxin Investors, please refer to shareholding table in the paragraph headed “— Establishment and Major Shareholding Changes of Our Company 9.77% Linzhi Lixin 9.00% [REDACTED] Xpower Investment 26.82% Mr. Tang Our corporate and shareholding structure immediately prior to the completion of the — 10. Series C Financing” in this section. OUR SHAREHOLDING AND CORPORATE STRUCTURE Immediately Prior to the [REDACTED] Note: (1) For details of shareholding of other Pre-

—94— THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY AND CORPORATE STRUCTURE and HOU Beibei Hangzhou Yuanjing [REDACTED] Zhonghuan Financial Services [REDACTED] Public Shareholders (1) , assuming that the [REDACTED] Other [REDACTED] Deqing Brandon Hangzhou Suning.com Suning Investors Pre- [REDACTED] Zhixin Hangzhou [REDACTED] Chongqing Detong Zhuhai Zhongyan [REDACTED] 100% GSR I ) PRC ( Xiamen Xpower [REDACTED] GSR II 100% are set as below: Chengdu Detong Zhuhai Zhongrui ) PRC [REDACTED] ( TED] [REDACTED] [REDACTED] [REDACTED] [REDACTED] [REDACTED] TED] [REDACTED] [REDACTED] [REDACTED] [REDACTED] [REDACTED] Hangzhou Mange Shanghai Yuanjing Our (PRC ) [REDACTED] ) Company [REDACTED] Hangzhou Daocin 100% PRC Xizang ( Rong’an Udian Technology [REDACTED] Fengbao Shanghai ) 100% Hangzhou CDH Yunzhi Huzhou Hexin PRC ( [REDACTED] Hangzhou Youdian Share Option Plan are not exercised: Sequoia Chenxin [REDACTED] Hangzhou Yunchuang Linzhi Lixin [REDACTED] [REDACTED] Xpower Investment LIU Rui Tianjin Qingzhe Hangzhou Shanghai Detong [REDACTED] Investors and their shareholdings upon the completion of the Mr. Tang Kinzon Youhan [REDACTED] The following chart sets forth our corporate and shareholding structure upon the completion of the the share options granted under the Pre- Immediately Following the [REDACTED] Note: (1) Other Pre- Name Suzhou Name Hangzhou Shareholding Percentage [REDACTED] [REDACTED] [REDACTED] [REDACTED] [REDAC Shareholding Percentage [REDACTED] [REDACTED] [REDACTED] [REDACTED] [REDAC

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